15. Cash and Cash Equivalents and Collateral
| Group | 2014 €’000 |
2013 €’000 |
|---|---|---|
| Balances with the Central Bank of Ireland | 228,087 | 1,738,183 |
| Balances with other banks | 101,542 | 83,813 |
| Term deposits | 154,063 | 31,240 |
| Exchequer note investments | 675,000 | 1,600,000 |
| Total cash and cash equivalents | 1,158,692 | 3,453,236 |
| Cash placed as collateral with the NTMA | 690,000 | 802,000 |
| Total cash, cash equivalents and collateral | 1,848,692 | 4,255,236 |
| Agency | 2014 €’000 |
2013 €’000 |
| Balances with the Central Bank of Ireland | 101 | 1,152 |
| Total cash and cash equivalents | 101 | 1,152 |
Balances with other banks comprise balances held with Citibank, AIB and BNP. Exchequer notes are short term interest bearing notes, with maturities generally less than 30 days, which are held with the NTMA.
NAMA is required to post cash collateral with the NTMA under a collateral posting agreement (CPA) entered into in 2012. The NTMA is the counterparty to all NAMA derivatives (other than those acquired from borrowers). The NTMA require cash to be placed with it as collateral to reduce the exposure it has to NAMA with regard to its derivative positions. At 31 December 2014, NAMA’s derivative liability exposure was €0.6bn (2013: €0.6bn) as set out in Note 18.
In 2011 an amount of $135,515 was placed on deposit in a segregated account. This amount will be held in the segregated account until a legal claim pending in relation to a debtor is settled. On settlement the amount will be refunded to NAMA or retained by a third party. This amount has not been reported as part of the Group’s cash balance and was still held in escrow at the reporting date.
At the reporting date there is an amount of €14.6m held in an escrow account in the Group’s name. This amount is in respect of the outcome of due diligence procedures on AIB Tranche 9 loans. The due diligence procedures were completed in April 2015, and a settlement amount of €2.3m is expected to be transferred to NAMA.