Financial Corporations (Statistics) Regulations (Amendment) (Cth)

Statutory Rules

1977 No. 151

REGULATIONS UNDER THE FINANCIAL CORPORATIONS ACT 1974*

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Financial Corporations Act 1974.

Dated this sixth day of September 1977.

 

JOHN R. KERR

Governor-General

 

By His Excellency’s Command,

ERIC ROBINSON

Minister of State for Post and Telecommunications for and on behalf of the Treasurer

_________

 

Amendments of the Financial Corporations (Statistics) Regulations 

1. After Part III of the Financial Corporations (Statistics) Regulations the following Part is inserted:

“ Part IV—Retailer’s Quarterly Statement of Loans, Advances and Deposits Outstanding and Interest Rates

Application

“ 10. This Part applies to a registered corporation that is included in the category for retailers.

Registered Corporations that are retailers to furnish Retailer’s Quarterly Statements

“ 11. (1) For the purposes of section 11 of the Act, a registered corporation to which this Part applies shall—

(a) within the period of 21 days after the last day of the first quarter ending after the corporation becomes such a corporation (whether or not that corporation has previously been such a corporation); and

(b) within the period of 21 days after the last day of each successive quarter after that first quarter,

furnish to the Reserve Bank and to the Statistician a Retailer’s Quarterly Statement of Loans, Advances and Deposits Outstanding and Interest Rates in accordance with Form 5 in the Schedule.

“ (2) The first quarter ending after a corporation becomes a registered corporation to which this Part applies is the quarter that commences or commenced on a day specified by the Reserve Bank in relation to the corporation, being a day—

(a) in the case of a corporation that is a corporation to which this Part applies on the commencement of the Part—not earlier than 20 June 1977 and not later than 21 September 1977; and

_________________________________________________________________________________

* Notified in the Commonwealth of Australia Gazette on 8 September 1977.

  Statutory Rules 1976, No. 101 as amended by Statutory Rules 1976, No. 168.

(b) in any other case—not earlier than the day on which the corporation becomes a corporation to which this Part applies and not later than 95 days after the day on which the corporation becomes such a corporation.

“ (3) A quarter (other than a quarter referred to in sub-regulation (2) in relation to a corporation commences on the day next succeeding the last day of the immediately preceding quarter in relation to the corporation.

“ (4) Each quarter in relation to a corporation shall be of such duration, being not less than 78 days and not more than 108 days, as the Reserve Bank specifies in relation to the corporation.

Related corporations that are retailers may be treated as one

“ 12. (1) For the purposes of the application of these Regulations in relation to the furnishing of a statement referred to in sub-regulation 11 (1), any 2 or more corporations that are related to each other and are included in the category for retailers may, with the consent in writing of the Reserve Bank or the Statistician, be treated as constituting a single corporation.

“ (2) Where, in pursuance of sub-regulation (1), the Reserve Bank or the Statistician consents to 2 or more corporations being treated as constituting a single corporation, any transactions between those corporations shall be disregarded in the completion of a statement referred to in sub-regulation 11 (1) made jointly in respect of those corporations.”.

The Schedule

2.The Schedule to the Financial Corporations (Statistics) Regulations is amended—

(a) by omitting from sub-direction (4) of special direction 6 “ items 7 to 9 (inclusive) ” and substituting “ items 4 to 9 (inclusive) ”; and

(b) by adding at the end thereof the following form:

 

Form 5 Regulation 11

Commonwealth of Australia

Financial Corporations Act 1974

RETAILER’S QUARTERLY STATEMENT OF LOANS, ADVANCES AND DEPOSITS OUTSTANDING AND INTEREST

RATES AS AT  / /19  .

Name of Registered Corporation........................................................................................................................

General Directions

1. For the purposes of preparing this statement—

(a) a reference to a quarter shall be read as a reference to the first quarter, or a successive quarter after that first quarter, as the case requires, within the meaning of regulation 11 of the Financial Corporations (Statistics) Regulations; and

(b) the question whether corporations are related to each other shall be determined in the same manner as the question whether corporations are related to each other is determined under the Companies Ordinance 1962 of the Australian Capital Territory as amended.

2. Do not include in this statement particulars relating to loans, advances or deposits made at places of business outside Australia.

I. AMOUNT OF LOANS, ADVANCES AND DEPOSITS OUTSTANDING AT THE END OF THE QUARTER OTHER THAN LOANS AND ADVANCES TO AND DEPOSITS WITH RELATED CORPORATIONS (See Special Direction 1).

(1) Loans and advances to customers:

(a) Loans and advances by way of instalment credit to finance own retail sales (See Special Direction 2)

Special Directions

1. (1) Do not include—

(a) interest that has accrued but is not yet payable;

(b) unearned income arising from the provision of finance; or

(c)amounts due on customers’ accounts (including the accounts of trade debtors) for the sale of goods or the provision of services where payment in full for the goods or services is required to be made within 3 months after the date on which the contract for their sale or provision is entered into.

