22Interest rate

#### 22 Interest rate 22 Interest rate > > (1) The interest rate is the sum of— > > > > > (a) the market rate component, and > > > > > (b) the premium component. > > > (2) The market rate component is— > > > > > (a) unless an order is in force under paragraph (b), the Bank Accepted Bill rate rounded to the second decimal place (rounding 0.005 upwards), or > > > > > (b) the rate specified for the time being by order of the Minister published in the Gazette. > > > (3) The premium component is 8% per annum. > > > (4) In this section, the Bank Accepted Bill rate in respect of any day within a period specified in Column 1 of the Table to this subsection is the monthly average yield of 90-day Bank Accepted Bills published by the Reserve Bank for the month specified in Column 2 of that Table opposite that period. > > > > Table > > > > | Column 1 | Column 2 | > > | Period | Monthly average yield | > > | 1 January to 31 March | the preceding November | > > | 1 April to 30 June | the preceding February | > > | 1 July to 30 September | the preceding May | > > | 1 October to 31 December | the preceding August | > > > (5) If the monthly average yield of 90-day Bank Accepted Bills for a particular month is not published by the Reserve Bank before the beginning of the relevant period, it is taken to be the same as the last monthly average yield of 90-day Bank Accepted Bills published by the Reserve Bank before that month. > > **s 22:** Am 1999 No 10, Sch 6 \[2\] \[3\]; 2001 No 22, Sch 4 \[1\] \[2\]; 2009 No 51, Sch 6 \[1\].