13. Borrowings

In 2014, the Company benefited from external financing in the form of short-term bilateral loans, a revolving unsecured syndicated credit facility and an investment loan from the European Investment Bank.

Bank loans/loans liabilities as at 31 December 2014

The bank loans interest is based on variable LIBOR rates plus a margin.

Interest on the investment loan instalment drawn on 30 October 2014, in the amount of USD 300 million, is based on a fixed interest rate of 3.032%

In 2013, the Company made use of borrowing in the form of bank loans, using both working capital facilities and overdraft facilities.

Bank loans liabilities as at 31 December 2013

As at 31 December 2014 the balance of bank loans in the base currency available via open lines of credit and an investment loan, which is not reduced by the amount drawn as at the end of the reporting period, was as follows:

The interest is based on a fixed or variable WIBOR, LIBOR and EURIBOR rates plus a margin.

Collateral on the receivables of banks from signed credit agreements is in the form of statements on submitting to the enforcement regime and proxy rights to bank accounts with respect to the agreements entered into on maintaining bank accounts.

The agreement for an unsecured syndicated credit facility and the loan agreement signed with the European Investment Bank oblige the Company to maintain its financial and non-financial covenants, which are standard for these types of transactions. There were no instances of breaching the covenants stipulated in the aforementioned agreements in 2014.

As at 31 December 2013 the balance of bank loans in the base currency available via open lines of credit and an investment loan, which is not reduced by the amount drawn as at the reporting date, was as follows: