IBRC annual report for 2011 - Irish Bank Resolution Corporation ...

Notes to the financial statements continued54. Related party transactions continuedLoans to key management personnelLoan balance movements during the year and the aggregate amounts outstanding at year end to persons who, at any timeduring the year, were key management personnel were:2011 2010Other keyOther keyDirectors management * Directors management *€m €m €m €mAt beginning of year (1)Loan advances during the year (2)Loan repayments during the yearOther movements (3)At end of year (4)Provisions for impairmentAt end of year after provisions for impairment- 1 46 11- - - -- - - -- - (46) (10)- 1 - 1- - - -- 1 - 1Number of persons (5)- 3 - 2* Excludes Executive DirectorsNone of the current Directors has, or has had at any time during the year, any loans from the Bank. No other transactions,arrangements or agreements of the type referred to in section 31 of the Companies Act, 1990 (as amended) existed at any timeduring the year in respect of any current Director of the Bank.(1)The reduction in Directors' loans in 2010 of €46m represents the opening loan balances, after provisions for impairments,in respect of nine former Executive and Non-executive Directors who either resigned from the Board or the Bank in thefifteen month period ended 31 December 2009. A full analysis of the closing balance at 31 December 2009 is presented innote 55 to the 2009 Annual Report and Accounts.The reduction in loans to other key management in 2010 of €10m primarily represents the opening loan balances, afterprovisions for impairment, in respect of three former key managers who were no longer employed by the Bank at31 December 2010.(2)(3)(4)(5)No new loans and advances to key managers were provided in the year to 31 December 2011.Following changes to the composition of key management personnel which arose during the year, the number of keymanagers with borrowings from the Bank has changed.At 31 December 2011 loans and advances include €1m (2010: €1m) in respect of three (2010: two) individuals who wereconsidered key management personnel at some point during the year. In addition to the amounts included in the tableabove, one current key manager has also provided joint and several guarantees in respect of loans involving two corporateentities. The joint and several guarantees in respect of the two corporate exposures have been provided in conjunctionwith individual co-guarantors. The loan balances outstanding on these corporate loans at 31 December 2011 total €0.1m.There are no provisions in respect of any failure or anticipated failure by key managers to repay any of these facilities.This includes key management personnel who held balances at any time during the year.154