Treasury Legislation Amendment (Unclaimed Money and Other Measures)Act 2012 (176 of 2012)

Schedule 1   Banking

Banking Act 1959

5   After subsection 69(7)

Insert:

(7AA) If unclaimed moneys are paid to an ADI under subsection (7) on or after 1 July 2013:

(a) the Commonwealth must also pay to the ADI the amount of interest (if any) worked out in accordance with the regulations; and

(b) the ADI must pay that amount to the person.

(7AB) Regulations made for the purposes of paragraph (7AA)(a) may involve different rates of interest for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

(7AC) Interest under paragraph (7AA)(a) does not accrue in relation to a period before 1 July 2013.

6Paragraph69(7A)(a)

After "(7)", insert "or (7AA)".