Note 13 Interest-bearing debt
€ million | 2016 | 2015 |
Carrying amount as at 1 January | 1,668 | 1,775 |
Movements | ||
New loans | 843 | 481 |
Loans repaid | -941 | -590 |
Currency translation differences and other movements | -6 | 2 |
Total | -104 | -107 |
Carrying amount as at 31 December | 1,564 | 1,668 |
The carrying amount of the long-term interest-bearing debt, including the current portion, was as follows:
Short and long-term interest-bearing debt
Effective interest rate | Current portion | Non-current portion | ||||
€ million | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |
Subordinated loans | 8.6% | 8.6% | 5 | 5 | 76 | 82 |
Private and green loans | 1.1% | 2.1% | 1 | 20 | 12 | 13 |
Euro Medium Term Notes | 2.6% | 3.7% | - | 400 | 1,394 | 1,095 |
Euro Commercial Paper | 0.0% | 0.4% | 75 | 46 | - | - |
Other | 0.0% | 0.0% | - | - | 1 | 7 |
Carrying amount as at 31 December | 81 | 471 | 1,483 | 1,197 | ||
Short-term interest-bearing debt, amounting to €81 million as at year-end 2016 (2015: €471 million), is made up of the current portion of the long-term debt and the Euro Commercial Paper.
As at year-end 2016, a carrying amount of €1,394 million (face value €1,400 million) had been issued under the EMTN programme. The notes issued under the EMTN programme are listed on the Amsterdam and Luxembourg stock exchanges. At the end of 2016, €75 million in short-term finance had been raised under the ECP programme (2015: €46 million).
Subordinated loans
These loans carry interest at rates of 8% to 10%. These loans are subordinated to other liabilities.
Maturities of interest-bearing debt
€ million | 2016 | 2015 |
Less than 1 year | 81 | 471 |
Between 1 and 2 years | 6 | 6 |
Between 2 and 3 years | 306 | 6 |
Between 3 and 4 years | 7 | 306 |
Between 4 and 5 years | 8 | 7 |
Over 5 years | 1,157 | 872 |
Carrying amount as at 31 December | 1,565 | 1,668 |