RBS 2006 Annual Report Download - page 209
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Financial statements
RBS Group • Annual Report and Accounts 2006
208
Notes on the accounts continued
(a) At 31 December 2006, the amounts outstanding in relation
to transactions, arrangements and agreements entered
into by authorised institutions in the Group, as defined in
UK legislation, were £284,031 in respect of loans to eight
persons who were directors of the company (or persons
connected with them) at any time during the financial
period and £1,234 to one person who was an officer of
the company at any time during the financial period.
(b) For the purposes of IAS 24 ‘Related Party Disclosures’,
key management comprise directors of the company and
members of the Group Executive Management
Committee. The captions in the Group’s primary financial
statements include the following amounts attributable, in
aggregate, to key management:
44 Transactions with directors, officers and others
2006 2005
£000 £000
Loans and advances to customers 2,188 3,090
Customer accounts 18,575 12,604
Key management have banking relationships with Group entities which are entered into in the normal course of business.
Key management had no reportable transactions or balances with the company except for dividends.
(a) Group companies provide development and other types of
capital support to businesses in their roles as providers of
finance. These investments are made in the normal course
of business and on arm’s-length terms. In some instances,
the investment may extend to ownership or control over
20% or more of the voting rights of the investee company.
However, these investments are not considered to give rise
to transactions of a materiality requiring disclosure under
IAS 24.
(b) The Group recharges The Royal Bank of Scotland Group
Pension Fund with the cost of administration services
incurred by it. The amounts involved are not material to the
Group.
(c) In accordance with IAS 24, transactions or balances
between Group entities that have been eliminated on
consolidation are not reported.
(d) The captions in the primary financial statements of the
parent company include amounts attributable to
subsidiaries. These amounts have been disclosed in
aggregate in the relevant notes to the financial statements.
45 Related parties