The Group’s related parties are the Group’s parent company, iLOQ Ltd, and its subsidiaries. A list of subsidiaries is presented in Note 5. In addition, the related parties include the members of the Board of Directors, the CEO, and the members of the Group’s Management Group who are considered the key personnel in iLOQ Group’s management, as well as the entities under the control of the foregoing personnel or their family members.
Related party transactions, and related party receivables and liabilities
| EUR thousand | 2018 | 2017 |
| Interest-bearing receivables – related party loan | 2,980 | 2,292 |
| Interest on the related party loan | 39 | 18 |
| Other operating expenses | 44 | 35 |
The terms and conditions of purchases executed with related parties correspond to the terms and conditions applying to transactions between independent parties.
In 2018, the Group issued related party loans to commit personnel to the company in a total amount of EUR 688,000. The term of the loan is 10 years and the interest rate is the 12-month Euribor rate plus 1.5%. The guarantees for the loans are the shares that were subscribed by key personnel using the loans. The total amount of loans that had been issued to commit personnel to the company on December 31, 2018 and December 31, 2017 are shown in the table above.
Other operating expenses consist of consultancy fees paid to members of the Group’s Board of Directors.
Management employee benefits
During the financial period, the CEO and Group management were paid salaries and bonuses, including fringe benefits, as follows:
| EUR thousand | 2018 | 2017 | |
| Short-term employee benefits | 1,739 | 1,261 | |
| Benefits after the end of the employment relationship | 283 | 233 | |
| Share-based benefits | 15 | 0 | |
| Total | 2,037 | 1,494 | |
The amounts presented in the table correspond to the costs recognized as expenses in the financial period.
The total amount of compensation received by the key personnel belonging to the Group’s management consists of the salary, non-monetary benefits, and the costs of defined contribution pension plans. The Group’s management do not have defined benefit pension plans.