Page 121 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 119

29.2 Loans to key management personnel and their related parties

Loans to key management personnel and their related parties are secured housing loans and asset lines provided in the ordinary course of the Banking business. All loans have normal commercial terms, which may include staff discounts at the same terms available to all employees of the Suncorp Group. The loans may have offset facilities, in which case the interest charged is after the offset. No amounts have been written down or recorded as provisions, as the balances are considered fully collectable.

Details regarding loans outstanding at the reporting date to key management personnel and their related parties, where the individual’s aggregate loan balance exceeded $100,000 at any time during the reporting period, are as follows:

Highest Highest Balance Balance balance Balance Balance balance 1 July 30 June Interest during 1 July 30 June Interest during 2010 2011 charged the year 2009 2010 charged the year $000 $000 $000 $000 $000 $000 $000 $000

Directors

L Tutt 1,2 – – – – 597 – 7 600 C Herbert 1,3 – – 12 344 483 – 26 483

Senior Executives

M Blucher 1,4 – – – – 547 – 5 552 S McDonald 1,5 – – – – 923 – 13 930 M Milliner 1,849 1,355 99 1,897 719 1,849 74 2,588 J Smith 900 900 59 900 2,639 900 177 2,639

Notes

1 Interest charged in the above table refects the amount charged during the period in which individuals were considered key management personnel.

2 Mr Tutt retired on 28 October 2009.

3 Mr Herbert was a director of Suncorp Group Limited for the period from incorporation until 22 December 2010. During this period, the Company was dormant.

4 The contract with Mr Blucher terminated on 31 August 2009. 5 Mr McDonald left offce on 21 October 2009.

New loan facilities made to key management personnel and their related parties during the year were $nil (2010: $1,700 thousand). Details regarding the aggregate of loans made, guaranteed or secured by any entity in the Suncorp Group to key management personnel and their related parties, and the number of individuals in each group, are as follows:

Key Other Key Other management related management related personnel parties personnel parties 2011 2011 2010 2010 $000 $000 $000 $000

Opening balance 2,749 – 5,311 597 Closing balance 2,255 – 2,749 – Interest charged 170 – 295 7

Number Number Number Number

Number of individuals at 30 June 2 – 2 –