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

compete against other banking service providers I would compete against other banking service providers

I would like compete against other banking service providers I would like to compete against other banking service providers I would like to compete against other banking thank the Finance and Expenditure thank the Finance and Expenditure thank the Finance and Expenditure thank the Finance and Expenditure select committee for its pork thank the Finance and Expenditure select committee for its pork select committee for its pork on the bill select committee for its pork on the bill I select committee for its pork on the bill

I call select committee for its pork on the bill I call the select committee for its pork on the bill I call the Hon Jacqui Dean select committee for its pork on the bill I call the Hon Jacqui Dean

I bill I call the Hon Jacqui Dean I want bill I call the Hon Jacqui Dean I want bill

I call the Hon Jacqui Dean I want to congratulate Stuart bill I call the Hon Jacqui Dean I want to congratulate Stuart Smith, want to congratulate Stuart Smith, which I know a want to congratulate Stuart Smith, which I know a want to congratulate Stuart Smith, which I know a number of members want to congratulate Stuart Smith, which I know a number of members which I know a number of members of the which I know a number of members of the which I know a number of members of the House have which I know a number of members of the House have which I know a number of members of the House have done the which I know a number of members of the House have done the which I know a number of members of the House have done the same which I know a number of members of the House have done the same thing the House have done the same thing but, the House have done the same thing but, the House have done the same thing but, Mr the House have done the same thing but, Mr Smith, well the House have done the same thing but, Mr Smith, well but, Mr Smith, well done because you have brought but, Mr Smith, well done because you have brought but, Mr Smith, well done because you dry yourself in the media and it could dry yourself in the media and it could be described as dry yourself in the media and it could be described as dry yourself in the media and it could be described as a bit dry yourself in the media and it could be described as a bit dry yourself in the media and it could be described as a bit of a dry dry yourself in the media and it could be described as a bit of a dry could be described as a bit of a dry and could be described as a bit of a dry and complex could be described as a bit of a dry and complex could be described as a bit of a dry and complex issue but it's could be described as a bit of a dry and complex issue but it's could be described as a bit of a dry and complex issue but it's an and complex issue but it's an important issue, not and complex issue but it's an important issue, not and complex issue but it's an important issue, not just for credit important issue, not just for credit important issue, not just for credit important issue, not just for credit unions and unions and friendly societies but also unions and friendly societies but also unions and friendly societies but also for the people that unions and friendly societies but also for the people that unions and friendly societies but unions and friendly societies but members and the people that they serve members and the people that they serve

members and the people that they serve As members and the people that they serve As I members and the people that they serve As I members and the people that they serve As I was reviewing members and the people that they serve

As I was reviewing members and the people that they serve As I was reviewing my serve As I was reviewing my notes for this serve As I was reviewing my notes for this contribution serve As I was reviewing my notes for this contribution I thought I serve

As I was reviewing my notes for this contribution I thought I for this contribution I thought I would for this contribution I thought I would just for this contribution I thought I would just for this contribution I thought I would just perhaps reflect for this contribution I thought I would just perhaps reflect on would just perhaps reflect on the benefit would just perhaps reflect on the benefit would just perhaps reflect on the benefit that would just perhaps reflect on the benefit that my knowledge of would just perhaps reflect on the benefit that my knowledge of benefit that my knowledge of credit unions have benefit that my knowledge of credit unions have benefit that my knowledge of credit unions have brought into benefit that my knowledge of credit unions have brought into benefit that my knowledge of credit unions have brought into my part of benefit that my knowledge of credit unions have brought into my part of unions have brought into my part of New Zealand, unions have brought into my part of New Zealand, which New Zealand, which is the lower South Island I New Zealand, which is the lower South Island I New Zealand, which is the lower South Island I will just tell New Zealand, which is the lower South Island I will just tell a South Island

I will just tell a story about South Island I will just tell a story about South Island I will just tell a story about how South Island I will just tell a story about how credit unions can South Island I will just tell a story about how credit unions can story about how credit unions can be so very story about how credit unions can be so very story about how credit unions can be so very useful to story about how credit unions can be so very useful to story about how credit unions can be so very useful to the communities story about how credit unions can be so very useful to the communities so very useful to the communities that they serve and so very useful to the communities that they serve and so very useful to the communities that they serve and more so so very useful to the communities that they serve and more so so very useful to the communities that they serve and more so now that so very useful to the communities that they serve and more so now that that they serve and more so now that there are that they serve and more so now that there are that they serve and more so now that there are changes there are changes to the legislation, which there are changes to the legislation, which will there are changes to the there are changes to the able to improve the service that they able to improve the service that they provide for their able to improve the service that they provide for their they provide for their communities

