Companies Act 2014 section 311

Credit institutions: disclosures by holding company of aggregate amounts in respect of connected persons

Section 311 requires the holding company of a credit institution to disclose aggregate information in its group financial statements about loans, guarantees, and similar transactions that the credit institution has entered into with persons connected to directors.

• The group financial statements of a holding company of a credit institution must include notes disclosing aggregate details of loans, quasi-loans, credit transactions, guarantees, and related arrangements made by the institution with or for persons connected to directors.
• The disclosures must include aggregate amounts outstanding at year end, maximum amounts outstanding during the year, the number of connected persons involved at year end, and the maximum number of connected persons involved at any point during the year.
• Transactions made in the ordinary course of business on terms no more favourable than those offered to unconnected persons of similar financial standing may be excluded from the disclosure, as may transactions where the aggregate maximum amount outstanding for a particular connected person does not exceed €7,500.
• Where a holding company is exempt from preparing group financial statements, the required disclosures must instead be included in its entity financial statements.

---