✨ Financial Regulations
3 SEPTEMBER 2009 NEW ZEALAND GAZETTE, No. 131
"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.
(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 27 August 2009 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 1 September 2009 but otherwise operate as from 2 September 2009.
(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 2 September 2009; but
(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after 2 September 2009.
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 | 1.70 |
| Call deposits | 0.75 |
| Investment deposits at call | 1.70 |
| Special deposits (effective 15 June 2009) | 2.56 |
| Trust deposits | 1.70 |
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 | 1.60 |
| Total deposits in range $350,001 to $1,000,000 | 2.10 |
| Total deposits in range $1,000,001 to $3,000,000 | 2.50 |
| Total deposits exceed $3,000,001 | 3.10 |
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 | $10,000-$49,999 | $50,000-$249,999 | $250,000+ |
|---|---|---|---|---|
| % p.a. | % p.a. | % p.a. | % p.a. | % p.a. |
| 3 mths | 2.50 | 3.00 | 3.00 | 3.00 |
| 6 mths | 2.50 | 3.00 | 3.00 | 3.00 |
| 9 mths | 2.50 | 3.00 | 3.00 | 3.00 |
| 1 yr | 3.00 | 3.15 | 3.15 | 3.15 |
| 18 mths | 3.00 | 3.25 | 3.25 | 3.25 |
| 24 mths | 3.00 | 3.75 | 3.75 | 3.75 |
| 30 mths | 3.00 | 4.10 | 4.10 | 4.10 |
| 36 mths | 3.00 | 4.50 | 4.50 | 4.50 |
| 4 yrs | 3.00 | 4.90 | 4.90 | 4.90 |
| 5 yrs | 3.00 | 5.10 | 5.10 | 5.10 |
Interest payable monthly and quarterly
| Term | $20,000-$49,999 | $50,000-$249,999 | $250,000+ |
|---|---|---|---|
| % p.a. | % p.a. | % p.a. | % p.a. |
| 6 mths | 3.00 | 3.00 | 3.00 |
| 9 mths | 3.00 | 3.00 | 3.00 |
| 1 yr | 3.15 | 3.15 | 3.15 |
| 18 mths | 3.25 | 3.25 | 3.25 |
| 24 mths | 3.75 | 3.75 | 3.75 |
| 30 mths | 4.10 | 4.10 | 4.10 |
| 36 mths | 4.50 | 4.50 | 4.50 |
| 4 yrs | 4.90 | 4.90 | 4.90 |
| 5 yrs | 5.10 | 5.10 | 5.10 |
Dated at Wellington this 1st day of September 2009.
GAYLENE TURBOTT, Secretary of the Pricing Committee, Public Trust.
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The Treasury
Overseas Investment Act 2005
Publication of Ministerial Directive Letter Under Section 35 of the Overseas Investment Act 2005
31 August 2009
Colin MacDonald
Chief Executive
Land Information New Zealand
Private Box 5501
Wellington 6145
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NZ Gazette 2009, No 131
✨ LLM interpretation of page content
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Public Trust Common Fund Interest Rates Notice
(continued from previous page)
💰 Finance & Revenue1 September 2009
Interest Rates, Public Trust, Deposits, Financial Regulations
- Gaylene Turbott, Secretary of the Pricing Committee, Public Trust
🏭 Publication of Ministerial Directive Letter Under Section 35 of the Overseas Investment Act 2005
🏭 Trade, Customs & Industry31 August 2009
Overseas Investment, Ministerial Directive, Land Information New Zealand
- Colin MacDonald, Chief Executive, Land Information New Zealand