Note 13 Interest-bearing debt

€ million

2017

2016

Carrying amount as at 1 January

1,564

1,668

   

Movements

  

New loans1

1,156

843

Loans repaid1

-903

-941

Currency translation differences

-33

-5

Total

220

-104

   

Carrying amount as at 31 December

1,784

1,564

  • 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

 

Effective interest rate

Current portion

Non-current portion

€ million

2017

2016

2017

2016

2017

2016

Subordinated loans

8.6%

8.6%

6

5

70

76

Private and green loans

1.3%

1.1%

-

1

87

12

Euro Medium Term Notes

2.6%

2.6%

-

-

1,395

1,394

Euro Commercial Paper

0.7%

0.0%

225

75

-

-

Other

0.0%

0.0%

-

-

1

1

       

Carrying amount as at 31 December

  

231

81

1,553

1,483

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

€ million

2017

2016

Less than 1 year

231

81

Between 1 and 2 years

305

6

Between 2 and 3 years

8

306

Between 3 and 4 years

8

7

Between 4 and 5 years

408

8

Over 5 years

824

1,156

   

Carrying amount as at 31 December

1,784

1,564