The following notice is given pursuant to section 37 of the Public Trust Office Act 1957 and sections 28 and 41 of the State Sector Act 1988:
N o t i c e
1. Title and commencement-This notice may be cited as the Public Trust Office (Investment Agencies in the Common Fund) Notice 2000 and shall take effect from and including the 2nd day of March 2000.
2. Interest rates on investment agencies-The rate of interest that may be paid by the Public Trustee on moneys invested (referred to in this notice as "the investment funds") by the Public Trustee as agent of any principal in the Common Fund of the Public Trust Office pursuant to section 37 of the Public Trust Office Act 1957 shall-
(a) where the agency is determinable at call, be 3.60 per cent per annum;
(b) where the agency is for a fixed term of three months-
(i) should the investment funds not exceed $50,000, be 5.40 per cent per annum;
(ii) should the investment funds exceed $50,000 but not exceed $250,000, be 5.50 per cent per annum;
(iii) should the investment funds exceed $250,000, be 5.50 per cent per annum;
(c) where the agency is for a fixed term of six months-
(i) should the investment funds not exceed $50,000, be 5.80 per cent per annum;
(ii) should the investment funds exceed $50,000 but not exceed $250,000, be 6.00 per cent per annum;
(iii) should the investment funds exceed $250,000, be 6.00 per cent per annum;
(d) where the agency is for a fixed term of nine months-
(i) should the investment funds not exceed $50,000, be 6.10 per cent per annum;
(ii) should the investment funds exceed $50,000 but not exceed $250,000, be 6.20 per cent per annum;
(iii) should the investment funds exceed $250,000, be 6.20 per cent per annum;
(e) where the agency is for a fixed term of twelve months-
(i) should the investment funds not exceed $50,000, be 6.40 per cent per annum;
(ii) should the investment funds exceed $50,000 but not exceed $250,000, be 6.70 per cent per annum;
(iii) should the investment funds exceed $250,000 be 6.70 per cent per annum.
3. Transitional provisions-(1) Paragraph 2 of this notice shall not apply to any interest payable in respect of the period that ends with the 1st day of March 2000.
(2) Paragraph 2 (a) of this notice shall apply to agencies that commenced prior to the 2nd day of March 2000, as from that date.
(3) Paragraph 2 of this notice shall apply to agencies that commenced on or after the 2nd day of March 2000, as from the date of their commencement.
4. Revocation-The Public Trust Office (Investment Agencies in the Common Fund) Notice 1987, New Zealand Gazette, page 4569, is hereby revoked.
Dated at Wellington this 29th day of February 2000.
MICHAEL JAMES, for and on behalf of the Secretary to the Treasury.