Note	NARL €'000	NAMA Group (excluding NARL) €'000	Year ended 31 December 2013 NAMA Group €'000	Year ended 31 December 2012 NAMA Group €'000
Cash flow from operating activities
Loans and receivables
Value date to transfer date cash received2
Receipts from loans acquired		-	-	-	202,587
Receipts from derivatives and fees acquired		-	-	-	2,394
Receipts from loans3		-	4,240,638	4,240,638	4,187,780
Receipts from derivatives acquired		-	58,045	58,045	82,965
Funds advanced to borrowers	20	-	(664,952)	(664,952)	(308,409)
New loans issued / acquired		(343)	(19,425)	(19,768)	-
Funds in the course of collection		-	51,377	51,377	-
Cash held on behalf of debtors		-	2,191	2,191	-
AIB Tranche 9 partial settlement		-	-	-	511
Fee income on loans with borrowers	5	-	5,042	5,042	29,650
Repayment of loan facility deed by joint Special Liquidators		1,225,000	-	1,225,000	-
Interest received on loan facility deed		189,047	-	189,047	-
Net cash provided by loans and receivables		1,413,704	3,672,916	5,086,620	4,197,478
Derivatives
Cash inflow on foreign currency derivatives	11	-	21,876,254	21,876,254	17,551,528
Cash outflow on foreign currency derivatives	11	-	(21,980,877)	(21,980,877)	(17,806,902)
Net cash outflow on derivatives where hedge accounting is applied		-	(232,102)	(232,102)	(51,741)
Net cash inflow / (outflow) on other derivatives		-	10,205	10,205	(55,439)
Net cash used in derivative activities		-	(326,520)	(326,520)	(362,554)
Other operating cash flows
Payments to suppliers of services			(131,971)	(131,971)	(145,887)
Payments for due diligence costs		-	-	-	(8,742)
Interest paid on senior debt securities in issue		(18,508)	(111,979)	(130,487)	(443,557)
Interest received on cash and cash equivalents		244	12,724	12,968	26,438
Dividend paid by NAMAIL	15	-	(2,162)	(2,162)	(3,457)
Payments of corporation tax by NAMAIL		-	(66)	(66)	(565)
Net inflows/(outflows) on amounts pledged as collateral with NTMA	16	(63,000)	411,000	348,000	(1,150,000)
Funds paid to acquire trading properties		-	(6,708)	(6,708)	-
Interest received on working capital loan to joint Special Liquidators		-	872	872	-
Rental income received on social housing units		-	45	45	-
Fee income received on IBRC short term facility	5	-	-	-	14,628
Net cash (used in) / provided by other operating activities		(81,264)	171,755	90,491	(1,711,142)
Net cash provided by operating activities		1,332,440	3,518,151	4,850,591	2,123,782
Cash flow from investing activities
Investments in equity instruments		-	(1,477)	(1,477)	-
Purchase of available for sale assets		-	(149,719)	(149,719)	(563,414)
Sale of available for sale assets		-	267,750	267,750	827,001
Distributions received from investments		-	97	97	-
Net cash provided by investing activities		-	116,651	116,651	263,587
Cash flow from financing activities
Redemption of senior debt securities	30	(1,000,000)	(2,750,000)	(3,750,000)	(3,500,000)
Net cash used in financing activities		(1,000,000)	(2,750,000)	(3,750,000)	(3,500,000)
Cash and cash equivalents held at the beginning of the year	16	-	2,235,822	2,235,822	3,346,986
Net cash provided by operating activities		1,332,440	3,518,151	4,850,591	2,123,782
Net cash provided by investing activities		-	116,651	116,651	263,587
Net cash used in financing activities		(1,000,000)	(2,750,000)	(3,750,000)	(3,500,000)
Effects of exchange-rate changes on cash and cash equivalents		-	172	172	1,467
Total cash and cash equivalents held at the end of the year	16	332,440	3,120,796	3,453,236	2,235,822
Financial assets and cash collateral
Financial assets available for sale	17	-	145,138	145,138	257,932
Cash collateral placed with the NTMA	16	63,000	739,000	802,000	1,150,000
Total		395,440	4,004,934	4,400,374	3,643,754

² Value date to transfer date cash received represents the net cash received on loans acquired by the Group from Participating Institutions in respect of the period between the loan valuation date and the loan transfer date. The net cash received represents disposal, non disposal and borrower derivative cash received less approved qualifying advances and a funding cost in respect of the acquired loans. This amount was settled net with Participating Institutions in 2012 following completion of due diligence of assets transferred. There were no settlements in 2013.

³ Includes non-disposal cash receipts of €0.79bn (2012: €1.2bn), proceeds from the disposal of collateral secured against loans and receivables of €3.2bn (2012: €2.5bn) and proceeds from the sale of loans of €0.3bn (2012: €0.5bn).