Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill – Second Reading – V..

if you keep doing that, Mr Bayly! Ha ha! No! Thank you, Mr Speaker It's ha! No! Thank you, Mr Speaker

It's genuine pleasure to ha! No! Thank you, Mr Speaker It's genuine pleasure to ha! No! Thank you, Mr Speaker It's genuine pleasure to support this genuine pleasure to support this legislation genuine pleasure to support this legislation through the House Very genuine pleasure to support this legislation through the House Very legislation through the House

Very good It legislation through the House Very good It legislation through the House Very good

It is a legislation through the House Very good It is a for legislation through the House Very good It is a for me to make legislation through the House

Very good It is a for me to make good It is a for me to make a contribution to good It is a for me to make a contribution to good It is a for me to make a contribution to the contribution to the legislation following the contribution to the legislation following the following the learned contribution from the Professor! following the learned contribution from the Professor! From the Professor

My involvement was From the Professor My involvement was slightly different From the Professor My involvement was slightly different From the Professor My involvement was slightly different to Fletcher From the Professor My involvement was slightly different to Fletcher was slightly different to Fletcher Tabuteau's in that was slightly different to Fletcher Tabuteau's in that was slightly different to Fletcher Tabuteau's in that I wasn't on was slightly different to Fletcher Tabuteau's in that I wasn't on Tabuteau's in that I wasn't on the select committee Tabuteau's in that I wasn't on the select committee Tabuteau's in that I wasn't on the select committee as it arrived select committee as it arrived before select committee as it arrived before the select committee

select committee as it arrived before the select committee before the select committee I did miss before the select committee I did miss before the select committee I did miss the opportunity to before the select committee

I did miss the opportunity to miss the opportunity to hear from the officials miss the opportunity to hear from the officials I the officials I actually the officials I actually At that stage I was doing a different At that stage I was doing a At that stage I was doing a At that stage I was doing a At that stage I was doing a place in order! We have had an election, place in order! We have had an election, which the place in order! We have had an election, which the election, which the member should know about, election, which the member should know about, election, which the member should know about, because he's election, which the member should know about, because he's know about, because he's now here and know about, because he's now here and know about, because he's now here and he wasn't here know about, because he's now here and he wasn't here and he wasn't here beforehand! Be that as it and he wasn't here beforehand! Be that as it and he wasn't here beforehand! Be that as it may, I did not have and he wasn't here beforehand! Be that as it may, I did not have that as it may, I did not have the opportunity to listen that as it may, I did not have the opportunity to listen opportunity to listen to the officials I found opportunity to listen to the officials I found officials I found I was, therefore, at a officials I found I was, therefore, at a disadvantage officials

I found I was, therefore, at a disadvantage as I listened officials I found I was, therefore, at a disadvantage as I listened at a disadvantage as I listened to the submissions, because at a disadvantage as I listened to the submissions, because at a disadvantage as I listened to the submissions, because I find at a disadvantage as I listened to the submissions, because I find the submissions, because I find the officials the submissions, because I find the officials come officials come before these select committees officials come before these select committees whether officials come before these select committees whether they agree with officials come before these select committees whether they agree with committees whether they agree with legislation or not, committees whether they agree with legislation or not, committees whether they agree with legislation or not, and we've committees whether they agree with legislation or not, and we've two legislation or not, and we've two examples before the legislation or not, and we've two examples before the select examples before the select committee at the moment examples before the select committee at the moment The at the moment The overseas investment at the moment

The overseas investment at the moment The overseas investment and fuel tax Regardless at the moment The overseas investment and fuel tax Regardless investment and fuel tax

Regardless whether they agree, investment and fuel tax Regardless whether they agree, whether they agree, they are there to whether they agree, they are there to work whether they agree, they are there to work for the Government, whether they agree, they are there to work for the Government, to work for the Government, they are there to work for the Government, they are there to to work for the Government, they are there to present the best possible there to present the best possible information there to present the best possible information to the select committee information to the select committee and information to the select committee and I take this information to the select committee and I take this information to the select committee and I take this opportunity of information to the select committee and I take this opportunity of and I take this opportunity of just thanking and I take this opportunity of just thanking and I take this opportunity of just thanking the officials who appear and I take this opportunity of just thanking the officials who appear thanking the officials who appear before thanking the officials who appear thanking the officials who appear Expenditure select committee for their Expenditure select committee for Expenditure select committee for excellent work I did miss the briefings, excellent work I did miss the briefings, excellent work I did miss the briefings, but briefings, but then came forward and heard briefings, but then came forward and heard briefings, but then came forward and heard the submissions

