50 of 54

38. Related parties

Related parties as defined in IAS 24 (Related Party Disclosures) are those legal entities and natural persons that are able to exert influence on Bayer AG and its subsidiaries or over which Bayer AG or its subsidiaries exercise control or have a significant influence. They include, in particular, non-consolidated subsidiaries, joint ventures, associates and post-employment benefit plans, as well as the corporate officers of Bayer AG whose compensation is reported in Note [39] and in the compensation report, which forms part of the management report.

Transactions with non-consolidated subsidiaries, joint ventures, associates and post-employment benefit plans are carried out on an arm’s-length basis.

The following table shows the volume of transactions with related parties that are included in the consolidated financial statements of the Bayer Group at amortized cost, by proportionate consolidation or at equity, and with post-employment benefit plans:

Related Parties			[Table 4.96]
			2008			2009
	Income	Receivables	Liabilities	Income	Receivables	Liabilities
	€ million	€ million	€ million	€ million	€ million	€ million
Non-consolidated subsidiaries	14	10	(67)	19	13	(33)
Joint ventures	37	3	-	32	3	(1)
Associates	22	15	(18)	24	10	(25)
Post-employment benefit plans	-	460	(46)	-	460	(89)

Bayer AG has undertaken to provide jouissance right capital in the form of an interest-bearing loan totaling €150 million for the Bayer-Pensionskasse. The entire amount remained drawn as of December 31, 2009. The loan capital of €310 million provided to Bayer-Pensionskasse in 2008 for its effective initial fund continued to exist as of December 31, 2009.

No write-downs were made in 2009 or 2008 on receivables from related parties.