Note 44 Non-current liabilities
Interest-bearing debt
€ million | 2018 | 2017 |
Carrying amount as at 1 January | 1,783 | 1,562 |
Movements | ||
New loans | 835 | 1,157 |
Loans repaid | -838 | -903 |
Currency translation differences and other movements | - | -33 |
Total | -3 | 221 |
Carrying amount as at 31 December | 1,780 | 1,783 |
Long-term interest-bearing debt including current portion
Effective interest rate | Current portion | Non-current portion | ||||
€ million | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 |
Subordinated loans | 8.5% | 8.6% | 7 | 5 | 65 | 70 |
Private and green loans | 1.4% | 1.3% | - | - | 312 | 88 |
Euro Medium Term Notes | 2.6% | 2.6% | 300 | - | 1,096 | 1,395 |
Euro Commercial Paper | 0.0% | 0.7% | - | 225 | - | - |
Other | 0.0% | 0.0% | - | - | - | - |
Carrying amount as at 31 December | 307 | 230 | 1,473 | 1,553 | ||
Maturities of interest-bearing debt
€ million | 2018 | 2017 |
Less than 1 year | 307 | 230 |
Between 1 and 2 years | 7 | 306 |
Between 2 and 3 years | 9 | 7 |
Between 3 and 4 years | 407 | 8 |
Between 4 and 5 years | - | 409 |
Over 5 years | 1,050 | 823 |
Carrying amount as at 31 December | 1,780 | 1,783 |
Subordinated loans
These loans have been made available by shareholders. They are subordinated to all other liabilities.