19. Other Borrowed Funds

In mln of Russian Roubles 2011 2010
Syndicated loans received 102,115 96,904
Trade finance deals 141,905 74,351
Total other borrowed funds 244,020 171,255

In December 2010 the Group received a syndicated loan in the amount of USD 2 000 mln from a consortium of foreign banks equivalent to RR 61 506 mln as at the date of issue. As at 31 December 2011 the loan was accounted for at amortised cost of RR 64 016 mln (2010: RR 60 391 mln). This loan matures in December 2013 and had contractual floating interest rate of 6 months LIBOR + 1.5% p.a. As at 31 December 2011 the effective interest rate on the loan was 2.7% p.a. (2010: 2.3% p.a.).

In November 2011 the Group received a multicurrency syndicated loan in the total amount of USD 1 197 mln from a consortium of foreign banks equivalent to RR 37 638 mln as at the date of issue. The loan was received in two tranches in two different currencies: c. 90% of the above sum was received in USD dollars and the remaining part in Euros. The loan matures in November 2014 and has contractual floating interest rates of 3 months LIBOR + 1.5% p.a. for the tranche in USD dollars and 3 months EURIBOR + 1.1% p.a. for the tranche in Euros. As at 31 December 2011 the loan was accounted for at amortised cost of RR 38 099 mln; the effective interest rate on the tranche in USD dollars was 2.4% p.a., on the tranche in Euros — 2.9% p.a.

In October 2011 the Group repaid a syndicated loan in the amount of USD 1 200 mln equivalent to RR 37 603 mln as at the date of redemption. The loan was received by the Group in October 2008 from a consortium of foreign banks; the contractual floating interest rate was 3 months LIBOR + 0.85% p.a.

Other long-term borrowings represent trade finance deals performed by the Group. As at 31 December 2011 these borrowings were accounted for at amortised cost of RR 141 905 mln (2010: RR 74 351 mln), had interest rates varying from 0.9% to 8.3% p.a. (2010: from 0.1% to 9.1% p.a.) and maturity dates from January 2012 to December 2021 (2010: from January 2011 to June 2019).

The estimated fair value of other borrowed funds is disclosed in Note 34. Currency and maturity analyses of other borrowed funds are disclosed in Note 31.

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