Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 1 Amendment of the Banking Act 1959

Insert:

(1A) The interest is payable at:

(a) the rate of interest that is payable according to the terms and conditions of the protected account; or

(b) if APRA considers that that rate is not certain - the rate of interest that APRA declares, in writing, is payable.

(1B) A declaration under paragraph (1A)(b) is not a legislative instrument.