24. Interest-bearing loans and borrowings - Non-current
€ ('000) 2012 2011
Bank loans 22,678 28,125
Derivative instruments at fair value 0 628
Total 22,678 28,753
The loan is amortized twice a year with the final payment due in 6 June 2017. The interest is paid quarterly.
Derivative instruments at fair value
€ ('000) 2012 2012 2012
Fair values Positive fair value (balance sheet value) Negative fair
value (balance
sheet value)
Net value
Unhedged items 0 0 0
€ ('000) 2011 2011 2011
Fair values Positive fair value (balance sheet value) Negative fair
value (balance
sheet value)
Net value
Unhedged items 0 -628 -628
The interest rate level of the Group's interest-bearing debts is hedged by interest rate options. They are recognised in the balance sheet at fair value on the closing date. The Group does not use derivative instruments for hedging purposes. Currency receivables and payables, their net position or subsidiaries' equity are not hedged.