In these regulations, unless the context otherwise requires,—
average, in relation to a calculation period, includes (but is not limited to) the case in which there is only 1 exchange rate (in which case the average is that exchange rate)
business day means a day on which a nominated bank is open for business
calculation period means a period—
cross rate means a currency exchange rate between the New Zealand dollar and the currency of a country paying an overseas pension computed from time to time, where applicable, by pricing the New Zealand dollar and the currency of that country against the United States of America dollar
figure, in relation to the calculation rate, means an average of the cross rates at which the nominated bank would purchase an overseas currency for settlement by telegraphic transfer as at the opening of business on each business day during the calculation period immediately before the instalment period for which the calculation is made
instalment period means a period—
nominated bank means a bank for the time being nominated by the chief executive.