4. Income
4.1 Discretionary Portfolio
| 2016 €m |
2015 €m |
|
|---|---|---|
| Interest income | 61 | 49 |
| Dividend income | 16 | 38 |
| Property income | 7 | 24 |
| Other income | 5 | 9 |
| Private equity income | 1 | 1 |
| 90 | 121 |
Other income includes rebates of €3m (2015: €7m), securities lending of €nil (2015: €1m) and miscellaneous income of €2m (2015: €1m).
4.2 Directed Portfolio
| 2016 €m |
2015 €m |
|
|---|---|---|
| Interest income | (0) | 0 |
| Dividend income | - | 446 |
| (0) | 446 |
The interest income of (€0m) above represents €162k of negative interest being charged on the bank account. In 2015, interest income of €18k represents interest received from Irish Exchequer notes that were held.
During 2015, the Fund held preference shares in AIB. The holding of these preference shares entitled the Fund to a dividend. On 13 May 2015, the Fund received a dividend of €280m in cash. On 18 December 2015, following the redemption and conversion of the preference shares, the Fund received a further €166m dividend income.