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

Irish Bank Resolution Corporation LimitedAnnual Report & Accounts 2011Deposits and investments by key management personnelDeposit balance movements during the year and the aggregate amounts outstanding at year end from persons who, at anytime during the year, were key management personnel were:2011 2010Other keyOther keyDirectors management * Directors management *€m €m €m €mAt beginning of yearDeposits received during the yearDeposits withdrawn during the yearOther movements (1)At end of year- - 8 1- - - -- - - -- - (8) (1)- - - -Number of persons (2)1 - 1 1* Excludes Executive Directors(1)(2)Other movements include changes to the composition of the Board and other key management personnel. One NonexecutiveDirector had deposits with the Bank at the end of 2010 totalling €213k. One former member of keymanagement, who left the Bank during 2010, had deposits totalling €107k at the end of 2010. Deposits by keymanagement personnel were at commercial interest rates. Along with the vast majority of customer deposits theseaccounts were transferred to AIB on 24 February 2011 as part of the wider AIB Transfer Order. Consequently the bank hadno deposit balances with Directors or other key management as at 31 December 2011.This includes key management personnel who held balances at any time during the year.The Group's Private Bank offered a range of products to its clients, some of which key management personnel had investedinto. Fees earned by the Group on their share of these investments are charged at commercial rates and the amounts are deminimis for 2010 and 2011. At 31 December 2011 two persons (2010: three) who were key management personnel during theyear held investments valued at €23k (2010: €132k). Investments held by Directors remaining in office at 31 December 2011totalled €nil (2010: €nil).Loans to connected personsDuring the year there was no transaction, arrangement or agreement of the type referred to in section 31 of the CompaniesAct, 1990 (as amended) between the Bank and any person who was connected with a Director of the Bank during the yearwhich was (a) not entered into by the Bank in the ordinary course of its business, or (b) its value was greater, or its termsmore favourable, in respect of the person for whom it is made, than that or those which (i) the Bank ordinarily offers, or (ii)it is reasonable to expect the Bank to have offered, to or in respect of a person of the same financial standing butunconnected with the Bank.Other related party transactionsNo other related party transactions, arrangements or agreements of the type referred to in section 31 of the CompaniesAct, 1990 (as amended) existed at any time during the year in respect of any current Director of the Bank.155