To secure liquidity, the Group held cash and cash equivalents of CHF 2,149 million at December 31, 2014 (2013: 2,244). Most of this cash is invested in term deposits held with a large number of banks on a broadly diversified basis. The counterparty risk is constantly monitored on the basis of clearly defined principles as part of the risk management process. As of December 31, 2014, Holcim also had unused credit lines amounting to CHF 7,105 million (2013: 7,990) (see also note 27). This includes unutilized committed credit lines of CHF 3,820 million (2013: 4,967). Existing borrowings as at December 31, 2014, of CHF 1,947 million (2013: 2,521) maturing in the next 12 months are comfortably covered by existing cash, cash equivalents and unutilized committed credit lines. Holcim has a U.S. commercial paper program as well as a EUR commercial paper program. The aim of these programs is to fund short-term liquidity needs at attractive terms. Notes in the amount of USD 241 million (2013: 448) and EUR 28 million (2013: 0) were outstanding as per December 31, 2014.