Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p65
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 163464–166296

Agreement until 1 July 1989 the five (5) largest banking group providers of housing finance in Australia shall be:
      (a) The Commonwealth Bank of Australia;
      (b) Westpac Banking Corporation;
      (c) The State Bank of Victoria;
      (d) The National Australia Bank; and
      (e) the Australia and New Zealand Bank Group Limited.
      11.12 Fall in Benchmark Rate
    In the event that the Benchmark rate of interest prescribed in Subclause 11.10 falls below the actual rate of interest payable by a Borrower in respect of a Specified Portfolio Asset and/or Subsidised Advance, the Bank agrees to pay to the Commonwealth, on a monthly basis, an amount to be calculated as follows:
    Such amount shall be equal to the difference between the notional amount of interest payable in that month by a Borrower on the Balance outstanding on any Subsidised Advance Loan Account at the end of the preceding month, calculated by applying the Benchmark rate of interest to that Balance and the amount of interest payable in that same month by the Borrower calculated by applying to the same Balance the actual rate(s) of interest prescribed under the terms and conditions governing that Subsidised Advance Loan Account.

SCHEDULE 1—continued
      11.13 Deduction from Subsidy Payments
    Any amount payable by the Bank pursuant to Sub-clause 11.12 shall be deducted from the Bank's claim for Subsidy provided pursuant to Sub-clause 11.4. In the event that such deductions exceed the total sum of Subsidy calculated in accordance with Sub-clause 11.9 then any net sum payable by the Bank to the Commonwealth shall be paid fifteen (15) days after the relevant Rest Day.
      11.14 Where Benchmark Rate falls below 6.85 per cent
    In the event that the Benchmark rate of interest prescribed in Subclause 11.10 falls below 6.85 per cent or such other rate as may be specified in the Amended Act for inclusion in Certificates of Entitlement for initial advances and is likely in the opinion of either the Bank or the Commonwealth to continue below such rate in the future then the parties shall meet forthwith for the purpose of reviewing the situation.
      11.15 Termination/Suspension of Subsidy Payments and Recovery of Subsidy from Borrower
    Notwithstanding the provisions of any other Clause in this Agreement, the Commonwealth may elect to recover from the Borrower in the manner provided for under the Amended Act or may terminate and/ or suspend future Subsidy payments in respect of the following:
      (a) a Borrower who, having obtained a Subsidised Advance pursuant to the Amended Act, a Portfolio Contract of Sale or a Corporation Advance under a Specified Portfolio Asset,
          (i) is discovered to have made a false statement in order to obtain a Certificate of Entitlement, a Portfolio Contract of Sale