So a they provide for their communities So a they provide for their communities So a number of years they provide for their communities So a number of years they provide for their communities So a number of years ago, they provide for their communities

So a number of years ago, well over they provide for their communities So a number of years ago, well over So a number of years ago, well over a decade So a number of years ago, well over a decade So a number of years ago, well over a decade ago, So a number of years ago, well over a decade ago, there was So a number of years ago, well over a decade ago, there was So a number of years ago, well over a decade ago, there was an incident So a number of years ago, well over a decade ago, there was an incident a decade ago, there was an incident in the small a decade ago, there was an incident in the small a decade ago, there was an incident in the small southern rural a decade ago, there was an incident in the small southern rural in the small southern rural town of Palmerston, in the small southern rural town of Palmerston, in the small southern rural town of Palmerston, which in the small southern rural town of Palmerston, which is in the small southern rural town of Palmerston, which is roughly halfway in the small southern rural town of Palmerston, which is roughly halfway Palmerston, which is roughly halfway between Dunedin Palmerston, which is roughly halfway between Dunedin Palmerston, which is roughly halfway between Dunedin and Omaru and Palmerston, which is roughly halfway between Dunedin and Omaru and Palmerston, which is roughly halfway between Dunedin and Omaru and it between Dunedin and Omaru and it is a small, between Dunedin and Omaru and it is a small, between Dunedin and Omaru and it is a small, rural service town, between Dunedin and Omaru and it is a small, rural service town, between Dunedin and Omaru and it is a small, rural service town, it a small, rural service town, it is on the a small, rural service town, it is on the a small, rural service town, it is on the coast, a small, rural service town, it is on the coast, it a small, rural service town, it is on the coast, it a small, rural service town, it is on the coast, it is a small, rural service town, it is on the coast, it is the a small, rural service town, it is on the coast, it is the gateway to a small, rural service town, it is on the coast, it is the gateway to on the coast, it is the gateway to Central Otago but on the coast, it is the gateway to Central Otago but it on the coast, it is the gateway to Central Otago but it lost on the coast, it is the gateway to Central Otago but it lost Central Otago but it lost its last bank Central Otago but it lost its last bank and Central Otago but it lost its last bank and it Central Otago but it lost its last bank and it Central Otago but it lost its last bank and it lost bank and it lost its last money machine bank and it lost its last money machine So bank and it lost its last money machine So that left bank and it lost its last money machine

So that left bank and it lost its last money machine So that left the people bank and it lost its last money machine So that left the people machine So that left the people who work machine So that left the people who work at machine

So that left the people who work at McRae's gold machine So that left the people who work at McRae's gold machine So that left the people who work at McRae's gold mine and work at McRae's gold mine and farming work at McRae's gold mine and farming families and work at McRae's gold mine and farming families and work at McRae's gold mine and farming families and people work at McRae's gold mine and farming families and people who farming families and people who live within farming families and people who live within farming families and people who live within the Palmerston farming families and people who live within the Palmerston farming families and people who live machine farming families and people who live machine farming families and people who live without any banking services farming families and people who live without any banking services at without any banking services at all, unless without any banking services at all, unless without any banking services at all, unless they were able to without any banking services at all, unless they were able to unless they were able to go into thing unless they were able to go into thing unless they were able to go into thing many Gregors tea unless they were able to go into thing many Gregors tea unless they were able to go into thing many Gregors tea rooms unless they were able to go into thing many Gregors tea rooms and thing many Gregors tea rooms and get some thing many Gregors tea rooms and get some thing many Gregors tea rooms and get some change or thing many Gregors tea rooms and get some change or going back a wee bit now

It caused a going back a wee bit now It caused a lot of consternation within going back a wee bit now It caused a lot of consternation within a lot of consternation within the community We do a lot of consternation within the community We do a lot of consternation within the community

We do see this a lot of consternation within the community We do see this community We do see this happening through smaller community We do see this happening through smaller community We do see this happening through smaller communities in community

