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Annual Report & Accounts 2015 - NOTES
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payment processor debtor days (excluding retention balances): 2015 2014 €000's €000's on revenue per income statement: Balance with payment processors (excluding retention balances) 17,854 18,359 Revenue 247,745 224,801 debtor days (balances with payment processors/revenue x 365 days) 26 days 30 days Retention balances relate to amounts held with payment processors required as security and do not relate to customer funds. Retentions amounted to €3,854,000 at 31 december 2015 (31 december 2014: €3,863,000). 12. cash and cash eQUiValents 2015 2014 €000's €000's cash and cash equivalents Bank balances 28,170 17,829 held in the following currencies (in euro equivalents at the reporting date): euro 18,587 14,437 British Pounds 6,628 1,054 danish Kroner 964 1,055 Czech Koruna 896 200 south african Rand 677 620 other 418 463 28,170 17,829 Balances with customers: - Restricted cash subject to regulator constraints 6,838 3,506 Balances with customers 6,838 3,506 own funds 21,332 14,323 28,170 17,829 13. trade and other payaBles 2015 2014 €000's €000's other trade payables 12,753 12,166 accruals 19,263 14,611 32,016 26,777 14. loans and BorroWinGs 14.1 interest bearing loan on 4 september 2015, the Group entered into an agreement with Cerberus Business Finance llC for a loan of up to €400m, in order to part-fund the proposed acquisition of bwin.party. Under the terms of the loan, a 'hedging loan' of up to €20m could be drawn down in advance of the acquisition, in order to fund a hedging arrangement for the conversion of the loan funds into GBP and to pay for initial costs including loan arrangement fees. accordingly, €20m was drawn down immediately on entering into the contract. the balance of €380m was drawn down on 1 February 2016 and so was not recorded as a liability at the year end. the full amount of the loan is to be repaid by 4 september 2017. ias 39 Financial instruments: Recognition and measurement, states that all financial liabilities should initially be measured at their fair value and subsequently measured at amortised cost using the effective interest rate method. the effective interest has been calculated using the internal rate of return on the cash outflows across the period of the loan, which includes loan arrangement fees, loan servicing fees, interest and transaction costs such as legal fees. GVC HOLDINGS PLC ANNUAL REPORT 2015 71 notes to the consolidated financial statements