ANALYSIS OF INVESTMENTS IN SUBSIDIARIES
FOR THE YEAR ENDED 31 DECEMBER
Click to enlarge| * | Represents amounts less than R1 million. |
| ** | The banking subsidiary companies are restricted in terms of Basel regulations and prudential requirements with regard to the distributions of funds to their holding company. |
| *** | In terms of a dispensation received from the Financial Services Board this company is not allowed to declare any distributions to its holding company. |
| **** | Refer to note 37 for more information on the buyout of Imperial Bank Limited minorities. |
| ***** | These entities are free of any restrictions imposed on the distribution of funds, save for compliance with any local regulations. |
| + | Disposed of during 2009. |
| Unless otherwise stated, all entities are domiciled in South Africa. | |
Headline earnings from subsidiaries (after eliminating intercompany transactions):
| 2009 | 2008 | |
| Rm | Rm | |
| Aggregate earnings | 4 743 | 5 992 |
| Aggregate losses | 466 | 227 |
General information required in terms of the 4th Schedule of the Companies Act, 61 of 1973, is detailed in respect of only those subsidiaries where the financial position or results are material to the group. It is considered that the disclosure in these statements of such information in respect of the remaining subsidiaries would entail expenses out of proportion to the value to members. Other subsidiaries consist of nominees, property-owning and financial holding companies acquired in the course of lending activities. A register detailing information in respect of all subsidiaries is available for inspection at the company’s registered office.
Nedbank Group Limited will ensure that, except in the case of political risk, and unless specifically excluded by public notice in a country where a subsidiary is domiciled, its banking subsidiaries, and its principal non-banking subsidiaries, are able to meet their contractual liabilities.