I want to briefings, but then came forward and heard the submissions I want to heard the submissions I want to talk heard the submissions I want to talk about those in a heard the submissions I want to talk about those in a talk about those in a minute

Not before talk about those in a minute Not talk about those in a minute Not talk about those in a minute Not talk about those in a minute Not talk about those in a minute

Not opportunity to congratulate the member opportunity to congratulate the member who opportunity to congratulate the member who sponsored member who sponsored the bill, Stuart member who sponsored the bill, Stuart Smith, member who sponsored the bill, Stuart Smith, because it's member who sponsored the bill, Stuart Smith, because it's not member who sponsored the bill, Stuart Smith, because it's not easy member who sponsored the bill, Stuart Smith, because it's not easy Stuart Smith, because it's not easy to Stuart Smith, because it's not easy to get a bill before Stuart Smith, because it's not easy to get a bill before to get a bill before the House, and to to get a bill before the House, and to to get a bill before the House, and to successfully get it passed to get a bill before the House, and to successfully get it passed to successfully get it passed through the House in such to successfully get it passed through the House in such to successfully get it passed through the House in such a way as to successfully get it passed through the House in such a way as through the House in such a way as the through the House in such a way as the debate's been going tonight through the House in such a way as the debate's been going tonight the debate's been going tonight First, Mr the debate's been going tonight First, Mr the debate's been going tonight

First, Mr Smith the debate's been going tonight First, Mr Smith had to realise there the debate's been going tonight First, Mr Smith had to realise there First, Mr Smith had to realise there was a problem He First, Mr Smith had to realise there was a problem He First, Mr Smith had to realise there was a problem

He did that, First, Mr Smith had to realise there was a problem He did that, First, Mr Smith had to realise there was a problem He did that, he then First, Mr Smith had to realise there was a problem He did that, he then was a problem He did that, he then worked and found a was a problem

He did that, he then worked and found a worked and found a solution, and then he worked and found a solution, and then he had worked and found a solution, and then he had to work worked and found a solution, and then he had to work hard then he had to work hard within the industry, then he had to work hard within the industry, then he had to work hard within the industry, within then he had to work hard within the industry, within the financial industry, within the financial industry, industry, within the financial industry, to make sure there was industry, to make sure there was general industry, to make sure there was general acceptance of the solution industry, to make sure there was general acceptance of the solution general acceptance of the solution that he was proposing He general acceptance of the solution that he was proposing He that he was proposing He then has to write the that he was proposing He then has to write the that he was proposing

He then has to write the bill He that he was proposing He then has to write the bill He that he was proposing He then has to write the bill

He has to get that he was proposing He then has to write the bill He has to get to write the bill He has to get it selected to write the bill He has to get it selected to write the bill

He has to get it selected out of the bomb lot to write the bill He has to get it selected out of the bomb lot selected out of the bomb lot It was selected out of the bomb lot

It was selected out of the bomb lot It was selected out of the bomb lot It was it get to this stage where it seems to it get to this stage where it seems to be getting complete it get to this stage where it seems to be getting complete it get to this stage where it seems to be getting complete support I it get to this stage where it seems to be getting complete support I to be getting complete support

I take the opportunity of to be getting complete support I take the opportunity of take the opportunity of congratulating Stuart Smith I take the opportunity of congratulating Stuart Smith I congratulating Stuart Smith I had the privilege congratulating Stuart Smith

I had the privilege congratulating Stuart Smith I had the privilege of working congratulating Stuart Smith I had the privilege of working the privilege of working with Mr Smith the privilege of working with Mr Smith the privilege of working with Mr Smith over the the privilege of working with Mr Smith over the the privilege of working with Mr Smith over the weekend on Friday the privilege of working with Mr Smith over the weekend on Friday afternoon, Friday night, and Saturday afternoon, Friday night, and Saturday afternoon, Friday night, and Saturday

And afternoon, Friday night, and Saturday And I can see afternoon, Friday night, and Saturday And I can see Saturday And I can see the way that he Saturday And I can see the way that he was Saturday

