IBERSOL | Annual Report 2021

ANNUAL REPORT 2021 17. LOANS AND LEASE LIABILITIES 17.1 LOANS As at 31st December 2021 and 2020, current and non-current loans were as follows: Non-current dec/2021 dec/2020 Bank loans 75 839 066 65 496 857 Commercial paper programmes 64 600 000 79 998 099 140 439 066 145 494 956 Current dec/2021 dec/2020 Bank overdrafts - 916 Bank loans 13 325 470 17 972 709 Commercial paper programmes 13 267 814 1 600 000 26 593 284 19 573 625 Total loans 167 032 350 165 068 581 Average interest rate 1,9% 1,9% The maturities of non-current bank loans are broken down as follows: dec/2021 dec/2020 From 1 to 2 years 37 055 776 33 815 546 From 2 to 5 years 100 609 070 112 342 860 > 5 years 2 774 219 130 042 140 439 065 146 288 448 Regardless of its ending stated period, for the subscribed commercial paper pro- grammes the Group considers the full repayment on its maturity date (the renewal date). There are commercial paper financing agreements that include cross default clauses. Such clauses refer to breach of contract in other contracts or with fiscal breach, in which case it does not occur. The interest rate in force on 31st December 2021 for PPCs and bank loans was on average around 1.50% (1.24% on 31st December 2020). In the last two years, during the pandemic crisis, the loans negotiated by the Group were contracted under identi- cal conditions to the previous ones, there was only an increase due to the inclusion of State guarantee commissions under the ICO-Covid-19 Lines in Spain. Bank loans indexed to variable rates are indexed to Euribor. 403