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 |