Note 44 Non-current liabilities
Interest-bearing debt
€ million | 2019 | 2018 |
Carrying amount as at 1 January | 1,780 | 1,783 |
Movements | ||
New loans | 989 | 835 |
Loans repaid | -707 | -838 |
Currency translation differences | -5 | - |
Total | 277 | -3 |
Carrying amount as at 31 December | 2,057 | 1,780 |
Long-term interest-bearing debt including the current portion
Effective interest rate | Current portion | Non-current portion | ||||
€ million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
Subordinated loans | 8.7% | 8.7% | 7 | 7 | 57 | 65 |
Private and green loans | 1.4% | 1.4% | 1 | - | 311 | 312 |
Euro Medium Term Notes | 1.8% | 2.6% | - | 300 | 1,392 | 1,096 |
Euro Commercial Paper | -0.3% | 0.0% | 289 | - | - | - |
Other | 0.0% | 0.0% | - | - | - | - |
Carrying amount as at 31 December | 297 | 307 | 1,760 | 1,473 | ||
Subordinated loans
These loans have been made available by shareholders. They are subordinated to all other liabilities.
Maturities of interest-bearing debt
€ million | 2019 | 2018 |
Less than 1 year | 297 | 307 |
Between 1 and 2 years | 8 | 7 |
Between 2 and 3 years | 408 | 9 |
Between 3 and 4 years | - | 407 |
Between 4 and 5 years | 399 | - |
Over 5 years | 945 | 1,050 |
Carrying amount as at 31 December | 2,057 | 1,780 |