13. Cash and Other Financial Assets
| 2016 €'000 |
2015 €'000 |
||
|---|---|---|---|
| Cash Balances | |||
| Exchequer Account | 8,384,687 | 7,963,751 | |
| Capital Services Redemption Account (note 5.1) | 499 | 489 | |
Cash Deposits |
|||
| Deposits with Commercial Banks | 199,190 | 853,184 | |
| Collateralised Deposits | - | 925,000 | |
| Collateral Funding (note 15.2) | 417,170 | 202,930 | |
Other Financial Assets |
|||
| Treasury Bills | - | 1,184,323 | |
| SBCI Medium Term Guaranteed Notes | 85,000 | - | |
| Housing Finance Agency Guaranteed Notes | 2,032,075 | 2,424,316 | |
| 11,118,621 | 13,553,993 |
Cash Deposits and 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 derivatives (See Note 15).
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 2016 was nil (2015: Nil). The Agency held no other foreign currency cash balances, with the exception of one deposit of US $0.2 million (2015: US$0.2 million) held at the Central Bank of Ireland as a requirement of the EU / IMF Funding Programme.
The movement in the Foreign Currency accounts are further outlined below:
| Receipts €'000 |
Payments €'000 |
Net 2016 €'000 |
Net 2015 €'000 |
|
|---|---|---|---|---|
| Balance at 1 January 2016 | NIL | NIL | ||
Debt Service |
||||
| MLT Loans Interest | 164,769 | (164,016) | 753 | (110,133) |
| Short Term Debt Interest | - | (16,955)s | (16,955) | (10,614) |
| Other Movements | 14,145,652 | (13,851,184) | 294,468 | 1,973,210 |
| Fees and Expenses | - | (7,424) | (7,424) | (8,283) |
| Expenses of the Agency | - | (5) | (5) | (1,496) |
Borrowing Activity |
||||
| EU / IMF Programme | 1,034,343 | (815,638) | 218,705 | (683,754) |
| Short Term Debt | 5,441,079 | (5,930,621) | (489,542) | (1,158,930) |
| Balance at 31 December 2016 | 20,785,843 | (20,785,843) | NIL | NIL |