3. Interest Paid
| 2016 €'000 |
2015 €'000 |
||
|---|---|---|---|
| Interest Paid on Medium / Long Term Debt | |||
| Irish Government Bonds | 4,874,417 | 4,807,531 | |
| EU / IMF Programme Funding | 1,144,834 | 1,316,356 | |
| Derivatives hedging Medium / Long Term Debt | 345,087 | 354,188 | |
| Private Placements | 34,693 | 34,693 | |
| European Investment Bank | 11,130 | 8,059 | |
| Council of Europe Development Bank | 793 | 674 | |
| Other Medium / Long Term Debt | 3 | (12) | |
| 6,410,957 | 6,521,489 | ||
| Interest Paid on Short Term Debt | |||
| Euro Commercial Paper | 16,916 | 10,668 | |
| Exchequer Notes1 | (7,469) | 288 | |
| Irish Treasury Bills1 | (1,135) | 10 | |
| Central Treasury Notes | - | 617 | |
| Bank Borrowing | (71) | - | |
| 8,241 | 11,583 | ||
| Interest Paid on State Savings Schemes | |||
| Savings Certificates | 193,844 | 211,802 | |
| Savings Bonds | 104,367 | 197,329 | |
| National Solidarity Bonds | 39,678 | 30,259 | |
| Prizes in respect of Prize Bonds | 26,617 | 28,893 | |
| Instalment Savings | 14,370 | 14,518 | |
| 378,876 | 482,801 | ||
| Total Interest Paid | 6,798,074 | 7,015,873 |
Interest payments on State Savings Schemes include transfers to the Dormant Accounts Fund in respect of accumulated capitalised interest on certain accounts deemed dormant by An Post under the Dormant Accounts Act, 2001. The net interest amounts transferred were as follows:
| 2016 €'000 |
2015 €'000 |
||
|---|---|---|---|
| Savings Certificates | 643 | 3,897 | |
| Savings Bonds | 107 | 832 | |
| Instalment Savings | 736 | 765 | |
| 1,486 | 5,494 |
- During 2016 the Agency issued Exchequer Notes and Irish Treasury Bills at negative yields reflecting prevailing negative short-term interest rates in the market. As a result, there was a net interest receipt in 2016, compared to an interest payment in 2015.