(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.
