12. Cash and Other Financial Assets

2017
€m		 2016
€m
Cash Balances
Exchequer Account and CSRA5 10,533 8,386

Cash Deposits
Deposits with Commercial Banks - 199
Collateral Funding (note 14.2) 857 417

Other Financial Assets
SBCI Medium Term Guaranteed Notes 85 85
Housing Finance Agency Guaranteed Notes 1,742 2,032
13,217 11,119
  1. 5The Balance held in the CSRA was €357k (2016: €499k) at 31 December.
Cash Deposits and Other Financial Assets

The Agency places short-term investments in Deposits, Collateralised Deposits and Treasury Bills for maturities of up to one year for the purpose of liquidity management.

Cash is placed as collateral with counterparties arising from the requirements under Credit Support Annexes, in respect of certain derivative transactions. These balances, and access to the related cash collateral, change on a daily basis and are dependent on the market value of these derivatives (See Note 14).

The Housing Finance Agency and SBCI Medium Term Guaranteed Notes may not be readily realisable dependent on market conditions.

Foreign Currency Clearing Accounts

The Agency maintains a number of foreign currency clearing accounts for the purpose of managing transactions in these currencies. The balance held in these accounts at 31 December 2017 was Nil (2016: Nil). The Agency held no other foreign currency cash balances.

The movement in the Foreign Currency accounts are further outlined below:

Receipts
€m		 Payments
€m		 Net 2017
€m		 Net 2016
€m
Balance at 1 January 2017 NIL NIL

Debt Service
Medium/Long Term Loan Interest 155 (166) (11) 1
Short Term Debt Interest - (15) (15) (17)
Other Movements 15,512 (15,324) 188 294
Fees and Expenses6 - (7) (7) (7)

Borrowing Activity
EU/IMF Programme 4,040 (4,319) (279) 219
Short Term Debt

 5,422 (5,298) 124 (490)
Balance at 31 December 2017 25,129 (25,129) NIL NIL
  1. 6Includes no Expenses of the Agency in 2017 (2016: €5k).

< NOTE 11

NOTE 13 >