5 _413 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements At December 31, 2023, the weighted average nominal interest rate for bonds and commercial paper was 1.53% (1.58% after hedging). The €554 million decrease in the current portion of bond debt was due to the redemption at maturity of the convertible bonds due in November 2023. 26.2 Loans from financial institutions and other Loans from financial institutions and other consist mainly of drawdowns on the Group's credit lines. At December 31, 2023, loans from financial institutions totaled €357 million (2022: €627 million). Most of the loans were denominated in EUR and USD, and most were at variable interest rates. The contractual re-pricing of the interest rates of these loans is generally less than six months. Note 27. PROVISIONS FOR EMPLOYEE BENEFIT OBLIGATIONS In accordance with the laws and regulations applicable in each country, and in application of its social responsibility policy, the Group takes part mainly in pension, death and disability, medical insurance and end-of-service benefit plans. They are either defined benefit plans or defined contribution plans. Since 2003, the Group has closed its defined benefit plans to new entrants and, in some cases, to future accruals, in order to reduce the risk on the Group's consolidated statement of financial position. New defined contribution plans have correspondingly been put in place or existing ones improved. The Group has a governance body, the Global Employee Benefit Board, that monitors benefits. Its role is to define Group policies on employee benefits and ensure that local benefit programs comply with them (approval of amendments, introduction of new benefits, etc.). At the same time, it monitors asset returns and benchmarks, as well as the de-risking policies put in place by local boards or committees, and proposes an audit plan. The Committee is assisted by two teams, the Global Benefits Policy Team composed of members from the accounting, finance and human resources departments and the Global Benefits Investment Team composed of the chairs of the investment committees or Chief Investment Officers of the main funded pension plans and Group experts. In countries with substantial benefit obligations, a similar organization exists. 27.1 Defined benefit plans The Group's defined benefit plans are retirement plans and retiree healthcare plans, the vast majority of which are now closed to new entrants, and in some cases to future accruals, as well as some minor plans such as long-service awards or end‑of‑service benefits. Projected benefit obligations are measured with the assistance of independent actuaries who help the Group to determine demographic and financial assumptions according to a rigorous process.
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