And I can see the way that he was absolutely respected He Saturday And I can see the way that he was absolutely respected He Saturday And I can see the way that he was absolutely respected

He is he was absolutely respected He is well recognised, he was absolutely respected He is well recognised, he was absolutely respected He is he was absolutely respected He is Kaikoura electorate

I was going to say Kaikoura electorate I was going to say he was Kaikoura electorate I was going to say he was revered say he was revered and adored, but that say he was revered and adored, but that would say he was revered and adored, but that would be over the top say he was revered and adored, but that would be over the top that would be over the top

He is well respected Month that would be over the top He is well respected Month sore well respected Month sore for the excellent work well respected

Month sore for the well respected Month sore for the well respected Month sore for the excellent work he's done for this piece excellent work he's done for this piece excellent work he's done for this piece of legislation When excellent work he's done for this piece of legislation When I piece of legislation

When I look at the piece of legislation When I look at the bill piece of legislation When I look at the bill and piece of legislation When I look at the bill and realise piece of legislation When I look at the bill and realise it's piece of legislation

When I look at the bill and realise it's piece of legislation When I look at the bill and realise it's replacing the bill and realise it's replacing legislation the bill and realise it's replacing legislation dated the bill and realise it's replacing legislation dated 1982 it's not the bill and realise it's replacing legislation dated 1982 it's not legislation dated 1982 it's not surprising that legislation dated 1982 it's not surprising that legislation dated 1982 it's not surprising that it actually needs legislation dated 1982 it's not surprising that it actually needs to surprising that it actually needs to be before the House surprising that it actually needs to be before the House For surprising that it actually needs to be before the House For those surprising that it actually needs to be before the House

For those on be before the House For those on the other side, be before the House For those on the other side, be before the House For those on the other side, Michael Wood be before the House For those on the other side, Michael Wood the other side, Michael Wood probably around then, the other side, Michael Wood probably around then, the other side, Michael Wood probably around then, but the other side, Michael Wood probably around then, but I probably around then, but I can tell him we probably around then, but I can tell him we have probably around then, but I can tell him we have been probably around then, but I can tell him we have been through him we have been through significant financial deregulation, him we have been through significant financial deregulation, financial deregulation, and legislation financial deregulation, and legislation financial deregulation, and legislation dated that financial deregulation, and legislation dated that financial deregulation, and legislation dated that old will be legislation dated that old will be legislation dated that old will be legislation dated that old will be legislation dated that old will be legislation dated that old will be see it here

What I found really puzzling see it here What I found really puzzling with the see it here What I found really puzzling with the legislation puzzling with the legislation was the way puzzling with the legislation was the way the puzzling with the legislation was the way the industry itself puzzling with the legislation was the way the industry itself puzzling with the legislation was the way the industry itself did not puzzling with the legislation was the way the industry itself did not the way the industry itself did not have a clear the way the industry itself did not have a clear position the way the industry itself did not have a clear position We the way the industry itself did not have a clear position

We the way the industry itself did not have a clear position We received the way the industry itself did not have a clear position We received a have a clear position We received a submission have a clear position We received a submission have a clear position

We received a submission that have a clear position We received a submission that was have a clear position We received a submission that was fully submission that was fully supportive, and then submission that was fully supportive, and then submission that was fully supportive, and then we would submission that was fully supportive, and then we would supportive, and then we would see another opposed supportive, and then we would see another opposed We supportive, and then we would see another opposed

We would supportive, and then we would see another opposed We would another opposed We would have the Aotearoa another opposed We would have the Aotearoa another opposed We would have the Aotearoa credit another opposed

We would have the Aotearoa credit union cap supportive another opposed We would have the Aotearoa credit union cap supportive Aotearoa credit union cap supportive Aotearoa credit union cap supportive Aotearoa credit union cap supportive legislation and then we had the New Zealand legislation and then we had the New Zealand legislation and then we had the New Zealand Credit union of Auckland Zealand Credit union of Auckland completely Zealand Credit union of Auckland completely opposed You Zealand Credit union of Auckland completely opposed You Zealand Credit union of Auckland completely opposed You then Zealand Credit union of Auckland completely opposed

