33. Interest Bearing Loans and Borrowings
| Agency | 2014 €’000 |
2013 €’000 |
|---|---|---|
| Loan due to NALML and related interest | 53,699 | 53,513 |
| 53,699 | 53,513 |
On 25 February 2011, NALML, a Group entity, issued an interest bearing loan of €52m to NAMA. The purpose of the loan was to provide funding from the Group to NAMA to repay a loan of €49m and accrued interest to the Central Fund. Interest is based on the 6 month Euribor rate. The loan is extended annually on 25 February unless terminated as agreed between the parties. The Group has no external loans or borrowings.