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Annual Report & Accounts 2014 - NOTES
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16. commitments undeR opeRatinG and finance leases 16.1 finance leases the group in the year entered into a finance lease for the purchase of computer hardware and software together with support services for these, commencing in June 2014 in addition to the lease taken out in June 2013. As at 31 December 2014 the life outstanding on the 2013 lease was 1 years and 5 months and the 2014 lease was 2 years. Future minimum lease payments under finance leases at 31 December were: Within 1 1 to 5 year years total 31 december 2014 €000's €000's €000's Lease payments 1,393 334 1,727 Finance charges (31) (7) (38) net present values 1,362 327 1,689 Within 1 1 to 5 year years total 31 december 2013 €000's €000's €000's Lease payments 976 1,264 2,240 Finance charges (31) (43) (74) net present values 945 1,221 2,166 amount Balance at of finance 31 december provided 2014 expiry Borrowing date lease taken out €000's €000's date rate June 2013 2,123 1,303 June 2016 8.5% June 2014 605 386 sept 2015 5.5% 2,728 1,689 16.2 operating leases the group leases various offices under non-cancellable operating leases. the leases have varying terms, escalation clauses and renewal rights. the future minimum lease payments under non-cancellable leases are as follows: 2014 2013 €000's €000's no later than one year 1,300 2,030 Later than one year and no later than five years 1,725 1,440 3,025 3,470 ANNUAL REPORT 2014 50 notes to the consolidated financial statements continued for the year ended 31 december 2014