You then get completely opposed You then get the next completely opposed You then get the next one, completely opposed You then get the next one, which completely opposed You then get the next one, which was completely opposed

You then get the next one, which was the Credit completely opposed You then get the next one, which was the Credit next one, which was the Credit Union Central next one, which was the Credit Union Central next one, which was the Credit Union next one, which was the Credit Union next one, which was the Credit Union say it represents the Bay of Plenty area say it represents the Bay of Plenty area say it represents the Bay of Plenty area They say it represents the Bay of Plenty area

They were supportive say it represents the Bay of Plenty area They were supportive The say it represents the Bay of Plenty area They were supportive

The coon say it represents the Bay of Plenty area They were supportive The coon area They were supportive The coon the money area

They were supportive The coon the money area They were supportive The coon the money New Zealand area They were supportive

The coon the money New Zealand the money New Zealand limited was supportived The the money New Zealand limited was supportived The the money New Zealand limited was supportived The two the money New Zealand limited was supportived The two I found supportived

The two I found fascinating supportived The two I found fascinating was the supportived The two I found fascinating was the supportived The two I found fascinating was the New Zealand supportived The two I found fascinating was the New Zealand fascinating was the New Zealand Firefighters Credit Union

Came fascinating was the New Zealand Firefighters Credit Union Came Firefighters Credit Union Came before Firefighters Credit Union Came before the select committee, before the select committee, supportive before the select committee, supportive

before the select committee, supportive Arguing before the select committee, supportive Arguing that before the select committee, supportive Arguing that legislation had to be updated, and then legislation had to be updated, and then we immediately legislation had to be updated, and then we immediately legislation had to be updated, and then we immediately heard legislation had to be updated, and then we immediately heard from the legislation had to be updated, and then we immediately heard from the then we immediately heard from the police and families then we immediately heard from the police and families then we immediately heard from the police and families credit union who then we immediately heard from the police and families credit union who police and families credit union who were absolutely opposed to police and families credit union who were absolutely opposed to were absolutely opposed to it So, it were absolutely opposed to it

So, it were absolutely opposed to it So, it wasn't an easy were absolutely opposed to it So, it wasn't an easy job were absolutely opposed to it So, it wasn't an easy job then for were absolutely opposed to it So, it wasn't an easy job then for it wasn't an easy job then for the select committee it wasn't an easy job then for the select committee to it wasn't an easy job then for the select committee to wade through it wasn't an easy job then for the select committee to wade through select committee to wade through these serious select committee to wade through these serious select committee to wade through submissions, and decide where to come submissions, and decide where to come forward and come up submissions, and decide where to come forward and come up come forward and come up with a recommendation that come forward and come up with a recommendation that recommendation that was accepted by this recommendation that was accepted by this House

recommendation that was accepted by this House But I think recommendation that was accepted by this House But I think this House But I think the issue, as this House But I think the issue, as this House

But I think the issue, as I go through it, this House But I think the issue, as I go through it, this House But I think the issue, as I go through it, was a real fear this House But I think the issue, as I go through it, was a real fear as I go through it, was a real fear from as I go through it, was a real fear from those that opposed about as I go through it, was a real fear from those that opposed about from those that opposed about this loss from those that opposed about this as from those that opposed about this loss of mutuality When from those that opposed about this loss of mutuality

When from those that opposed about this loss of mutuality When we from those that opposed about this loss of mutuality When we delved loss of mutuality When we delved into that issue further loss of mutuality When we delved into that issue further into that issue further and Stuart Smith just into that issue further and Stuart Smith just into that issue further and Stuart Smith just reminded me of it into that issue further and Stuart into that issue further and Stuart into that issue further and Stuart of them were clouded by the experience of them were clouded by the experience of of them were clouded by the experience of of them were clouded by the experience of credit union of them were clouded by the experience of credit union experience of credit union reform in Australia experience of credit union reform in Australia experience of credit union reform in Australia where they experience of credit union reform in Australia where they experience of credit union reform in Australia where they then Australia where they then aligned their Australia where they then aligned their Australia where they then aligned their reform to companies' corporate Australia where they then aligned their reform to companies' corporate their reform to companies' corporate their reform to companies' corporate their reform to companies' corporate big mistake that perhaps was made in Australia big mistake that perhaps was made in Australia is that big mistake that perhaps was made in Australia is that Australia is that they put corporate interest, Australia is that they put corporate interest, Australia is that they put corporate interest, company interest, Australia is that they put corporate interest, company interest, Australia is that they put corporate interest, company interest, ahead interest, company interest, ahead of members' interest

