HomeMy WebLinkAbout20031201Decision Memo.pdfTO:
FROM:
DATE:
RE:
DECISION MEMORANDUM
COMMISSIONER KJELLANDER
COMMISSIONER SMITH
COMMISSIONER HANSEN
COMMISSION SECRETARY
COMMISSION STAFF
LEGAL
WORKING FILE
TERRI CARLOCK
NOVEMBER 21,2003
ANNUAL DETERMINATION OF THE INTEREST RATES ON
DEPOSITS COLLECTED FROM CUSTOMERS FOR THE CALENDAR
YEAR 2004. CASE NO. GNR-03-
The interest to be paid on customer deposits for the 2004 calendar year is determined by
the twelve-month average interest rate from November 1 , 2002 through October 31 , 2003. This
average rate is 1.27% as shown on the attached worksheet. Rounded to the nearest whole
percent the rate will be 1 %, a I % decrease from the prior year. The following chart shows the
interest rates for the various years and the order numbers approving those rates.
Calendar Year
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Interest Rate Order No.
21622 27167
22230
22836
23425
23971
24578
25242
25788
26233
26681
27248
27828
28234
28575
28896
29158
DECISION MEMORANDUM NOVEMBER 21 , 2003
COMMISSION DECISION
Should the interest rate to be paid on deposits collected from customers for the
calendar year 2004 be set at 1 % ?
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CWLkcR
Terri Carlock
TC:word:u/tcarloc/AnnDetlntRatesll-21-2003.
DECISION MEMORANDUM NOVEMBER 21 , 2003
APPENDIX
ONE-YEAR TREASURY BllLS
Week Ended Rate %Week Ended Rate %
Nov-2002 1.51 May-2003 1.25
Nov-2002 1.46 May-2003 1.23
15-Nov-2002 1.46 16-May-2003 1.20
22-Nov-2002 1.51 23-May-2003 1.13
29-Nov-2002 1.55 30-May-2003 1.13
Dec-2002 1.53 Jun-2003 1.08
13-Dec-2002 1.47 13-Jun-2003
20-Dec-2002 1.43 20-Jun-2003
27-Dec-2002 1.41 27-Jun-2003 1.02
Jan-2003 1.38 Jul-2003 1.07
1O-Jan-2003 1.41 II-Jul-2003 1.08
17-Jan-2003 1.38 18-Jul-2003 1.10
24-Jan-2003 1.32 25-Jul-2003 1.13
31-Jan-2003 1.32 Aug-2003 1.22
Feb-2003 1.32 Aug-2003 1.26
14-Feb-2003 1.30 15-Aug-2003 1.29
21-Feb-2003 1.30 22-Aug-2003 1.33
28-Feb-2003 1.27 29-Aug-2003 1.35
Mar-2003 1.22 Sep-2003 1.33
14-Mar-2003 1.16 12-Sep-2003 1.22
21-Mar-2003 1.32 19-5ep-2003 1.21
28-Mar-2003 1.27 26-Sep-2003 1.22
Apr-2003 1.19 0ct-2003 1.17
ll-Apr-2003 1.25 10-0ct-2003 1.20
18-Apr-2003 1.33 17-0ct-2003 1.29
25-Apr-2003 1.31 24-0ct-2003 1.30
31-0ct-2003 1.30
Average 1.27
Source: Wall Street Journal Key Interest Rates