The following notice is given pursuant to section 50 of the Public Trust Act 2001 (“the Act”).
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 19 March 2009.
(2) The determinations and revocation in this notice take effect from and including 18 March 2009.
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 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
26 February 2009 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 17 March 2009 but otherwise operate as from 18 March 2009.
(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
18 March 2009; but
(ii) do apply to investment deposits repayable at the end of a fixed term that commenced on or after
18 March 2009.
Schedule 1
Rates of interest payable on deposits (other than investment deposits repayable at the end of fixed term
or protection deposits)
% p.a.
Agency deposits 2.00
Call deposits 0.75
Investment deposits at call 2.00
Special deposits (effective 16 March 2009)
2.98
Trust deposits 2.00
Schedule 2
Rates of interest payable on each protection deposit associated with a particular private training establishment
% p.a.
Total deposits do not exceed $350,000 1.80
Total deposits in range $350,001 to $1,000,000 2.20
Total deposits in range $1,000,001 to $3,000,000 2.60
Total deposits exceed $3,000,001 3.20
Schedule 3
Rates of interest payable on investment deposits repayable at the end of a fixed term
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
% p.a. $10,000-
$49,999
% p.a. $50,000-
$249,999
% p.a. $250,000+
% p.a.
3 mths 2.50 3.00 3.00 3.00
6 mths 2.50 3.00 3.00 3.00
9 mths 2.50 3.00 3.00 3.00
1 yr 2.75 3.00 3.00 3.00
18 mths 2.75 3.00 3.00 3.00
24 mths 2.75 3.00 3.00 3.00
30 mths 2.75 3.15 3.15 3.15
36 mths 2.75 3.35 3.35 3.35
4 yrs 2.75 3.65 3.65 3.65
5 yrs 2.75 3.90 3.90 3.90
Interest payable monthly and quarterly
$20,000-$49,999
% p.a. $50,000-$249,999
% p.a. $250,000+
% p.a.
6 mths 3.00 3.00 3.00
9 mths 3.00 3.00 3.00
1 yr 3.00 3.00 3.00
18 mths 3.00 3.00 3.00
24 mths 3.00 3.00 3.00
30 mths 3.15 3.15 3.15
36 mths 3.35 3.35 3.35
4 yrs 3.65 3.65 3.65
5 yrs 3.90 3.90 3.90
Dated at Wellington this 17th day of March 2009.
MICHELLE OLBRICHT, Secretary of the Pricing Committee, Public Trust.