Barclays 2008 Annual Report Download - page 258

Notes to the accounts
For the year ended 31st December 2008
256 Barclays PLC Annual Report 2008 |Find out more at www.barclays.com/annualreport08
43 Related party transactions and Directors’ remuneration (continued)
Key Management Personnel
The Group’s Key Management Personnel, and persons connected with them, are also considered to be related parties for disclosure purposes.
Key Management Personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of
Barclays PLC (directly or indirectly) and comprise the Directors of Barclays PLC and the Officers of the Group, certain direct reports of the Group Chief
Executive and the heads of major business units.
In the ordinary course of business, the Bank makes loans to companies where a Director or other member of Key Management Personnel (or any
connected person) is also a Director or other member of Key Management Personnel (or any connected person) of Barclays.
There were no material related party transactions with companies where a Director or other member of Key Management Personnel (or any connected
person) is also a Director or other member of Key Management Personnel (or any connected person) of Barclays.
The Group provides banking services to Directors and other Key Management Personnel and persons connected to them. Transactions during the year
and the balances outstanding at 31st December 2008 were as follows:
Directors, other Key Management
Personnel and connected persons
2008 2007 2006
£m £m £m
Loans outstanding at 1st January 7.4 7.8 7.4
Loans issued during the year 6.9 2.7 2.7
Loan repayments during the year (5.5) (3.2) (2.3)
Loans outstanding at 31st December 8.8 7.3 7.8
Interest income earned 0.4 0.4 0.3
No allowances for impairment were recognised in respect of loans to Directors or other members of Key Management Personnel (or any connected
person) in 2008, 2007 or 2006.
2008 2007 2006
£m £m £m
Deposits outstanding at 1st January 8.9 15.0 4.7
Deposits received during the year 235.7 114.4 105.2
Deposits repaid during the year (221.9) (115.0) (94.8)
Deposits outstanding at 31st December 22.7 14.4 15.1
Interest expense on deposits 0.5 0.6 0.2
Of the loans outstanding above, £1.6m (2007: £nil, 2006: £nil) relates to Directors and other Key Management Personnel (and persons connected to
them) that left the Group during the year. Of the deposits outstanding above, £6.1m (2007: £2.8m, 2006: £0.1m) related to Directors and other Key
Management Personnel (and persons connected to them) that left the Group during the year.
All loans are provided on normal commercial terms to Directors and other Key Management Personnel (and persons connected to them), with the
exception of£692 of loans which are provided on an interest free basis.
The loans of £692 provided on an interest free basis relate to the granting of loans to one non-Director member of Barclays key management to purchase
commuter rail tickets. The commuter rail ticket loans are still provided to all Barclays staff members upon request on the same terms.
All loans to Directors and other key management personnel (a) were made in the ordinary course of business, (b) were made on substantially the same
terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other persons and (c) did not involve
more than a normal risk of collectability or present other unfavourable features.