(2) In calculating the amounts to be entered in item 1, no allowance for doubtful debts is to be made,

(3) For the purposes of completing item 1—

(a) an amount that would, but for this direction, be shown as an amount of less than $500, shall be disregarded;

(b) an amount that would, but for this direction be shown as an odd multiple of $500, shall be shown to the next succeeding multiple of $1,000; and

(e) other amounts shall be shown to the nearest $1,000.

2. Make separate entries for each class of instalment credit.

3. (1) Make separate entries for each class of loan or advance to which paragraph (b) of sub-item 1 (1) refers.

(2) Include particulars of loans and advances made to customers in respect of the provision of services by the corporation.

Class of instalment credit

Amount outstanding at end of quarter

$’000

Form 5—continued

Special Directions

(b) Other loans and advances to customers (See Special Direction 3)

Class of loan or advance	Amount outstanding at end of quarter	4. (1) Show the interest rates that, as at the end of the quarter, were the rates normally applicable in respect of new transactions of the classes specified. (2) Interest rates are to be shown as nominal rates per cent per annum or flat rates per cent per annum. (3) For the purposes of completing item 2— (a) where under the terms and conditions of a loan or advance a single fixed amount of interest is specified as the total amount of interest payable in respect of the loan or advance, the rate of interest that is to be shown as the rate of interest applicable to the loan or advance is the rate of interest that was applied by the lender for the purpose of calculating that fixed amount of interest; (b) where under the terms and conditions of a loan or advance— (i) no repayment of principal is permitted or required to be made during the term of the loan or advance; (ii) no repayment of principal, other than a single repayment of the whole of the principal, is permitted during the term of the loan or advance; or (iii) regard may not be had in calculating interest to any repayment that is permitted or required to be made during the term of the loan or advance, the rate of interest applied in calculating the interest payable in respect of the principal, or the principal and accrued interest, as the case may be, shall be treated as a flat rate of interest; (c) where under the terms and conditions of a loan or advance— (i) repayment of the whole or any part of the principal is required to be made during the term of the loan or advance; and (ii) interest is calculated by applying a rate of interest to so much of the principal, or the principal and accrued interest, as may be outstanding at specified times during the term of the loan or advance, that rate of interest shall be treated as a nominal rate of interest; and (d) where interest payable in respect of a loan or advance is calculated in accordance with a percentage per period of less than a year, a reference to the annual rate of interest in respect of that loan or advance shall be read as a reference to the rate of interest ascertained by multiplying that percentage by the number of such periods in a year (including a fraction).
$’000
$’000
(2) Total amount of deposits, and loans and advances not included in sub-item (1)....................................................

 

2.LENDING RATES APPLICABLE AT THE END OF THE QUARTER (See Special Direction 4)							(4) Do not include particulars relating to interest applicable to any loan or advance made to a customer (including a trade debtor) where repayment in full of the amount outstanding is required to be made within 3 months after the day on which the loan or advance was made. 5. (1) Make separate entries for each class of instalment credit granted by the corporation during the quarter. (2) For each class of instalment credit granted by the corporation during the quarter, show— (a) the rate of interest applicable to; (b) the term of; and (c) the frequency of the repayments of principal required under, the instalment credit facility of that class that was most commonly granted by the corporation during the quarter. 6. (1) Make separate entries for each class of loan or advance to which sub-item 2 (2) refers that was made by the corporation during the quarter. (2) For each class of loan or advance to which sub-item 2 (2) refers that was made by the corporation during the quarter, show— (a) the rate of interest applicable to; (b) the term of; and (c) the frequency of the repayments of principal required under, the loan or advance of that class that was most commonly made by the corporation during the quarter.
(1) Interest rates applicable to loans and advances by way of instalment credit granted to customers to finance own retail sales (Sec Special Direction 5)
Class of instalment credit	Description of interest rates applicable to that class of instalment credit (flat or nominal)	Interest rates applicable to instalment credit of that class granted during quarter		Instalment credit facility of that class most commonly granted during quarter
		Highest (per cent per annum)	Lowest (per cent per annum)	Interest rate (per cent per annum)	Term (in months)	Frequency of repayments of principal

 

Form 5—continued

(2) Interest rates applicable to other loans and advances made to customers (See Special Direction 6).
Class or loan or advance	Description of interest rates applicable to that class of loan or advance (flat or nominal)	Interest rates applicable to loans or advances of that class made during quarter		Loan or advance of that class most commonly made during quarter
		Highest (per cent per annum)	Lowest (per cent per annum)	Interest rate (per cent per annum)	Term (in months)	Frequency of repayments of principal