✨ Public Trust Interest Rates Notice
NEW ZEALAND GAZETTE, No. 88 — 13 AUGUST 2015
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.
(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 28 July 2015 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 10 August 2015 but otherwise operate as from 11 August 2015.
(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 11 August 2015; but
(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after 11 August 2015.
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 | % p.a. |
|---|---|
| Agency deposits | 1.20 |
| Call deposits | 1.20 |
| Funeral Trust Cash Fund | 1.20 |
| Investment deposits at call | 1.20 |
| Sinking funds deposits | 1.20 |
| Rating deposits | 1.20 |
| Trust deposits | 1.20 |
Schedule 2
Rates of interest payable on each protection deposit associated with a particular Private Training Establishment
| Type of Deposit | % p.a. |
|---|---|
| All deposits | 2.60 |
Schedule 3
Rates of interest payable on investment deposits repayable at the end of a fixed term
Interest payable on maturity, monthly or quarterly
| Fixed Term | % p.a. |
|---|---|
| 3 months | 1.80 |
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NZ Gazette 2015, No 88
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Public Trust Common Fund Interest Rates Notice
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🏢 State Enterprises & InsurancePublic Trust, Interest Rates, Common Fund, Notice, Schedules