New Zealand Gazette – 2008 – No. 141

Page 3842

✨ Public Trust and Education Notices



NEW ZEALAND GAZETTE, No. 141

18 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 17 September 2008; but

(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after 17 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 5.00
Call deposits 2.75
Investment deposits at call 5.00
Special deposits (effective 15 September 2008) 7.49
Trust deposits 5.00

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

$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 7.15 7.15 7.15
6 mths 5.50 7.25 7.25 7.25
9 mths 5.50 7.10 7.10 7.10
1 yr 5.50 6.90 6.90 6.90
18 mths 5.50 6.75 6.75 6.75
24 mths 5.50 6.60 6.60 6.60
30 mths 5.50 6.55 6.55 6.55
36 mths 5.50 6.45 6.45 6.45
4 yrs 5.50 6.45 6.45 6.45
5 yrs 5.50 6.45 6.45 6.45

Interest payable monthly and quarterly

$20,000-$49,999 $50,000-$249,999 $250,000+
% p.a. % p.a. % p.a.
6 mths 7.25 7.25 7.25
9 mths 7.10 7.10 7.10
1 yr 6.90 6.90 6.90
18 mths 6.75 6.75 6.75
24 mths 6.60 6.60 6.60
30 mths 6.55 6.55 6.55
36 mths 6.45 6.45 6.45
4 yrs 6.45 6.45 6.45
5 yrs 6.45 6.45 6.45

Dated at Wellington this 16th day of September 2008.

MICHELLE OLBRICHT, Secretary of the Pricing Committee, Public Trust.

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Social Development

Education Act 1989

Notice Identifying Money Paid Under Section 139E of the Education Act 1989 as Allowances to Which Section 307AB of That Act Applies, and as Bonded Scholarships

Pursuant to section 307AB and 307AC of the Education Act 1989 ("the Act"), the Minister for Social Development and Employment gives notice that any money paid under any agreement entered into under section 139E of the Act (otherwise known as a TeachNZ Scholarship), whether payable before or after the date of publication of this notice:

(a) is identified as an allowance to which section 307AB of the Act applies; and

(b) is declared to be a bonded scholarship.

Clause 2 of the Notice Identifying Allowances to Which Section 307AB of the Education Act 1989 Applies and Declaring Allowances and Agreements Bonded Scholarships (as published in the New Zealand Gazette, 19 October 2006, No. 118, page 3518) is consequentially revoked insofar as it relates to agreements entered into under section 139E of the Education Act 1989.

Dated at Wellington this 3rd day of September 2008.

HON RUTH DYSON, Minister for Social Development and Employment.

Explanatory Note

This note is not part of this notice, but is intended to indicate its general effect.

This notice, which is issued following amendments to section 139E and 307AB of the Education Act 1989 ("the Act"), identifies moneys paid under section 139E of the Act (TeachNZ Scholarships) as allowances to which section 307AB of the Act applies, and declares those allowances to be bonded scholarships.

Identification as an allowance under section 307AB of the Act allows the Ministry of Social Development to require institutions and private training establishments to supply information pursuant to sections 226A and 238B of the Act in order to verify any person’s entitlement to that allowance and the amount to which they are entitled.

The effect of the declaration as a bonded scholarship is that section 2A of the Student Loan Scheme Act 1992 applies to enable the recovery of money in accordance with the terms of the scholarship.

The notice also consequentially revokes part of a previous New Zealand Gazette notice relating to agreements under section 139E of the Act.

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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2008, No 141




✨ LLM interpretation of page content

🏢 The Public Trust Common Fund Interest Rates Notice 18 September 2008 (continued from previous page)

🏢 State Enterprises & Insurance
16 September 2008
Public Trust, Interest Rates, Common Fund, Deposits, Investment, Protection
  • Michelle Olbricht, Secretary of the Pricing Committee, Public Trust

🎓 Notice Identifying TeachNZ Scholarships as Allowances and Bonded Scholarships

🎓 Education, Culture & Science
3 September 2008
TeachNZ Scholarships, Education Act 1989, Allowances, Bonded Scholarships, Social Development
  • Hon Ruth Dyson, Minister for Social Development and Employment