Barclays 2006 Annual Report Download - page 222

Notes to the accounts
For the year ended 31st December 2006
Barclays PLC
Annual Report 2006
218
46 Related party transactions and Directors’ remuneration
(a) Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in
making financial or operation decisions, or one other party controls both. The definition includes subsidiaries, associates, joint ventures and the
Group’s pension schemes, as well as other persons.
Subsidiaries
Transactions between Barclays PLC and subsidiaries also meet the definition of related party transactions. Where these are eliminated on
consolidation, they are not disclosed in the Group financial statements. Transactions between Barclays PLC and its subsidiary, Barclays Bank PLC are
fully disclosed directly in its balance sheet and income statement. A list of the Group’s principal subsidiaries is shown in Note 47.
Associates, joint ventures and other entities
The Group provides banking services to its associates, joint ventures and the Group pension funds (principally the UK Retirement Fund), providing
loans, overdrafts, interest and non-interest bearing deposits and current accounts to these entities as well as other services. Group companies,
principally within Barclays Global Investors, also provide investment management and custodian services to the Group pension schemes. The Group
also provides banking services for unit trusts and investment funds managed by Group companies and are not individually material.
All of these transactions are conducted on the same terms to third-party transactions and are not individually material.
Amounts included in the accounts, in aggregate, by category of related party entity are as follows:
For the year ended and as at 31st December 2006
Pension
Entities funds unit
under trusts and
Joint common investment
Associates ventures directorships funds Total
Loans £m £m £m £m £m
Income statement:
Interest received 45 38 – 2 85
Interest paid (31) (57) – – (88)
Fees received for services rendered (including investment management and
custody and commissions) 14 7 – 28 49
Fees paid for services provided (115) (51) – (1) (167)
Principal transactions 3–(2)–1
Assets:
Loans and advances to banks and customers 784 146 65 – 995
Derivative transactions –––––
Other assets 19 3 – 17 39
Liabilities:
Deposits from banks 9––312
Customer accounts 19 18 5 34 76
Derivative transactions ––2–2
Other liabilities 13 8 – – 21