21 Loans and borrowings

21.1 Employee Bonds

Employees have had the opportunity to participate in short term employee bonds with a maturity of one year, a one-year EURIBOR + 3% base rate interest and a variable surplus based on the realized profit before tax of KPMG N.V. In 2022, 3,922 bonds with a nominal value of EUR 1 were issued, of which 91 bonds were redeemed early (2021: 2,568 bonds with a nominal value of EUR 1, of which 86 bonds were redeemed early). The balance includes an interest accrual for the expected payout of EUR 72 (2021: EUR 49).

21.2 Loans payable to Coöperatie KPMG U.A. relating to partners

The interest charged on current accounts included in loans is 0.9% (2020/2021: 1.2%). Partners participate in a mandatory loan program totaling EUR 25.9 million as at 30 September 2022 (30 September 2021: EUR 23.9 million), bearing an interest of 8.0% (2020/2021: 8.0%). Partners also have the opportunity to subscribe to deposits with a duration varying between one and five years. The total amount subscribed as at 30 September 2022 was EUR 36.6 million with an interest rate of 2.5% to 6.3% depending on the duration of the loan (30 September 2021: EUR 37.6 million with an interest rate of 4.5% to 7.0%).

Movements in financing by partners:

Other movements refer mainly to amounts withdrawn by partners.

21.3 Loans payable to Coöperatie KPMG U.A. relating to former partners

Non-current loans payable to Coöperatie KPMG U.A. relating to former partners comprise early retirement liabilities to former partners and have an average term of 2.1 years (2020/2021: 3.3 years). These liabilities are not interest bearing. The average interest on current loans payable to former partners is 0.8% (2020/2021: 0.9%).

21.4 Lease liability

Lease liabilities are payable as follows: