21. Bank Loans
| 2016 €’000 | 2015 €’000 | |
Bank Loans | 34,987 | 34,934 |
34,987 | 34,934 | |
| These loans are repayable in the following periods after the year end: | ||
Within one year | 34,987 | - |
Between one and two years | - | 34,934 |
34,987 | 34,934 |
Bank Loans are shown net of capitalised debt issue costs of €13k (2015: €66k) which are being amortised over the term of the debt.
The Company has a borrowing facility with Bank of Ireland, which amounts to €50m, consisting of a €35m term loan facility and a €15m revolving credit facility. This facility is for a five year term and is due for repayment in full in March 2017. €35m of the facility was drawn down at the year end.
The rate of interest on the loan is variable based on EURIBOR and the applicable margin. There is no tangible security held by BOI on this facility.
In December 2015 the Company entered into a Finance Contract with the European Investment Bank in respect of a €100m project nance facility. This facility is for a 20 year term and is undrawn at year end.
