20 Loans and borrowings

20.1 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 income tax of KPMG N.V. In 2023, 4,820 bonds with a nominal value of EUR 1 were issued, of which 103 bonds were redeemed early (2022: 3,922 bonds with a nominal value of EUR 1, of which 91 bonds were redeemed early). The balance includes an interest accrual for the expected payout of EUR 190 (2021/2022: EUR 72).

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

The interest charged on current accounts included in loans is 3.0% (2021/2022: 0.9%). Partners participate in a mandatory loan program totaling EUR 27.8 million as at 30 September 2023 (30 September 2022: EUR 25.9 million) bearing an interest of 8.0% (2021/2022: 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 2023 was EUR 38.6 million, with an interest rate of 3.5% to 6.3% depending on the duration of the loan (30 September 2022: EUR 36.6 million with an interest rate of 2.5% to 6.3%).

Movements in financing by partners:

Other movements refer mainly to amounts withdrawn by partners.

20.3 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 2.0 years (2021/2022: 2.1 years) and an average interest rate of 3.5% (2021/2022: 2.9%). The average interest on current loans payable to former partners is 1.7% (2021/2022: 0.8%).

20.4 Lease liability

Lease liabilities are payable as follows: