9Disclosures of Loans

9               Disclosures of Loans

9.1           The details required by paragraph 9.2 must be disclosed separately in respect of each aggregate of loans made, guaranteed or secured, directly or indirectly, by the disclosing entity and any of its subsidiaries to:

(a)      all specified directors, including their personally-related entities;

(b)     all specified executives, including their personally-related entities; and

(c)      each specified director and specified executive by name whose aggregate loan amount (including personally-related entities) exceeded $100,000 at any time during the reporting period.

9.1.1      The aggregate loan of a specified person is included in their group aggregate (either paragraph 9.1(a) or 9.1(b)) if any amount was owing during the period and is not excluded on the grounds that no amount was owing at the end of the reporting period nor on the grounds that the amount owed was less than $100,000 at all times during the reporting period.

9.1.2      Individual disclosure is required only where the aggregate amount of loans attributable to a specified person (and personally-related entities) exceeded $100,000 at any time during the reporting period.  Even if only one personal aggregate exceeded $100,000 during the year, details are required in respect of that person.  Comparative amounts are not required in respect of personal aggregates.

9.2           In respect of each aggregate of loans to each group of specified persons and to each specified person as required by paragraph 9.1, the following details must be disclosed:

(a)      the amount outstanding at the start of the reporting period;

(b)     the amount of interest paid and payable in respect of the reporting period to the disclosing entity and any of its subsidiaries;

(c)      the difference between the amount disclosed in accordance with paragraph 9.2(b) and the amount of interest that would have been charged on an arm’s-length basis;

(d)     each write-down and each allowance for doubtful receivables recognised by the disclosing entity and any of its subsidiaries;

(e)      the amount outstanding at the reporting date;

(f)       for specified persons only, the highest amount of indebtedness during the reporting period;

(g)      for each group of specified persons only, the number of individuals included in each group aggregate at the reporting date; and

(h)     a summary of the terms and conditions of the loans.

9.2.1      In respect of aggregates for groups, it is not necessary to disclose the highest amount during the reporting period as this is relevant only to individuals.  Disclosure of each group aggregate is required irrespective of whether the amount is more or less than $100,000, or whether the amount includes a loan that exceeded $100,000.  Comparative amounts are required in respect of group aggregates.  Appendix 5 provides an illustration of disclosures required by paragraph 9.2.