In the Company’s Statement of Financial Position, funding and borrowings have been presented as either current or non-current, according to their maturity. In the prior period they had been presented as one total figure.

These funding loans, with the exception of funding provided by the Ireland Strategic Investment Fund (“ISIF”), have been guaranteed by the Minister for Finance, as provided under section 18 of the SBCI Act 2014.

At the end of the financial year, the SBCI had loans outstanding with five funders (2015: two). Three of these funders are European financial institutions while the remaining two funders are Irish Government entities. The remaining terms of these loans range from 3 to 9 years and interest is charged to the SBCI at 6 month Euribor plus margin. For those debts greater than 5 years, the repayments are a mixture of semi-annual and bullet principal repayments depending on the terms of the applicable funding agreement.

The Company’s Funding and Borrowings include a €25m loan which the Company drew down during the year from its €240 million loan facility with ISIF. This loan, and the remainder of the facility, can be converted into share capital in the Company by the Minister for Finance. The Company would be required to issue shares to the Minister for Finance in an amount equal to the loan being converted.

At the end of the financial year, the company had €580m (2015: €440m) in undrawn funding facilities.

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