Note 13 Interest-bearing debt

• 1 The movements in new loans and loan repayments during the year resulted in cash flows; the currency translation differences did not result in cash flows during the year.

The carrying amount of the long-term interest-bearing debt, including the current portion, was as follows:

Short and long-term interest-bearing debt

Short-term interest-bearing debt, amounting to €231 million as at year-end 2017 (2016: €81 million), is made up of the current portion of the long-term debt and the Euro Commercial Paper.

As at year-end 2017, a carrying amount of €1,395 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 2017, €225 million in short-term finance had been raised under the ECP programme (2016: €75 million).

In July 2017, Alliander secured a loan from the European Investment Bank on favourable terms. The amount of the loan is €300 million and it is to be drawn down in three tranches. The first tranche of €75 million was borrowed in September 2017. The remaining €225 million will be drawn in two tranches over the course of 2018. The loan becomes repayable in full in 2031.

Subordinated loans

These loans carry interest at rates of 8% to 10%. These loans are subordinated to other liabilities.

Maturities of interest-bearing debt