| December 31 | |||||||||
| 2017 | 2016 | ||||||||
| NIS in millions | |||||||||
| Loans from banks and others (1) (3) | 2,258 | 2,634 | |||||||
| Debentures (2) (3) | 8,786 | 10,128 | |||||||
| 11,044 | 12,762 | ||||||||
| (1) | Composition of banks credit |
| Effective | December 31 | ||||||||||||
| interest | 2017 | 2016 | |||||||||||
| Denomination | % | NIS in millions | |||||||||||
| In NIS – unlinked*) | 3.48% | - | 205 | ||||||||||
| In U.S.$*) | 3.67% | 1,282 | 1,531 | ||||||||||
| In U.S.$ | 5.52% | 255 | 294 | ||||||||||
| In C$*) | 3.20% | 356 | 70 | ||||||||||
| In €*) | 2.69% | 416 | 579 | ||||||||||
| 2,309 | 2,679 | ||||||||||||
| Less - deferred finance costs | (19 | ) | (21 | ) | |||||||||
| 2,290 | 2,658 | ||||||||||||
| Less - current maturities | (32 | ) | (24 | ) | |||||||||
| 2,258 | 2,634 | ||||||||||||
*) Variable interest
To secure credit obtained from banks, the Company and its wholly-owned subsidiaries have pledged shares of investees. Furthermore, the Company’s wholly-owned subsidiaries guarantee the credit obtained by the Company from banks.
As for financial covenants, refer to Note 21.d.
| (2) | As for the composition of the debentures, refer to Note 19.a. |
Debentures (Series J) are secured by a lien recorded on properties owned by a subsidiary of the Company, with aggregate fair value as of the reporting date amounted of NIS 1,176 million.
| (3) | Maturities |
Loans from banks and others | Debentures | ||||||||
| NIS in millions | |||||||||
| Year 1 - current maturities | 32 | 1,265 | |||||||
| Year 2 | 1,470 | 1,489 | |||||||
| Year 3 | 156 | 1,158 | |||||||
| Year 4 | 473 | 975 | |||||||
| Year 5 | 159 | 711 | |||||||
| Year 6 and thereafter | - | 4,453 | |||||||
| 2,258 | 8,786 | ||||||||
| 2,290 | 10,051 | ||||||||