macquarie.com.au  2014 Annual Financial Report  Macquarie Group Limited and its subsidiaries  Notes to the financial statements  for the financial year ended 31 March 2014  continued  Note 32  Key Management Personnel disclosure  continued  Other transactions with Key Management Personnel and their related parties  For the financial year ended 31 March 2013  (1) All loans provided by the Consolidated Entity to Directors and Executives are made in the ordinary course of business on an arm’s  length basis and are entered into under normal terms and conditions consistent with other customers and employees. There have been  no write-downs or allowances for doubtful debts.  Certain Key Management Personnel and their related parties have acquired Infrastructure Bonds and iUnits from subsidiaries within  the Consolidated Entity, which have been financed with limited recourse loans and some of which are subject to forward sale  agreements. All the arrangements between the investor and Macquarie are subject to a legal right of set-off. The only amounts  recognised by the Consolidated Entity in respect of these transactions are either: for iBonds, the annual payments from the relevant  Key Management Personnel which are brought to account as fee revenue; or for iUnits, the value of the option purchased. These  transactions have been undertaken on terms and conditions consistent with other customers and employees.  Name and position  Balance at 1 April 2012  $’000  Interest charged (1) $’000  Write-downs  $’000  Balance at 31 March 2013  $’000  Highest balance during financial year $’000  Executive Directors  N.W. Moore 5,274  348  –  5,274  5,274  Executives  P.J. Maher  350  26  –  350  350  Consolidated  2014  $’000  Consolidated  2013  $’000  Total annual contributions from Key Management Personnel and their related parties in respect of  Infrastructure Bonds and similar products  535  623  Total value of iUnits options  161  520  Executive Director  Executives  Former Executives  The annual contributions in respect of Infrastructure Bonds and similar products relate to the following Key Management Personnel:  N.W. Moore  S.D. Allen, T.C. Bishop, A.J. Downe, G.A. Farrell, N. Sorbara (2014), S.Vrcelj, G.C. Ward, S. Wikramanayake  P.J. Maher (balance at the date ceased to be a member of the Executive Committee)  All other transactions with Key Management Personnel (including their related parties) were conducted on an arm’s length basis in  the ordinary course of business and under normal terms and conditions for customers and employees. These transactions were  trivial or domestic in nature and consisted principally of normal personal banking and financial investment services. Related parties  of Key Management Personnel who are employees received normal employee benefits on standard terms and conditions.  162 