✨ Financial Notices
3306 NEW ZEALAND GAZETTE, No. 127 14 AUGUST 2008
"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.
-
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.
(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. -
Revocation of notice and transitional provisions—
(1) The Public Trust Common Fund Interest Rates Notice 7 August 2008 is revoked.
(2) The rates of interest specified in Schedules 1 and 2 to this notice do not apply to any period that ends with 5 August 2008 but otherwise operate as from 6 August 2008.
(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 6 August 2008; but
(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after 6 August 2008.
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 | 5.70 |
| Call deposits | 3.50 |
| Investment deposits at call | 5.70 |
| Special deposits (effective 16 June 2008) | 8.40 |
| Trust deposits | 5.70 |
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 | 6.40 |
| Total deposits in range $350,001 to $1,000,000 | 6.80 |
| Total deposits in range $1,000,001 to $3,000,000 | 7.20 |
| Total deposits exceed $3,000,001 | 7.70 |
Schedule 3
Rates of interest payable on investment deposits repayable at the end of a fixed term
Interest payable on maturity, monthly or quarterly
| $5,000-$9,999 | $10,000-$49,999 | $50,000-$249,999 | $250,000+ | |
|---|---|---|---|---|
| % p.a. | % p.a. | % p.a. | % p.a. | |
| 3 mths | 5.50 | 7.40 | 7.40 | 7.40 |
| 6 mths | 5.50 | 7.85 | 7.85 | 7.85 |
| 9 mths | 5.50 | 7.60 | 7.60 | 7.60 |
| 1 yr | 5.50 | 7.40 | 7.40 | 7.40 |
| 18 mths | 5.50 | 7.20 | 7.20 | 7.20 |
| 24 mths | 5.50 | 7.00 | 7.00 | 7.00 |
| 30 mths | 5.50 | 7.00 | 7.00 | 7.00 |
| 36 mths | 5.50 | 7.00 | 7.00 | 7.00 |
| 4 yrs | 5.50 | 6.95 | 6.95 | 6.95 |
| 5 yrs | 5.50 | 6.80 | 6.80 | 6.80 |
Interest payable monthly and quarterly
| $20,000-$49,999 | $50,000-$249,999 | $250,000+ | |
|---|---|---|---|
| % p.a. | % p.a. | % p.a. | |
| 6 mths | 7.85 | 7.85 | 7.85 |
| 9 mths | 7.60 | 7.60 | 7.60 |
| 1 yr | 7.40 | 7.40 | 7.40 |
| 18 mths | 7.20 | 7.20 | 7.20 |
| 24 mths | 7.00 | 7.00 | 7.00 |
| 30 mths | 7.00 | 7.00 | 7.00 |
| 36 mths | 7.00 | 7.00 | 7.00 |
| 4 yrs | 6.95 | 6.95 | 6.95 |
| 5 yrs | 6.80 | 6.80 | 6.80 |
Dated at Wellington this 7th day of August 2008.
MICHELLE OLBRICHT, Secretary of the Pricing Committee, Public Trust.
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The Treasury
Crown Entities Act 2004
Appointment to the Earthquake Commission Board
Pursuant to section 28 of the Crown Entities Act 2004, I have appointed to the Earthquake Commission Board
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
🏢 Public Trust Common Fund Interest Rates Notice 14 August 2008
🏢 State Enterprises & Insurance7 August 2008
Public Trust, Common Fund, Interest Rates, Deposits, Schedules
- Michelle Olbricht, Secretary of the Pricing Committee, Public Trust
🚨 Appointment to the Earthquake Commission Board
🚨 Emergency ManagementAppointment, Earthquake Commission Board, Crown Entities Act 2004