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RELATED PARTY TRANSACTIONS Banka Kombetare Tregtare makes public on a quarterly basis all the balances and transactions with its related parties, as part of the Bank’s periodic IFRS based reporting of the financial statements. The following information on related parties consists of the Note 31 of the latest IFRS review report of BKT as at 30 June 2012 signed by KPMG Albania on 26 July 2012. Related party transactions In accordance with IAS 24 “Related Party Disclosures”, a related party is any party that has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Identity of related parties The Bank has related party relationships with its shareholders and affiliates, directors and executive officers. The Bank’s sole shareholder is Calik Finansal Hizmetler, which is owned by Calik Holding at 100% as at 30 June 2012. ALBtelecom Sh.a., Eagle Mobile Sh.a., Aktif Yatirim Bankasi A.S. (“Aktifbank”), GAP Pazarlama FZE, Calik Elektrik Dagitim A.S, Calik Enerji Sanayi Ve. Ticaret A.S, and Lidya Madencilik San. Ve. Tic A.S. are controlled by Calik Holding. Balances and transactions with shareholders and affiliates Assets Placement and balances with banks: Current accounts with Aktifbank Investment securities available-for-sale: Aktifbank Loans and advances to customers: GAP Pazarlama FZE Total assets Liabilities Customer deposits: ALBtelecom Sh.a. Eagle Mobile Sh.a. Other liabilities: Payables to Aktifbank Total liabilities Commitments and contingencies Guarantees in favour of customers: ALBtelecom Sh.a. Calik Elektrik Dagitim A.S and Calik Enerji Sanayi Ve. Ticaret A.S Guarantees received from financial institutions Aktifbank 30 June 2012 31 December 2011 189,220 131,977 21,300,853 - 21,490,073 17,996,167 18,128,144 1,274,931 445,338 759,729 165,832 1,720,269 2,751 928,312 1,296,390 1,257,692 1,725,027 - 336,055 345,193 Statement of comprehensive income Interest income from: Aktifbank Calik Holding GAP Pazarlama FZE ALBtelecom Sh.a. Eagle Mobile Sh.a. Interest expenses for: ALBtelecom Sh.a. and Eagle Mobile Sh.a. Aktifbank Fees and commissions: Commissions charged by Aktifbank Letters of guarantee: ALBtelecom Sh.a., Calik Elektrik Dagitim A.S and Calik Enerji Sanayi Ve. Ticaret A.S Account maintenance and lending fees from ALBtelecom Sh.a. and Eagle Mobile Sh.a. Net Six-month period ended 30 June 2012 Six-month period ended 30 June 2011 339,716 177,500 10,577 6,214 78,944 54,864 233,667 - (27,226) (2,232) (91,357) - (3,347) (23,877) 14,053 8,269 10,016 525,271 335 260,845 GAP Pazarlama FZE is an international company operating as a wholesale trader and is owned by the Bank’s ultimate shareholder. The loan granted to this company, with an interest rate of 6.0% p.a., was sold to Aktifbank on 1 March 2012. The Bank has signed an agreement with Aktifbank for consultancy services in relation to lending to companies based in Turkey, under which the Bank paid service commission to Aktifbank. In addition, Aktifbank has offered a guarantee of 10% on the outstanding loans granted to these companies, which at 30 June 2012 is USD 20,962 (31 December 2011: USD 150,721). In 2012 the Bank acquired the following assets from related parties: Month Related Party January 2012 Lidya Madencilik San. Ve. Tic A.S. Aktifbank ALBtelecom Sh.a. March 2012 May 2012 Purchase price in Asset purchased USD ‘000 16,500 Equity instruments available-for-sale 36,225 Asset Back Securities (1) 9,432 Land and buildings (2) (1) The Asset Backed Securities (‘ABSs’) were issued by ‘Aktif Yatirim Bankasi A.S (2) No.lu Emek Varlik Finansman Fonu’ (the ‘Fund’). These ABSs, represent debt instruments secured by the underlying assets of the Fund. For the sake of clarity, these ABSs are not on the balance sheet of Aktifbank and do not represent its obligations. In April 2012, the Bank sold part of these securities with a value of USD 12,791 thousand. (2) The transfer of ownership of the land and buildings from ALBtelecom Sh.a to the Bank is in process. Balances and transactions with directors and executive officers The remuneration of directors and executive officers is included in personnel expenses. It can be detailed as follows: Six-month period ended Six-month period 30 June 2012 ended 30 June 2011 Directors 53,334 53,334 Executive officers 980,353 1,028,835 1,033,687 1,082,169 The remuneration of directors and executive officers for the year ended 31 December 2011 was USD 2,623,590. As at 30 June 2012, the total deposits of directors held with the Bank were USD 3,117,844 (31 December 2011: USD 1,183,712), while there are no outstanding loans granted to directors.