We interest, company interest, ahead of members' interest We interest, company interest, ahead of members' interest We have interest, company interest, ahead of members' interest We have members' interest We have no intention of members' interest

We have no intention of members' interest We have no intention of making that mistake members' interest We have no the same mistake One of the compelling the same mistake One of the compelling things the same mistake

One of the compelling things the same mistake One of the compelling things that struck me the same mistake One of the compelling things that struck me compelling things that struck me through the compelling things that struck me through the compelling things that struck me through the submission through the submission process was the through the submission process was the lack through the submission process was the lack of through the submission process was the lack of an through the submission process was the lack of an ability through the submission process was the lack of an ability through the submission process was the lack of an ability to lend to through the submission process was the lack of an ability to lend to through the submission process was the lack of an ability to lend to a the lack of an ability to lend to a small or medium the lack of an ability to lend to a small or medium the lack of an ability to lend to a small or medium enterprise the lack of an ability to lend to a small or medium enterprise Not the lack of an ability to lend to a small or medium enterprise

Not small or medium enterprise Not allowed small or medium enterprise Not allowed under the small or medium enterprise Not allowed under the allowed under the 1982 legislation But allowed under the 1982 legislation

But allowed under the 1982 legislation But yet allowed under the 1982 legislation But yet they allowed under the 1982 legislation But yet they all appeared before allowed under the 1982 legislation But yet they all appeared before But yet they all appeared before us and said we But yet they all appeared before us and said we found But yet they all appeared before us and said we found a way to do But yet they all appeared before us and said we found a way to do and said we found a way to do it

We lend to and said we found a way to do it We lend to it and said we found a way to do it We lend to it the member We know and said we found a way to do it We lend to it the member

We know lend to it the member We know that the member is then lend to it the member We know that the member is then lend to it the member We know that lend to it the member We know that from the member to the business, and we from the member to the business, and we from the member to the business, and we get from the member to the business, and we get around it that way

from the member to the business, and we get around it that way That from the member to the business, and we get around it that way That just from the member to the business, and we get around it that way That just we get around it that way That just seems to we get around it that way

That just seems to we get around it that way That just seems to me we get around it that way That just seems to me to completely we get around it that way That just seems to me to completely circumvent seems to me to completely circumvent legislation and seems to me to completely circumvent legislation and seems to me to completely circumvent legislation and I could see seems to me to completely circumvent legislation and I could see seems to me to completely circumvent legislation and I could see no seems to me to completely circumvent legislation and I could see no good legislation and I could see no good reason at legislation and I could see no good reason at legislation and I could see no good reason at all while these credit legislation and I could see no good reason at all while these credit reason at all while these credit unions shouldn't be reason at all while these credit unions shouldn't be in reason at all while these credit unions shouldn't be in a position to unions shouldn't be in a position to lend unions shouldn't be in a position to lend to unions shouldn't be in a position to lend to small unions shouldn't be in a position to lend to small and medium sized unions shouldn't be in a position to lend to small and medium sized lend to small and medium sized enterprises throughout New lend to small and medium sized enterprises throughout New enterprises throughout New Zealand, because enterprises throughout New Zealand, because enterprises throughout New Zealand, because they enterprises throughout New Zealand, because they are the very kernal enterprises throughout New Zealand, because they are the very kernal because they are the very kernal of the New Zealand economy because they are the very kernal of the New Zealand economy

the New Zealand economy We know that We hear the New Zealand economy We know that We hear the New Zealand economy

We know that We hear it We hear the the New Zealand economy We know that We hear it

We hear the that We hear it We hear the record that We hear it We hear the record that

We hear it We hear the record that We hear it We hear the record the last few days, pointing out how important the last few days, pointing out how important the last few days, pointing out how important small and the last few days, pointing out how important small and enterprises are for the New Zealand economy enterprises are for the New Zealand economy

I have enterprises are for the New Zealand economy I have enterprises are for the New Zealand economy I have to say that actions enterprises are for the New Zealand economy I have to say that actions economy I have to say that actions peek a lot economy

