Pursuant to sections 50 (1) and 50 (5) of the Public Trust Act 2001 ("the Act"), the following notice is given.
N o t i c e
1. Title and commencement-This notice may be cited
as the Public Trust Common Fund Interest Rates Notice
19 September 2002.
(2) Subject to paragraph 4 (2), the determinations and revocation notified in this notice take effect from
and including 14 September 2002.
2. Interpretation-(1) Unless the context otherwise requires:
"agency deposit" means a deposit (not being an investment deposit) held as agent or attorney;
"call deposit" means a deposit (not being an agency deposit, an investment deposit, a special deposit or a trust deposit) held in the ordinary course of administration, and determined by Public Trust to be held at call;
"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;
"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 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 (not being a special deposit).
(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 payable on a deposit (other than an investment deposit repayable at the end of a fixed term) shall be that specified in Schedule 1 for the appropriate type of deposit.
(2) The rate of Common Fund interest payable on an investment deposit repayable at the end of a fixed term shall be that specified in Schedule 2 for the appropriate term and dollar range.
(3) Despite subparagraph (1), the rate of Common Fund interest payable on a deposit made pursuant to an enactment shall be the rate (if any) specified in the enactment.
(4) Despite subparagraph (1), in particular cases or classes of case, Public Trust and the depositor may agree on a rate of interest payable on a special deposit that is different from the rate specified in Schedule 1 and the agreed rate then applies.
4. Revocation of notice and transitional provisions-
(1) Subject to subparagraph (2), the Public Trust Common Fund Interest Rates Notice 12 September 2002 is revoked.
(2) The rates of interest specified in Schedule 1 to this notice do not apply to any period that ends with 16 September 2002 but otherwise operate as from 17 September 2002.
(3) The rates of interest specified in Schedule 2 to this notice:
(i) do not apply to investment deposits repayable at the end of a fixed term that commenced prior to14 September 2002; but
(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after14 September 2002.
Schedule 1
Rate of interest payable on a deposit (other than an investment deposit repayable at the end of a fixed term)
Type of Deposit % interestrate p.a.
Agency deposit 4.00
Call deposit 2.50
Investment deposit at call 4.00
Special deposit 5.35
Trust deposit 4.00
Schedule 2
Rate of interest payable on an investment deposit repayable at the end of a fixed term
Term and Dollar Range of the Deposit % interestrate p.a.
Fixed term of 3 months
For the range $5,000 to $9,999 inclusive 4.89
For the range $10,000 to $49,999 inclusive 5.10
For the range $50,000 to $249,999 inclusive 5.14
For the range above $250,000 5.15
Fixed term of 6 months
For the range $5,000 to $9,999 inclusive 5.14
For the range $10,000 to $49,999 inclusive 5.53
For the range $50,000 to $249,999 inclusive 5.58
For the range above $250,000 5.60
Fixed term of 9 months
For the range $5,000 to $9,999 inclusive 5.18
For the range $10,000 to $49,999 inclusive 5.53
For the range $50,000 to $249,999 inclusive 5.58
For the range above $250,000 5.65
Fixed term of 12 months
For the range $5,000 to $9,999 inclusive 5.26
For the range $10,000 to $49,999 inclusive 5.71
For the range $50,000 to $249,999 inclusive 5.76
For the range above $250,000 5.80
Dated at Wellington this 17th day of September 2002.
TIM SOLE, Chief Executive, Public Trust.