Reserve Bank of Australia Annual Report – 1992 Financial Statements Related Party and Other Disclosures

Note 13 Related Party and Other Disclosures

Directors

The amount paid by the Bank under Remuneration Tribunal arrangements in respect of non-executive Board members in 1991/92 was $136,997 ($120,155 in 1990/91).

Payments made by the Bank to a prescribed superannuation fund in connection with the retirement of members of the Board totalled $116,526 in 1991/92 ($109,250 in 1990/91) and are included in staff costs in Note 2.

The Bank is not empowered to lend to non-executive Board members. Loans to executive members of the Board are on the same terms and conditions that apply to the Bank's employees generally. The aggregate amount outstanding at 30 June 1992 was $136,140 (nil at 30 June 1991).

There were no other related party transactions with Board members or parties related to them.

Officers' Superannuation Fund

The assets of the Reserve Bank Officers' Superannuation Fund are held by the Bank in accordance with the Reserve Bank (Officers' Superannuation) Rules made pursuant to section 70 of the Reserve Bank Act, but are not included in these statements. With effect from 1 January 1992, the superannuation arrangements for the Bank's United Kingdom staff and pensioners were transferred to Reserve Bank of Australia UK Pension Scheme operated in the UK as a separate fund. Payment of future benefits by the Funds is funded by the Bank's contributions and the Funds' existing assets. The Bank's contributions to the Funds in accordance with the Rules are included in staff costs in Note 2. Administration and other operational costs (e.g. salaries, overheads, legal costs, valuation fees, etc.) incurred by the Bank for superannuation arrangements are also included in Note 2. There were no other related party transactions between the Bank and the Funds during 1991/92.

B.W. FRASER
Chairman, Reserve Bank Board – 4 August 1992