✨ Public Trust Common Fund Interest Rates
NEW ZEALAND GAZETTE, No. 173
10 NOVEMBER 2011
"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.
(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 3 November 2011 is revoked.
(2) Unless otherwise specified, the rates of interest specified in Schedules 1 and 2 to this notice do not apply to any period that ends with 8 November 2011 but otherwise operate as from 9 November 2011.
(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 November 2011; but
(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after 9 November 2011.
Schedule 1
Rates of interest payable on deposits (other than investment deposits repayable at the end of fixed term or protection deposits)
| Type of Deposit | Amount Range | % p.a. |
|---|---|---|
| Agency deposits | $0–$9,999 | 1.00 |
| Agency deposits | $10,000–$49,999 | 1.15 |
| Agency deposits | $50,000–$249,999 | 1.70 |
| Agency deposits | $250,000+ | 1.90 |
| Call deposits | $0–$9,999 | 1.00 |
| Call deposits | $10,000–$49,999 | 1.15 |
| Call deposits | $50,000–$249,999 | 1.70 |
| Call deposits | $250,000+ | 1.90 |
| Funeral Trust Cash Fund (effective 1 October 2010) | 1.35 | |
| Investment deposits at call | $0–$9,999 | 1.00 |
| Investment deposits at call | $10,000–$49,999 | 1.15 |
| Investment deposits at call | $50,000–$249,999 | 1.70 |
| Investment deposits at call | $250,000+ | 1.90 |
| Special deposits (effective 15 September 2011) | 2.62 | |
| Trust deposits | $0–$9,999 | 1.00 |
| Trust deposits | $10,000–$49,999 | 1.15 |
| Trust deposits | $50,000–$249,999 | 1.70 |
| Trust deposits | $250,000+ | 1.90 |
Schedule 2
Rates of interest payable on each protection deposit associated with a particular private training establishment
| Total Deposits Range | % p.a. |
|---|---|
| Total deposits do not exceed $350,000 | 1.40 |
| Total deposits in range $350,001 to $1,000,000 | 1.90 |
| Total deposits in range $1,000,001 to $3,000,000 | 2.30 |
| Total deposits exceed $3,000,001 | 2.80 |
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+ |
|---|---|---|---|---|
| 3 mths | 3.10 | 3.10 | 3.10 | 3.10 |
| 6 mths | 3.20 | 3.20 | 3.20 | 3.20 |
| 9 mths | 3.30 | 3.30 | 3.30 | 3.30 |
| 1 yr | 3.35 | 3.35 | 3.35 | 3.35 |
| 18 mths | 3.45 | 3.45 | 3.45 | 3.45 |
| 24 mths | 3.55 | 3.55 | 3.55 | 3.55 |
| 30 mths | 3.70 | 3.70 | 3.70 | 3.70 |
| 36 mths | 3.85 | 3.85 | 3.85 | 3.85 |
| 4 yrs | 4.10 | 4.10 | 4.10 | 4.10 |
| 5 yrs | 4.35 | 4.35 | 4.35 | 4.35 |
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NZ Gazette 2011, No 173
✨ LLM interpretation of page content
🏢
Public Trust Common Fund Interest Rates Notice
(continued from previous page)
🏢 State Enterprises & Insurance10 November 2011
Public Trust Act, Interest Rates, Agency Deposit, Call Deposit, Investment Deposit, Protection Deposit, Special Deposit, Trust Deposit