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 Group, 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 June 30, 2010 were loans and commitments of € 9 million and deposits of € 19 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 meet the definition of related party transactions. If these transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions between the Group and its associated companies and joint ventures also qualify as related party transactions and are disclosed as follows.

Loans
In the six months ended June 30, 2010 and in the year 2009 loans issued and guarantees granted to related parties developed as follows.

 

Associated companies and other related parties

in € m.

Jun 30, 2010

Dec 31, 2009

1

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

2

Loans past due were nil as of June 30, 2010, and totaled € 15 million as of December 31, 2009. Loans included loans to joint ventures of € 4 million both as of June 30, 2010 and December 31, 2009.

3

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

Loans outstanding, beginning of period

965

834

Loans issued during the period

17

366

Loan repayments during the period

100

209

Changes in the group of consolidated companies1

(179)

(83)

Exchange rate changes/other

(13)

57

Loans outstanding, end of period2

690

965

Other credit risk related transactions:

 

 

Allowance for loan losses

31

4

Provision for loan losses

29

31

Guarantees and commitments3

409

135

Deposits
In the six months ended June 30, 2010 and in the year 2009 deposits received from related parties developed as follows.

 

Associated companies and other related parties

in € m.

Jun 30, 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 with related party deposits, 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 June 30, 2010 and December 31, 2009, respectively.

Deposits, beginning of period

367

246

Deposits received during the period

61

287

Deposits repaid during the period

99

161

Changes in the group of consolidated companies1

(147)

(6)

Exchange rate changes/other

3

1

Deposits, end of period2

185

367

As of June 30, 2010, positive and negative market values from derivative financial transactions with associated companies amounted to € 5.3 billion and € 4.6 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 Deutsche Postbank AG. 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 AG shares or securities. As of June 30, 2010, transactions with these plans were not material for the Group.

Service Functions

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