✨ Public Trust Interest Rates Notice
4 SEPTEMBER 2008 NEW ZEALAND GAZETTE, No. 136
"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.
(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.
4. Revocation of notice and transitional provisions
(1) The Public Trust Common Fund Interest Rates Notice 21 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 2 September 2008 but otherwise operate as from 3 September 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 3 September 2008; but
(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after 3 September 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
| Total deposits | % 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
| Term | $5,000-$9,999 % p.a. | $10,000-$49,999 % p.a. | $50,000-$249,999 % p.a. | $250,000+ % p.a. |
|---|---|---|---|---|
| 3 mths | 5.50 | 7.15 | 7.15 | 7.15 |
| 6 mths | 5.50 | 7.60 | 7.60 | 7.60 |
| 9 mths | 5.50 | 7.40 | 7.40 | 7.40 |
| 1 yr | 5.50 | 7.20 | 7.20 | 7.20 |
| 18 mths | 5.50 | 7.00 | 7.00 | 7.00 |
| 24 mths | 5.50 | 6.90 | 6.90 | 6.90 |
| 30 mths | 5.50 | 6.80 | 6.80 | 6.80 |
| 36 mths | 5.50 | 6.80 | 6.80 | 6.80 |
| 4 yrs | 5.50 | 6.75 | 6.75 | 6.75 |
| 5 yrs | 5.50 | 6.70 | 6.70 | 6.70 |
Interest payable monthly and quarterly
| Term | $20,000-$49,999 % p.a. | $50,000-$249,999 % p.a. | $250,000+ % p.a. |
|---|---|---|---|
| 6 mths | 7.60 | 7.60 | 7.60 |
| 9 mths | 7.40 | 7.40 | 7.40 |
| 1 yr | 7.20 | 7.20 | 7.20 |
| 18 mths | 7.00 | 7.00 | 7.00 |
| 24 mths | 6.90 | 6.90 | 6.90 |
| 30 mths | 6.80 | 6.80 | 6.80 |
| 36 mths | 6.80 | 6.80 | 6.80 |
| 4 yrs | 6.75 | 6.75 | 6.75 |
| 5 yrs | 6.70 | 6.70 | 6.70 |
Dated at Wellington this 2nd day of September 2008.
MICHELLE OLBRICHT, Secretary of the Pricing Committee, Public Trust.
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NZ Gazette 2008, No 136
✨ LLM interpretation of page content
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Public Trust Common Fund Interest Rates Notice 4 September 2008
(continued from previous page)
🏢 State Enterprises & Insurance2 September 2008
Public Trust, Interest Rates, Common Fund, Notice, Schedules
- Michelle Olbricht, Secretary of the Pricing Committee, Public Trust