Related Party Transactions

 (unaudited)

Transactions with related parties are made in the ordinary course of business and on substantially the same terms, including interest rates and collateral, as those prevailing for comparable transactions with other parties.

Transactions with Key Management Personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of Deutsche Bank, directly or indirectly. The Group considers the members of the Management Board as currently mandated and the Supervisory Board to constitute key management personnel for purposes of IAS 24. Among the Group’s transactions with key management personnel as of March 31, 2010 were loans and commitments of € 21 million and deposits of € 42 million. As of December 31, 2009, there were loans and commitments of € 9 million and deposits of € 21 million among the Group’s transactions with key management personnel. In addition, the Group provides banking services, such as payment and account services as well as investment advice, to key management personnel and their close family members.

Transactions with Subsidiaries, Joint Ventures and Associates

Transactions between Deutsche Bank AG and its subsidiaries also meet the definition of related party transactions.

Loans

In the three months ended March 31, 2010 and in the year 2009 loans issued and guarantees granted to related parties developed as follows.

 

Associated companies and other related parties

1

In 2010 some entities were fully consolidated. Therefore loans issued to these investments were eliminated on consolidation. In 2009 one entity that was accounted for using the equity method was sold.

2

Loans past due were nil as of March 31, 2010, and totaled € 15 million as of December 31, 2009. Loans included loans to joint ventures of € 2 million and € 4 million as of March 31, 2010 and December 31, 2009, respectively.

3

Includes financial and performance guarantees, standby letters of credit, indemnity agreements and irrevocable lending-related commitments.

in € m.

Mar 31, 2010

Dec 31, 2009

Loans outstanding, beginning of period

965

834

Loans issued during the period

2

366

Loan repayment during the period

94

209

Changes in the group of consolidated companies1

(182)

(83)

Exchange rate changes/other

(1)

57

Loans outstanding, end of period2

690

965

Other credit risk related transactions:

 

 

Allowance for loan losses

5

4

Provision for loan losses

31

Guarantees and commitments3

164

135

Deposits

 

Associated companies and other related parties

in € m.

Mar 31, 2010

Dec 31, 2009

1

In 2010 some entities were fully consolidated. Therefore deposits received from these investments were eliminated on consolidation. In 2009 one entity that was accounted for using the equity method was sold.

2

The above deposits were made in the ordinary course of business. Deposits included also € 0.5 million and € 0.4 million deposits from joint ventures as of March 31, 2010 and December 31, 2009, respectively.

Deposits outstanding, beginning of period

367

246

Deposits received during the period

43

287

Deposits repaid during the period

45

161

Changes in the group of consolidated companies1

(115)

(6)

Exchange rate changes/other

1

1

Deposits outstanding, end of period2

251

367

As of March 31, 2010, positive and negative market values from derivative financial transactions with associated companies amounted to € 4.3 billion and € 3.6 billion, respectively. As of December 31, 2009, positive and negative market values of above mentioned transactions amounted to € 3.7 billion and € 3.0 billion, respectively.

Business Relationships with Deutsche Postbank AG

In 2009, the Group acquired an interest in Deutsche Postbank AG and entered into a cooperation agreement with Postbank. The cooperation agreement encompasses financing and investment products, business banking and commercial loans as well as customer-oriented services. The agreement also covers sourcing and IT-infrastructure.

Transactions with Pension Plans

The Group has business relationships with a number of its pension plans pursuant to which it provides financial services to these plans, including investment management. Pension funds may hold or trade Deutsche Bank shares or securities. As of March 31, 2010, transactions with these plans were not material for the Group.

Service Functions

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