Barclays 2008 Annual Report Download - page 256

Notes to the accounts
For the year ended 31st December 2008
254 Barclays PLC Annual Report 2008 |Find out more at www.barclays.com/annualreport08
43 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 41.
Associates, joint ventures and other entities
The Group provides banking services to its associates, joint ventures, the Group pension funds (principally the UK Retirement Fund) and to entities under
common directorships, 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 as third-party transactions.
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 2008
Pension
Entities funds unit
under trusts and
Joint common investment
Associates ventures directorships funds Total
£m £m £m £m £m
Income statement:
Interest received – 105 3–108
Interest paid – (73) ––(73)
Fees received for services rendered (including investment management and
custody and commissions) – 15 –520
Fees paid for services provided (44) (146) ––(190)
Principal transactions 8 59 60 (25) 102
Assets:
Loans and advances to banks and customers 110 954 34 – 1,098
Derivative transactions –9311 15 335
Other assets 67 276 –3346
Liabilities:
Deposits from banks – 592 ––592
Customer accounts – 167 74 10 251
Derivative transactions ––111 41 152
Other liabilities 3 18 – 28 49