Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p13
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 13/50)
Character Range: 101766–104570

arithmetic average of the Standard Rates of Interest which that Banking Group applied on the day referred to in Sub‑clause 5.15.2 (a) in all States and the Australian Capital Territory and the Northern Territory in which that Banking Group conducted Housing Loan business shall be calculated;
           (d) the figures so calculated for each Banking Group shall then be subject to a simple arithmetic average and, subject to Sub‑clause 5.15.2 (e), the figure resulting shall be the Benchmark Rate to be applied from the first day of the second Month commencing after the day referred to in Sub‑clause 5.15.2 (a);
           (e) in cases where, on the date referred to in Sub‑clause 5.15.2 (a) and on the basis of data supplied by the Reserve Bank of Australia to the Commonwealth, it appears that the Bank has offered publicly to provide Housing Loans in any State or Territory on terms which include an interest rate lower than that referred to in Sub‑clause 5.15.2 (d), then the lower interest rate so offered by the Bank shall be taken to be the Benchmark Rate to be applied in that State or Territory from the first day of the second Month commencing after the day referred to in Sub‑clause 5.15.2(a); provided that this Sub‑clause shall not refer to Housing Loans in which the annual rate of interest is fixed for a period in excess of twelve (12) months by agreement between the Bank and the borrower;
           (f) the Commonwealth shall notify the Bank of the Benchmark Rate calculated in accordance with this Sub‑clause within seven (7) days of the date referred to in Sub‑clause 5.15.2(a).
        5.15.3 The largest Banking Group providers of Housing Loans in Australia shall be determined in the following way:
           (a) until 30 September 1992 the largest Banking Group providers of Housing Loans in Australia shall be deemed to be:
             (i) Commonwealth Banking Corporation of Australia;
             (ii) Westpac Banking Corporation;
             (iii) State Bank of Victoria;
             (iv) National Australia Bank Limited;
             (v) Australia and New Zealand Banking Group Limited.
           (b) On 30 September 1992 and on 30 September of each succeeding year the largest Banking Groups shall be the five (5) largest Banking Group providers of Housing Loans in Australia as determined on the basis of the total amount outstanding under Housing Loans during July 1992 and July of each succeeding year as appropriate as shown in data supplied by the Reserve Bank of Australia.
           (c) If such data are not supplied by the Reserve Bank of Australia on 30 September 1992 or on 30 September of each succeeding year, then the five (5) largest Banking Group providers of Housing Loans shall be the five (5) largest Banking Group providers of Housing Loans last