28. Related party transactions

(a) The ownership of the company

One ordinary share is held by the Minister for Agriculture, Food and Marine and the remainder of the issued share capital is held by the Minister for Public Expenditure and Reform.

(b) Sales of goods, property and services to entities controlled by the Irish Government*

In the ordinary course of its business the Group sold goods, property and services to entities controlled by the Irish Government, principally the ESB. Sales of these goods, property and services amounted to €5.4m in 2011 and amounts due from these entities to the Group at 31 December 2011 for these goods, property and services amounted to €1.5m.

(c) Purchases of goods and services from entities controlled by the Irish Government*

In the ordinary course of its business the Group purchased goods and services from entities controlled by the Irish Government, principally the ESB. Purchases of goods and services amounted to €11.4m in 2011 and amounts due to these entities at 31 December 2011 for these goods and services amounted to €0.7m.

(d) Transactions with state controlled/influenced financial institutions

The Group have loan facilities of €100m with Allied Irish Banks plc (A.I.B.) and Bank of Ireland (B.O.I.) as part of a syndicated loan agreement which includes a number of financial institutions. Interest payments in relation to the drawn balances amount to €3.9m for 2011. At 31 December 2011 the Group had entered into Eur/Stg£ foreign exchange contracts with A.I.B. and B.O.I. for the sale of the principal amount of STG £32.7 million at the rate of 0.8577. The Group also had €57m of interest rate swaps in place with A.I.B. and B.O.I. at a weighted average interest rate of 2.638%.

(e) Transactions with related Companies

Moylurg Rockingham Limited
In the ordinary course of its business the Group sold goods and services to Moylurg Rockingham Limited amounting to €0.01m (2010: €0.04m), the balance due from this company at 31 December 2011 for these goods and services was €0.01m (2010: €nil)

Garvagh Glebe Windpower Limited
During 2010 the Group disposed of its 50% shareholding in Garvagh Glebe Windpower Limited to its joint venture partner, ESB Power Generation Holding Company Limited for €193,079. The Group advanced loans of €4m to Garvagh Glebe Windpower Limited in 2010. All loan balances were repaid when the Group disposed of its interest in the joint venture company.


* Entities controlled by the Irish Government refers to all county councils, Government departments and semi-state companies.