13. Cash and Other Financial Assets
National Debt of Ireland
| 2015 €'000 |
2014 €'000 |
|
|---|---|---|
| Cash Balances | ||
| Exchequer Account | 7,963,751 | 4,089,063 |
| Capital Services Redemption Account (note 5.1) | 489 | 451 |
| Cash Deposits | ||
| Deposits with Commercial Banks | 853,184 | 2,984,165 |
| Collateralised Deposits | 925,000 | 2,556,000 |
| Collateral Funding (note 15.1) | 202,930 | 511,410 |
| Other Financial Assets | ||
| Treasury Bills | 1,184,323 | 1,473,507 |
| Housing Finance Agency Guaranteed Notes | 2,424,316 | 3,144,515 |
| 13,553,993 | 14,759,111 |
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 these counterparties arising from the requirements under the 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 15).
The Housing Finance Agency 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 2015 was nil (2014: Nil). The Agency held no other foreign currency cash balances at year end, with the exception of one deposit of US $0.2 million (2014: 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 2015 €'000 |
Net 2014 €'000 |
|
|---|---|---|---|---|
| Balance at 1 January 2015 | NIL | NIL | ||
| Debt Service | ||||
| MLT Loans Interest | 241,984 | (352,117) | (110,133) | (349,006) |
| Short-Term Debt Interest | - | (10,614) | (10,614) | (1,185) |
| Other Movements | 23,442,098 | (21,468,888) | 1,973,210 | (916,667) |
| Fees and Expenses | - | (8,283) | (8,283) | (7,601) |
| Expenses of the Agency | 4 | (1,500) | (1,496) | (1,367) |
| Borrowing Activity | ||||
| EU/IMF Programme | 9,641,721 | (10,325,475) | (683,754) | (653,118) |
| Other MLT Loans | - | - | - | (69,049) |
| Short-Term Debt | 4,042,778 | (5,201,708) | (1,158,930) | 1,997,993 |
| Balance at 31 December 2015 | 37,368,585 | (37,368,585) | NIL | NIL |