Group	NARL €'000	NAMA Group (excluding NARL) €'000	2013 NAMA Group €'000	2012 NAMA Group €'000
Interest on senior debt securities in issue	-	126,016	126,016	320,007
Interest on derivatives where hedge accounting is applied	-	231,590	231,590	116,079
Interest on other derivative financial instruments	-	16,905	16,905	53,772
Interest on interest bearing loans and borrowings (net)	195,844	(195,844)	-	2,034
Interest expense on borrower overdraft accounts	-	-	-	610
Total interest expense	195,844	178,667	374,511	492,502

On 28 March 2013, NAML issued bonds to the value of €12.928bn as consideration for the acquisition by NARL of a loan facility deed and floating charge over the assets of IBRC from Central Bank of Ireland. The interest expense incurred by NAML on these bonds in the year was €33.7m.

NARL has an intercompany profit participating facility agreement in operation with NAML, reflecting the consideration for the loan facility deed and floating charge acquired from the Central Bank. At the reporting date NARL has earned cumulative interest income of €201m on the loan facility deed, of which €196m has been transferred to NAML by way of profit participating loan interest.

Agency	2013 €'000	2012 €'000
Interest paid on intergroup loans	836	600