You are here

5.1.1 Agreement


The relevant parts of Clauses 10 and 11 are as follows:-

10.5 Schedule "D" Information

The Bank agrees to provide the information referred to in Schedule “D” on a monthly basis, or at such other time as may be agreed upon by the parties. Information supplied monthly is to be submitted to the Commonwealth with the Bank's Subsidy invoice referred to in Sub-clause 11.4 and to be accompanied by a certification by an appropriate officer of the Bank that the information provided is in accordance with the Bank's records and is true and correct.

10.6Provision of report by Bank's External Auditor

The Bank agrees to provide to the Commonwealth within two (2) months of the end of each Financial Year in which Subsidy is paid under this Agreement a report by the Bank's external auditors advising as to the extent to which, in their opinion, the Bank's systems for maintaining data concerning Subsidised Advances can be relied upon to provide accurate information for the purpose of the calculation of Subsidy payable to the Bank under the Agreement.

10.7Discussion of audit procedures between External Auditors

If at any time the Commonwealth considers this to be desirable, the Bank will arrange with its external auditors for the Commonwealth to discuss with the external auditors the audit procedures applied.

10.8Bank to provide External Auditor's Report with Subsidy Invoice

The Bank further agrees to provide a report by its external auditors in the terms of Sub-clause 10.6 prior to or concurrently with its Subsidy invoice.

10.9Bank to supply information to enable verification

In the event that the Commonwealth is unable to verify the details contained in the Subsidy invoice provided pursuant to Sub-clause 11.4 from information supplied pursuant to this Clause, the Bank shall supply such further information as is necessary to enable the Commonwealth to verify the details.

11.5BVerification and Payment of Subsidy in respect of Subsidised Advance Loan Accounts on or after the Conversion Date

11.5B.1Notwithstanding Sub-clauses 11.5 and 11.5A, after the conversion of interest calculations from unpaid monthly balances to unpaid daily balances on the Conversion Date for Subsidised Advances and Specified Portfolio Assets in existence before 1 November 1996, and except where the provisions of Sub-clause 11.5B.2 apply, upon receipt by the Commonwealth of the invoice and information referred to in Sub-clause 10.5 in respect of all Subsidised Advance Loan Accounts, the Commonwealth shall pay the Bank the amount of Subsidy which the Commonwealth has verified by 11.00 am on the eighteenth day of the month immediately following the month to which such invoice and information refers, 6or by 11.00 am on the day which is seven (7) Business Days after the date on which the Bank provides the said invoice, whichever is the later.

11.5B.2If the Bank has not complied with the requirements of Sub-clause 11.4 in respect of its claim for Subsidy on certain Subsidised Advance Loan Accounts, but subsequently provides the invoice and information referred to in Sub-clause 10.5, the Commonwealth shall pay to the Bank the amount of Subsidy which it has verified by 11.00 am on the day which is seven (7) business days after the date on which the Bank provides the said invoice and information.  The Commonwealth will promptly pay to the Bank claims verified after that date.