Note 13 Interest-bearing debt

Interest-bearing debt

The carrying amount of the long-term interest-bearing debt, including the current portion, was as follows:

Short and long-term interest-bearing debt

Short-term interest-bearing debt, amounting to €471 million as at year-end 2015 (2014: €159 million), is made up of the current portion of the long-term debt, specifically Euro Medium Term Notes and the Euro Commercial Paper. As at year-end 2015, a carrying amount of €1,495 million (face value €1,500 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 2015, €46 million in short-term finance had been raised under the ECP programme (2014: €153 million).

Subordinated loans

These loans carry interest at rates of 8% to 10%. These loans are subordinated to other liabilities.

Maturities of interest-bearing debt