2015 €'000	2014 €'000
Net Interest Received and Receivable	39,295	66,255
(Loss)/Profit on Investments	(30,054)	63,370
	9,241	129,625

Sale and Repurchase agreements are transacted between the Fund and primary dealers in the bond market. The related income or interest cost arising from these transactions is reflected in the Net Interest Received and Receivable.

The decline in investment income in 2015 reflects the reduction in bond holdings during the year together with the decline in bond yields to historic low yields during 2015. The Fund accounts for its bond holdings on a historic cost basis and does not recognise unrealised gains. The comparative €63.4m profit on investments in 2014 included significant once off gains of €52.2m arising from the sale by the Fund of its holding of longer dated amortising bonds which had been acquired during the financial crisis at significantly higher yields.