16 FEBRUARY 2006

NEW ZEALAND GAZETTE, No. 15

Public Trust
Public Trust Act 2001

299

(5) Despite subparagraphs (1), (2) and (3), in particular
cases or classes of case, Public Trust and the depositor may
agree on a rate of interest payable on investment deposits,
protection deposits or special deposits that is different from
the rate specified in Schedules 1, 2, or 3 and the agreed rate
then applies.

The Public Trust Common Fund Interest Rates
Notice 16 February 2006

4. Revocation of notice and transitional provisions—
   (1) The Public Trust Common Fund Interest Rates Notice
   19 January 2006 is revoked.

The following notice is given pursuant to section 50 of the
Public Trust Act 2001 (“the Act”).

(2) The rates of interest specified in Schedules 1 and 2 to this
notice do not apply to any period that ends with 8 February
2006 but otherwise operate as from 9 February 2006.

Notice

1. Title and commencement—(1) This notice may be
   cited as the Public Trust Common Fund Interest Rates
   Notice 16 February 2006.
   (2) The determinations and revocation notified in this notice
   take effect from and including 9 February 2006.
2. Interpretation—(1) Unless the context otherwise
   requires:
   “agency deposit” means a deposit (not being an
   investment deposit) held as agent or attorney;
   “call deposit” means a deposit (not being an agency
   deposit, an investment deposit, a protection deposit,
   a special deposit or a trust deposit) held in the ordinary
   course of administration, and determined by Public Trust
   to be held at call;
   “deposit” means a sum of money held by Public Trust
   belonging to any estate, which money for the time being
   forms part of the Common Fund;
   “investment deposit” means a deposit held at call or
   otherwise as an investment under section 51 of the Act;
   “protection deposit” means a deposit, held at call, of
   tuition, boarding, accommodation or other fees by or
   on behalf of a student enrolled at a private training
   establishment within the meaning of Part 18 of the
   Education Act 1989;
   “special deposit” means a deposit held other than at call
   on behalf of the Crown, or any local authority within the
   meaning of the Local Government Act 1974;
   “trust deposit” means a deposit (not being an agency
   deposit, an investment deposit, a protection deposit or a
   special deposit) held on trust:
   (i) for persons not of full age or capacity; or
   (ii) for beneficiaries not entitled to payment at call; or
   (iii) otherwise than at call.
   (2) Expressions defined in the Act have the same meaning in
   this notice as they do in the Act.
3. Rates of Common Fund interest—(1) The rate of
   Common Fund interest on deposits (other than investment
   deposits repayable at the end of fixed term or protection
   deposits) shall be that specified in Schedule 1 for the
   appropriate type of deposits.
   (2) The rate of Common Fund interest on each protection
   deposit associated with a particular private training
   establishment shall be that specified in Schedule 2 for the
   appropriate dollar range of the total of those deposits.
   (3) The rate of Common Fund interest payable on
   investment deposits repayable at the end of a fixed term
   shall be that specified in Schedule 3 for the appropriate
   interest payment frequency, term and dollar range.
   (4) Despite subparagraph (1), the rate of Common Fund
   interest payable on deposits made pursuant to an enactment
   shall be the rate (if any) specified in the enactment;

(3) The rates of interest specified in Schedule 3 to this notice:
(i) do not apply to investment deposits repayable at
the end of a fixed term that commenced prior to
9 February 2006; but
(ii) do apply to investment deposits repayable at the
end of a fixed term that commenced on or after
9 February 2006.

Schedule 1
Rates of interest payable on deposits (other than
investment deposits repayable at the end of fixed term
or protection deposits)
% p.a.
Agency deposits

5.00

Call deposits

2.75

Investment deposits at call

5.00

Special deposits (effective 15 December 2005)

7.39

Trust deposits

5.00

Schedule 2
Rates of interest payable on each protection deposit
associated with a particular private training establishment
% p.a.
Total deposits do not exceed $350,000

5.00

Total deposits in range $350,001 to $1,750,000

5.80

Total deposits exceed $1,750,000

6.20

Schedule 3
Rates of interest payable on investment deposits repayable
at the end of a fixed term
Interest payable on maturity
$5,000$9,999
% p.a.

$10,000$49,999
% p.a.

$50,000$250,000+
$249,999
% p.a.
% p.a.

3 mths

4.80

5.65

5.80

5.90

6 mths

5.60

6.70

6.75

6.85

9 mths

5.60

6.65

6.85

6.90

1 yr

5.60

6.75

6.85

6.90

18 mths

6.00

6.40

6.40

6.40

24 mths

6.00

6.40

6.40

6.40

30 mths

6.00

6.35

6.40

6.40

36 mths

6.00

6.35

6.40

6.40

4 yrs

5.95

6.30

6.35

6.35

5 yrs

5.90

6.25

6.30

6.30