I have to say that actions peek a lot economy I have to say that actions peek a lot louder than words, economy I have to say that actions peek a lot louder than words, economy I have to say that actions peek a lot louder than words, as the peek a lot louder than words, as the interjection interjection from Tim Macindoe comes interjection from Tim Macindoe comes

interjection from Tim Macindoe comes We're working on a range interjection from Tim Macindoe comes We're working on a range comes We're working on a range of new taxes comes We're working on a range of new taxes comes

We're working on a range of new taxes and comes We're working on a range of new taxes and we're stopping comes We're working on a range of new taxes and we're stopping new taxes and we're stopping investment with other legislation new taxes and we're stopping investment with other legislation investment with other legislation before the select committee investment with other legislation before the select committee But before the select committee

But here before the select committee But here before the select committee But here we before the select committee But here we have here we have legislation recognising the here we have legislation recognising the here we have legislation recognising the importance of here we have legislation recognising the importance of the importance of those small business the importance of those small business the importance of those small business units, their the importance of those small business units, their business units, their ability to seek and business units, their ability to seek and business units, their ability to seek and get business units, their ability to seek and get capital and business units, their ability to seek and get capital and seek and get capital and now under this seek and get capital and now under this seek and get capital and now under this legislation they will seek and get capital and now under this legislation they will be this legislation they will be able to do so this legislation they will be able to do so

They this legislation they will be able to do so They will be able this legislation they will be able to do so They will be able to this legislation they will be able to do so They will be able to do this legislation they will be able to do so They will be able to do to do so

They will be able to do so without circumventing the to do so They will be able to do so without circumventing the without circumventing the spirit of law, without circumventing the spirit of law, in without circumventing the spirit of law, in fact, the very legislation without circumventing the spirit of law, in fact, the very legislation law, in fact, the very legislation of the law law, in fact, the very legislation of the law So, law, in fact, the very legislation of the law So, law, in fact, the very legislation of the law

So, I law, in fact, the very legislation of the law So, I take law, in fact, the very legislation of the law So, I take of the law So, I take this opportunity of of the law So, I take this opportunity of opportunity of commanding this legislation to opportunity of commanding this legislation to opportunity of commanding this legislation to the House

I opportunity of commanding this legislation to the House I opportunity of commanding this legislation to the House I take the opportunity of commanding this legislation to the House I take the legislation to the House I take the opportunity legislation to the House

I take the opportunity again of legislation to the House I take the opportunity again of opportunity again of congratulating Stuart Smith opportunity again of congratulating Stuart Smith opportunity again of congratulating Stuart Smith for opportunity again of congratulating Stuart Smith for recognising the opportunity again of congratulating Stuart Smith for recognising the Stuart Smith for recognising the importance Stuart Smith for recognising the importance of updating legislation Stuart Smith for recognising the importance of updating legislation importance of updating legislation that was importance of updating legislation that was that was dated previously 1982 Bringing that was dated previously 1982 Bringing that was dated previously 1982 Bringing it into the that was dated previously 1982

Bringing it into the 21st that was dated previously 1982 Bringing it into the 21st century Bringing it into the 21st century Making Bringing it into the 21st century Making it useful

I Bringing it into the 21st century Making it useful I Bringing it into the 21st century Making it useful I do hope Bringing it into the 21st century

Making it useful I do hope Making it useful I do hope that those Making it useful I do hope that those Making it useful I do hope that those credit Making it useful

I do hope that those credit unions that opposed it those credit unions that opposed it at those credit unions that opposed it at the time those credit unions that opposed it at the time those credit unions that opposed it at the time will take those credit unions that opposed it at the time will take the at the time will take the opportunity now to at the time will take the opportunity now to opportunity now to consider the opportunities opportunity now to consider the opportunities that opportunity now to consider the opportunities that are opportunity now to consider the opportunities that are opportunity now to consider the opportunities that are given by opportunity now to consider the opportunities that are given by opportunities that are given by the reformed opportunities that are given by the reformed opportunities that are given by the reformed legislation I take opportunities that are given by the reformed legislation I take opportunities that are given by the reformed legislation I take the reformed legislation I take the opportunity also reformed legislation

