Note 44 Non-current liabilities
Interest rates and repayments on long-term liabilities were as follows:
Interest-bearing debt
€ million | 2016 | 2015 |
Carrying amount as at 1 January | 1,660 | 1,764 |
Movements | ||
New loans | 844 | 475 |
Loans repaid | -942 | -579 |
Total | -98 | -104 |
Carrying amount as at 31 December | 1,562 | 1,660 |
Long-term interest-bearing debt including current portion
Effective interest rate | Current portion | Non-current portion | ||||
€ million | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 |
Subordinated loans | 8.6% | 8.6% | 5 | 5 | 75 | 81 |
Private and green loans | 1.0% | 2.1% | - | 20 | 13 | 13 |
Euro Medium Term Notes | 2.6% | 3.7% | - | 400 | 1,394 | 1,095 |
Euro Commercial Paper | 0.0% | 0.4% | 75 | 46 | - | - |
Carrying amount as at 31 December | 80 | 471 | 1,482 | 1,189 | ||
The interest rate on the short-term ECP programme is a floating rate.
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 | 1,154 | 864 |
Carrying amount as at 31 December | 1,562 | 1,660 |
Subordinated loans
These loans were provided by shareholders and are subordinate to other liabilities