Notice Type
Departmental
Notice Title

The Public Trust Common Fund Interest Rates Notice 4 March 2004

Pursuant to section 50 of the Public Trust Act 2001
("the Act"), the following notice is given.
N o t i c e
1. Title and commencement-(1) This notice may be cited as the Public Trust Common Fund Interest Rates Notice 4 March 2004.
(2) The determinations and revocation notified in this notice take effect from and including 1 March 2004.
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 protection 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;
"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 payable on a deposit (other than an investment deposit repayable at the end of a fixed term or a protection deposit) shall be that specified in Schedule 1 for the appropriate type of deposit.
(2) The rate of Common Fund interest payable on a protection deposit shall be that specified in Schedule 2 for the appropriate dollar range.
(3) 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 3 for the appropriate term and dollar range.
(4) 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.
(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 an investment deposit, a protection deposit or a special deposit 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
12 February 2004 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
29 February 2004 but otherwise operate as from 1 March 2004.
(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
1 March 2004; but
(ii) do apply to investment deposits repayable at
the end of a fixed term that commenced on or after 1 March 2004.
Schedule 1
Rate of interest payable on a deposit (other than an investment deposit repayable at the end of a fixed term or a protection deposit)
Type of Deposit % interestrate p.a.
Agency deposit 3.50
Call deposit 2.00
Investment deposit at call 3.50
Special deposit 5.55
Trust deposit 3.25
Schedule 2
Rates of interest payable on protection deposits
Dollar Range of Deposit % interestrate p.a.
On the whole amount of each deposit associated with a particular Private Training Establishment where the total of those deposits does not exceed $350,000 3.25
On the whole amount of each deposit associated with a particular Private Training Establishment where the total of those deposits lies in the range of $350,001 to $1,750,000 3.65
On the whole amount of each deposit associated with a particular Private Training Establishment where the total of those deposits exceeds $1,750,000 4.05
Schedule 3
Rate of interest payable on an investment deposit repayable at the end of a fixed term
Term and Dollar Range of Deposit % interestrate p.a.
Fixed term of 3 months
For the range $5,000 to $9,999 inclusive 4.60
For the range $10,000 to $49,999 inclusive 5.00
For the range $50,000 to $249,999 inclusive 5.00
For the range above $250,000 5.00
Fixed term of 6 months
For the range $5,000 to $9,999 inclusive 4.70
For the range $10,000 to $49,999 inclusive 5.25
For the range $50,000 to $249,999 inclusive 5.35
For the range above $250,000 5.35
Fixed term of 9 months
For the range $5,000 to $9,999 inclusive 4.85
For the range $10,000 to $49,999 inclusive 5.30
For the range $50,000 to $249,999 inclusive 5.40
For the range above $250,000 5.45
Fixed term of 12 months
For the range $5,000 to $9,999 inclusive 4.90
For the range $10,000 to $49,999 inclusive 5.40
For the range $50,000 to $249,999 inclusive 5.50
For the range above $250,000 5.55
Dated at Wellington this 1st day of March 2004.
PAT WAITE, Chief Executive, Public Trust.