Reserve Bank of Australia Annual Report – 1991 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 1990/91 was $120,155 ($120,000 in 1989/90).

Payments made by the Bank to a prescribed superannuation fund in connection with the retirement of members of the Board totalled $109,250 in 1990/91 ($91,483 in 1989/90) and are included in staff costs in Note 2.

No loans were made to executive members of the Board during 1990/91 or were outstanding at 30 June. The Bank is not empowered to lend to non-executive Board members.

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. The Bank's contributions to the Fund 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 Officers' Superannuation Fund during 1990/91.

B.W. Fraser
Chairman, Reserve Bank Board — 6 August 1991