Group	2014 €’000	2013 €’000
In issue at the start of the year	34,618,000	25,440,000
Issued during the year	-	12,928,000
Redeemed during the year	(21,028,000)	(3,750,000)
In issue at 31 December	13,590,000	34,618,000
	-
Current	13,590,000	34,618,000
Non-Current	-	-

Terms of notes issued for the acquisition of loans by NALML

The total debt securities outstanding at 31 December 2014 issued in respect of the original acquisition of loans by NALML is €13.6bn (2013: €22.7bn). The debt securities are all government guaranteed Floating Rate Notes, which were issued by NAML and transferred to NAMGSL under a profit participating loan facility and by it to NALML. The latter company used these securities as consideration (95%) for the loan portfolio acquired from each of the Participating Institutions.

Interest accrues from the issue date of the Notes and is paid semi-annually on 1 March and 1 September. The interest rate is 6 month Euribor reset on 1 March and 1 September in each year. To date only euro denominated notes have been issued.

The securities in issue permit the issuer (where the issuer has not received a Holder Physical Delivery Option Rejection Notice) to physically settle all, or some only, of the securities at maturity which may be up to 364 days from the date of issue, notwithstanding that the existing security may have had a shorter maturity.

All of the securities which matured on 2 March 2015 were physically settled by issuing new securities with a maturity of 1 March 2016.

Terms of notes issued for the acquisition of the loan facility deed and floating charge by NARL (in Voluntary Liquidation)

On 28 March 2013, NAML issued government guaranteed senior debt securities to the value of €12.9bn as consideration for the acquisition by NARL (in Voluntary Liquidation) of a loan facility deed and floating charge over certain assets of IBRC as part of its funding arrangements with the Central Bank of Ireland (CBI).

The debt securities were all government guaranteed senior unsecured floating rate notes, which were issued at par and transferred to NARL (in Voluntary Liquidation) under a profit participating loan arrangement, which were used as consideration for the loan facility deed and floating charge acquired from the CBI. All debt securities were fully redeemed on 22 October 2014.