Annual Report 2010 (PDF) - USB Bank
Annual Report 2010 (PDF) - USB Bank
Annual Report 2010 (PDF) - USB Bank
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Notes to the Financial Statements<br />
as at 31 December <strong>2010</strong><br />
32. Related party transactions<br />
Loans and advances:<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
Number of Directors<br />
of the <strong>Bank</strong><br />
€ €<br />
To members of the Board of Directors and related parties:<br />
Less than 1% of the net assets per director 13 12 3.718.069 4.215.509<br />
13 12 3.718.069 4.215.509<br />
To key management personnel and related parties 808.055 751.422<br />
To shareholder who owns more than 20% of the share<br />
capital and its connected persons 3.760.813 3.785.902<br />
Total loans and other advances 8.286.937 8.752.833<br />
Tangible securities 9.600.665 9.537.198<br />
Interest income 610.116 348.582<br />
Deposits:<br />
- members of the Board of Directors and key management<br />
personnel 878.023 1.349.339<br />
- connected persons of the above 691.368 13.021.207<br />
- shareholder who owns more than 20% of the share<br />
capital and its connected parties 47.062 44.064<br />
1.616.453 14.414.610<br />
Interest expense 47.747 178.090<br />
Subordinated loan stock issued to connected person of<br />
a member of the Board of Directors 70.000 500.000<br />
Interest expense on subordinated loan stock 3.045 1.027<br />
In addition, there were contingent liabilities and commitments to the members of the Board of Directors and their<br />
connected persons, mainly in the form of documentary credits, guarantees and commitments to lend, amounting to<br />
€268.854 (2009: €347.584), of which €163.410 (2009: €258.564) relate to Directors and their connected persons.<br />
No credit facilities were given to the new members of the Board of Directors who were appointed on 21<br />
March 2011, while there are deposits of €1,5 million relating the new Board members and their connected<br />
persons.<br />
Connected persons include spouses, minor children and companies in which directors or key management<br />
personnel hold directly or indirectly at least 20% of the voting rights in a general meeting.<br />
All transaction with non-executive members of the Board of Directors, the <strong>Bank</strong>’s shareholders and their<br />
connected persons are made on normal business terms as for comparable transactions with customers of a<br />
similar credit standing. A number of credit facilities have been extended to key management personnel and<br />
their connected persons on the same terms as those applicable to the rest of the <strong>Bank</strong>’s employees.<br />
74<br />
Αnnual <strong>Report</strong> <strong>2010</strong>
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