I take the opportunity also reformed legislation I take the opportunity also of opportunity also of recognising the importance opportunity also of recognising the importance opportunity also of recognising the importance of opportunity also of recognising the importance of this opportunity also of recognising the importance of this particular small opportunity also of recognising the importance of this particular small importance of this particular small but very importance of this particular small but very importance of this particular small but very important sector within importance of this particular small but very important sector within our but very important sector within our financial industry It but very important sector within our financial industry It but very important sector within our financial industry It plays a very financial industry

It plays a very valuable financial industry It plays a very valuable part It financial industry It plays a very valuable part It valuable part

It services the members valuable part It services the members valuable part It services the members

It's valuable part It services the members It's allowed to continue valuable part It services the members It's allowed to continue members

It's allowed to continue to service members It's allowed to continue to service members It's allowed to continue to service the members members It's allowed to continue to service the members members It's allowed to continue to service the members under this members

It's allowed to continue to service the members under this service the members under this new legislation I service the members under this new legislation I hope service the members under this new legislation I hope that as a service the members under this new legislation I hope that as a legislation

I hope that as a sector it legislation I hope that as a sector it legislation I hope that as a sector it will legislation I hope that as a sector it will continue to legislation I hope that as a sector it will continue to legislation

I hope that as a sector it will continue to profit and legislation I hope that as a sector it will continue to profit and it will continue to profit and prosper and help it will continue to profit and prosper and help it will continue to profit and prosper and help those prosper and help those small and prosper and help those small and New Zealand, the sort of ones that I don't New Zealand, the sort of ones that I don't agree New Zealand, the sort of ones that I don't agree with said on Sunday if they can't hack it, said on Sunday if they can't hack it, just get out said on Sunday if they can't hack it, just get out I said on Sunday if they can't hack it, just get out I think said on Sunday if they can't hack it, just get out

I think it, just get out I think that's completely an it, just get out I think that's completely an it, just get out I think that's completely an arrogant point of view it, just get out I think that's completely an arrogant point of view completely an arrogant point of view completely an arrogant point of view completely an arrogant point of view completely an arrogant point of view completely an arrogant point of view completely an arrogant point of view completely an arrogant point of view work place relations

These businesses work place relations These businesses make New Zealand tick I work place relations These businesses make New Zealand tick I businesses make New Zealand tick

I think we should businesses make New Zealand tick I think we should give think we should give them every encouragement think we should give them every encouragement I encouragement I hope the legislation encouragement

I hope the legislation is encouragement I hope the legislation is another avenue by encouragement I hope the legislation is another avenue by legislation is another avenue by which they legislation is another avenue by which they legislation is another avenue by which they can legislation is another avenue by which they can continue which they can continue to prosper I call Dr Duncan Webb It is a pleasure I call Dr Duncan Webb

It is a pleasure to rise I call Dr Duncan Webb It is a pleasure to rise to pleasure to rise to speak on this bill pleasure to rise to speak on this bill pleasure to rise to speak on this bill in support of it pleasure to rise to speak on this bill in support of it The bill in support of it The Friendly Societies and Credit Unions bill in support of it

The Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill probably (Regulatory Improvements) Amendment Bill probably could (Regulatory Improvements) Amendment Bill probably could be called a (Regulatory Improvements) Amendment Bill probably could be called a Bill probably could be called a modernisation Bill probably could be called a modernisation bill as well Bill probably could be called a modernisation bill as well I modernisation bill as well I do congratulate modernisation bill as well I do congratulate modernisation bill as well

I do congratulate Stuart Smith for modernisation bill as well I do congratulate Stuart Smith for congratulate Stuart Smith for having this congratulate Stuart Smith for having this congratulate Stuart Smith for having this bill drawn and congratulate Stuart Smith for having this bill drawn and this bill drawn and undertaking the considerable this bill drawn and undertaking the considerable this bill drawn and undertaking the considerable work this bill drawn and undertaking the considerable work that it's taken this bill drawn and undertaking the considerable work that it's taken I considerable work that it's taken I suspect that considerable work that it's taken

I suspect that suspect that the original conception of having suspect that the original conception of having suspect that the original conception of having a of having a bill to incorporate credit of having a bill to incorporate credit unions of having a bill to incorporate credit unions was thought to of having a bill to incorporate credit unions was thought to of having a bill to incorporate credit unions was thought to be