Note 44 Non-current liabilities
Interest rates and repayments on long-term liabilities were as follows:
Interest-bearing debt
€ million | 2017 | 2016 |
Carrying amount as at 1 January | 1,562 | 1,660 |
Movements | ||
New loans | 1,157 | 844 |
Loans repaid | -903 | -942 |
Currency translation differences and other movements | -33 | - |
Total | 221 | -98 |
Carrying amount as at 31 December | 1,783 | 1,562 |
Long-term interest-bearing debt including current portion
Effective interest rate | Current portion | Non-current portion | ||||
€ million | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 |
Subordinated loans | 8.6% | 8.6% | 5 | 5 | 70 | 75 |
Private and green loans | 1.3% | 1.0% | - | - | 88 | 13 |
Euro Medium Term Notes | 2.6% | 2.6% | - | - | 1,395 | 1,394 |
Euro Commercial Paper | 0.7% | 0.0% | 225 | 75 | - | - |
Carrying amount as at 31 December | 230 | 80 | 1,553 | 1,482 | ||
The interest rate on the short-term ECP programme is a floating rate.
Maturities of interest-bearing debt
€ million | 2017 | 2016 |
Less than 1 year | 230 | 81 |
Between 1 and 2 years | 306 | 6 |
Between 2 and 3 years | 7 | 306 |
Between 3 and 4 years | 8 | 7 |
Between 4 and 5 years | 409 | 8 |
Over 5 years | 823 | 1,154 |
Carrying amount as at 31 December | 1,783 | 1,562 |
Subordinated loans
These loans were provided by shareholders and are subordinate to other liabilities