29. RELATED PARTY TRANSACTIONS AND BALANCES The Bank entered into a number of transactions with related parties in the normal course of business. The volumes of related party transactions, outstanding balance at the year end and relating expenses and income for the year are as follows:
a) Loans and advances to directors and other key management personnel
31 December 2008
31 December 2007
US$
Riel ‘000 Unaudited
US$
Riel ‘000 Unaudited
2,607,430 3,309,098 (1,275,618) -
10,437,542 13,504,429 (5,205,797) 203,380
384,794 2,877,876 (655,240) -
1,561,109 11,520,138 (2,622,926) (20,777)
4,640,910
18,939,554
2,607,430
10,437,544
364,645
1,488,116
173,352
693,930
Loans and advances to key management Outstanding at 1 January Loans issued during the year Loan repayments during the year Currency valuation Loans outstanding 31 December 2008 Interest income earned
No provisions have been recognised in respect of loans given to related parties. The loan to directors and key management carry interest rate ranging from 10% to 12% per annum.
b) Deposits from shareholders, directors and other key management personnel
31 December 2008
31 December 2007
US$
Riel ‘000 Unaudited
US$
Riel ‘000 Unaudited
1,168,987 16,815,404 (12,991,974) -
4,679,456 68,623,664 (53,020,246) 91,180
1,616,223 6,704,589 (7,151,825) -
6,557,018 26,838,470 (28,628,755) (87,277)
4,992,417
20,374,054
1,168,987
4,679,456
20,179
73,564
41,475
166,024
Due to key management Deposits at 1 January Deposits received during the year Deposits repaid during the year Currency valuation Deposits at 31 December 2008 Interest expense on deposits
85
Annual Report 2008