Liverpool borrowed the money to sign Torres from Atletico Madrid last summer. The club then refinanced that debt on January 25, at the same time as they secured a £350 million refinancing package.
Liverpool entered into an 18-month loan agreement with interest of 9 per cent - £2.8 million a year - with a letter of credit to pay back the £31.5 million at the end of the period.
Should Liverpool be unable to pay back or refinance the loan, banks could force the sale of Torres and Babel, who was also included in the smaller refinancing package.