We do see this happening through smaller communities in through smaller communities in New Zealand as through smaller communities in New Zealand as Zealand as banking services rationalise, modernise Zealand as banking services rationalise, modernise rationalise, modernise and withdraw from rationalise, modernise and withdraw from rationalise, modernise and withdraw from rural rationalise, modernise and withdraw from rural New Zealand rationalise, modernise and withdraw from rural New Zealand and from rural New Zealand and provincial New Zealand from rural New Zealand and provincial New Zealand from rural New Zealand and provincial New Zealand But provincial New Zealand But going back 10 provincial New Zealand

But going back 10 provincial New Zealand But going back 10 years or more provincial New Zealand But going back 10 years or more back 10 years or more technology has actually moved back 10 years or more technology has actually moved back 10 years or more technology has actually moved a actually moved a long way from then So actually moved a long way from then So actually moved a long way from then

So I actually moved a long way from then So I was the deputy actually moved a long way from then So I was the deputy actually moved a long way from then So I was the deputy mayor So I was the deputy mayor of the Waitaki District So I was the deputy mayor of the Waitaki District So I was the deputy mayor of the Waitaki District Council at the So I was the deputy mayor of the Waitaki District Council at the Waitaki District Council at the time and we cast Waitaki District Council at the time and we cast around Waitaki District Council at the time and we cast around for a Waitaki District Council at the time and we cast around for a solution and we cast around for a solution

How do and we cast around for a solution How do and we cast around for a solution How do we serve and we cast around for a solution How do we serve and we cast around for a solution How do we serve our community of and we cast around for a solution

How do we serve our community of How do we serve our community of Palmerston who are How do we serve our community of Palmerston who are Palmerston who are losing their banking services Palmerston who are losing their banking services Palmerston who are losing their banking services So Palmerston who are losing their banking services So we Palmerston who are losing their banking services

So we approached Palmerston who are losing their banking services So we approached banking services So we approached the banking services So we approached the trading banks They the trading banks

They were not interested the trading banks They were not interested the trading banks They were not interested because it wasn't the trading banks They were not interested because it wasn't interested because it wasn't a good financial interested because it wasn't a good financial interested because it wasn't a good financial proposition for them interested because it wasn't a good financial proposition for them financial proposition for them to run financial proposition for them to run financial proposition for them to run a cash machine financial proposition for them to run a cash machine financial proposition for them to run a cash machine in financial proposition for them to run a cash machine in a small rural financial proposition for them to run a cash machine in a small rural run a cash machine in a small rural community run a cash machine in a small rural community

And run a cash machine in a small rural community And so run a cash machine in a small rural community And so run a cash machine in a small rural community And so in the run a cash machine in a small rural community And so in the community

And so in the end we ended community And so in the end we ended community And so in the end we ended up community And so in the end we ended up having community And so in the end we ended up having community

And so in the end we ended up having a community And so in the end we ended up having a cash machine community And so in the end we ended up having a cash machine ended up having a cash machine installed ended up having a cash machine installed by ended up having a cash machine installed by ended up having a cash machine installed by the Otago ended up having a cash machine installed by the Otago installed by the Otago Credit union and installed by the Otago Credit union and installed by the Otago Credit union and that cash installed by the Otago Credit union and that cash installed by the Otago Credit union and that cash machine and that cash machine is still there and that cash machine is still there and that cash machine is still there today It and that cash machine is still there today It and that cash machine is still there today

It served to and that cash machine is still there today It served to prove today It served to prove that credit today It served to prove that credit today It served to prove that credit unions today

It served to prove that credit unions and friendly today It served to prove that credit unions and friendly credit unions and friendly societies are credit unions and friendly societies are there credit unions and friendly societies are there to credit unions and friendly societies are there to credit unions and friendly societies are there to serve their credit unions and friendly societies are there to serve their members, are there to serve their members, their members' are there to serve their members, their members' families, are there to serve their members, their members' families, associates are there to serve their members, their members' families, associates are there to serve their members, and affiliates If you are there to serve their members, and affiliates If you and affiliates If you wanted a concrete example and affiliates

