Group	2012 €'000	2011 €'000
Loans and receivables carrying value before impairment	26,039,684	28,358,655
Less: provision for impairment charges on loans and receivables (Note 11)	(3,263,422)	(2,751,266)
Total loans and receivables	22,776,262	25,607,389

The above table reflects the carrying value of the loans acquired from the Participating Institutions, taking into account the amount the Group acquired the loans for (which was at a discount to the contractual amounts owed under the loan agreements), and loan movements since acquisition, less any additional impairment deemed to have occurred subsequent to acquisition.

The following table summarises the movement in loans and receivables since acquisition.

Reconciliation of movement in loans and receivables	Note	2012 €'000	2011 €'000
Loans acquired – opening balance		28,358,655
New loans acquired		-	1,252,225
New loans issued		18,511	-
Loan movements
Loan acquisition adjustments
Valuation adjustments on completion of due diligence	19.1	(32,058)	419,350
Unsettled value to transfer adjustments	-	(35,510)
AIB Tranche 9 partial settlement	15	(511)	(7,574)
Value to transfer date loan cash settlements	19.2	(85,356)	10,502
Due diligence costs recoverable		-	4,169
S.88 and S.98 adjustments		-	732
Total loan acquisition adjustments		(117,925)	391,669
Receipts from and payments to borrowers
Non-disposal income		(1,359,258)	(1,236,174)
Proceeds from the sale of collateral as security against loans and receivables		(2,355,320)	(2,698,464)
Proceeds from the sale of loans		(461,780)	(931,981)
Deferred consideration on sale of loans	19.3	(3,568)	(7,687)
Funds advanced to borrowers		308,409	303,981
Total receipts from and payments to borrowers		(3,871,517)	(4,570,325)
Other loan movements
Loan interest income earned	5	1,221,862	1,145,360
Overdraft accounts	19.4	37,975	(87,861)
Profit recognised on sale of loans	8	15,139	77,443
Surplus income	8	172,374	472,135
Foreign exchange movement on loans and receivables	10	216,051	245,533
Settlement of guarantee		-	(6,850)
Other		(11,441)	3,970
Total other loan movements		1,651,960	1,849,730
Total loan movements		(2,337,482)	(2,328,926)
Loans and receivables pre impairment		26,039,684	28,358,655
Impairment of loans and receivables	11	(3,263,422)	(2,751,266)
Net loans and receivables after impairment		22,776,262	25,607,389

The net post impairment movement in the loan balance in the year is €2.8 billion (2011: €2.3 billion). The total cumulative impairment provision at 31 December 2012 is €3.3 billion (2011: €2.8 billion). Loan acquisition adjustments are €0.12 billion (2011: €0.4 billion) and comprise primarily value to transfer adjustments and due diligence valuation adjustments. These adjustments arise out of the acquisition process of loans and receivables.

Loan movements occurring in the year are €2.3 billion (2011: €2.3 billion), which includes €4.2 billion (2011: €4.9 billion) of cash receipts from debtors, generated from the sale of loans and properties and recurring non-disposal income of €1.4 billion (2011: €1.2 billion).

Funds advanced to debtors for working and development capital was €0.3 billion (2011: €0.3 billion). Loan interest income of €1.2 billion (€1.1 billion) was earned in the year, of which 100% was realised in cash by NAMA. Further information on certain loan movements are provided below.

19.1 Additional loan adjustments following the completion of due diligence in the year

Any adjustments arising on the completion of due diligence on assets transferred are recognised in the statement of financial position as an adjustment to the carrying value of loans and receivables and through the issuance or redemption of NAMA senior and subordinated debt securities. At the year end no amounts remained outstanding to be settled with any Participating Institution.

19.2 Value to transfer date loan cash settlements

Net value-to-transfer date loan cash settlements received in 2012 were €202m, of which €85m was settled against loans and receivables and €117m was settled against amounts due to and from Participating Institutions. This amount represents net movements that occurred on loans acquired by NAMA in the period between the loan valuation date and acquisition date.

19.3 Deferred consideration received on sale of loans

NAMA disposes of certain loan assets to third parties. The contractual sales price includes any deferred consideration where NAMA has contractual right to receive any deferred cash flow in accordance with IAS 32.

19.4 Overdraft accounts

Participating Institutions have continued to fund debtor overdraft accounts and collect cash repayments on these accounts on NAMA's behalf. During the year, the net amount due to NAMA in respect of unsettled overdrafts reduced by €47m (2011: increase of €89m). The movement was due to an increase in the funds due to Participating Institutions of €5m (2011: €32m) and a reduction in the funds due to NAMA of €42m (2011: €121m). This net movement is recognised as a €38m increase in loans and receivables (2011: reduction of €88m), €8m related to the partial settlement of 2011 overdrafts and the balance is recognised in Note 6.