If you wanted a concrete example and affiliates If you wanted a and affiliates If you wanted a there are many, and I know that the member there are many, and I know that the member in there are many, and I know that the member in there are many, and I know that the member in charge of there are many, and I know that the member in charge of member in charge of this bill Stuart Smith member in charge of this bill Stuart Smith is member in charge of this bill Stuart Smith is very familiar member in charge of this bill Stuart Smith is very familiar with member in charge of this bill Stuart Smith is very familiar with all member in charge of this bill Stuart Smith is very familiar with all Smith is very familiar with all the circumstances around this, Smith is very familiar with all the circumstances around this, circumstances around this, but if circumstances around this, but if circumstances around this, but if you wanted circumstances around this, but if you wanted an example of circumstances around this, but if you wanted an example of you wanted an example of how a credit union you wanted an example of how a credit union could you wanted an example of how a credit union could serve you wanted an example of how a credit union could serve a credit union could serve a community, then I credit union could serve a community, then I credit union could serve a community, then I would say credit union could serve a community, then I would say credit union could serve a community, then I would say that community, then I would say that serving community, then I would say that serving community, then I would say that serving the community community, then I would say that serving the community community, then I would say that serving community, then I would say that was one I've community, then I would say that was one I've used the machine community, then I would say that was one

I've used the machine as was one I've used the machine as do the locals It was one I've used the machine as do the locals It is was one

I've used the machine as do the locals It is in the was one I've used the machine as do the locals It is in the was one I've used the machine as do the locals

It is in the library It was one I've used the machine as do the locals It is in the library It the locals

It is in the library It is a the locals It is in the library It is a the locals It is in the library

It is a community facility the locals It is in the library It is a community facility the locals It is in the library It is a community facility and it is the locals

It is in the library It is a community facility and it is is a community facility and it is well is a community facility and it is well used is a community facility and it is well used is a community facility and it is well used and well appreciated is a community facility and it is well used and well appreciated So well used and well appreciated So the Act was well used and well appreciated

So the Act was the Act was introduced around the same the Act was introduced around the same the Act was introduced around the same time the Act was introduced around the same time as cash the Act was introduced around the same time as cash same time as cash machines were first installed same time as cash machines were first installed same time as cash machines were first installed and so same time as cash machines were first installed and so the first installed and so the story I've just told first installed and so the story I've just told first installed and so the story I've just told really first installed and so the story I've just told really is a piece first installed and so the story I've just told really is a piece first installed and so the story I've just told really is a piece of I've just told really is a piece of history now I've just told really is a piece of history now because I've just told really is a piece of history now because I've just told really is a piece of history now because banking I've just told really is a piece of history now because banking services history now because banking services history now because banking services history now because banking services have changed exponentially history now because banking services have changed exponentially have changed exponentially quickly since have changed exponentially quickly since have changed exponentially quickly since cash have changed exponentially quickly since cash machines were have changed exponentially quickly since cash machines were since cash machines were first installed And since cash machines were first installed And since cash machines were first installed And so, since cash machines were first installed And so, since cash machines were first installed

And so, the friendly installed And so, the friendly installed And so, the friendly installed And so, the friendly societies and installed And so, the friendly societies and credit unions installed

And so, the friendly societies and credit unions installed And so, the friendly societies and credit unions act societies and credit unions act desperately needs updating societies and credit unions act desperately needs updating for societies and credit unions act desperately needs updating for a desperately needs updating for a number desperately needs updating for a number desperately needs updating for a number of reasons but desperately needs updating for a number of reasons but desperately needs updating for a number of reasons but I desperately needs updating for a number of reasons but I want desperately needs updating for a number of reasons but I want desperately needs updating for a number of reasons but I want to number of reasons but I want to focus number of reasons but I want to focus number of reasons but I want to focus in number of reasons but I want to focus in my contribution on number of reasons but I want to focus in my contribution on number of reasons but I want to focus in my contribution on why number of reasons but I want to focus in my contribution on why it focus in my contribution on why it is focus in my contribution on why it is focus in my contribution on why it is so critical focus in my contribution on why it is so critical focus in my contribution on why it is so critical and necessary focus in my contribution on why it is so critical and necessary is so critical and necessary for credit unions and is so critical and necessary for credit unions and credit unions and friendly societies to credit unions and friendly societies to credit unions and friendly societies to have a modern credit unions and friendly societies to have a modern to have a modern structure in which they to have a modern structure in which they to have a modern structure in which they can operate to have a modern structure in which they can operate to have a modern structure in which they can operate to the to have a modern structure in which they can operate to the benefit to have a modern structure in which they can operate to the benefit of to have a modern structure in which they can operate to the benefit of they can operate to the benefit of their members and they can operate to the benefit of their members and their members and communities but also their members and communities but also their members and communities but also to their members and communities but also to compete their members and communities but also to compete their members and communities but also to compete with modern their members and communities but also to compete with modern also to compete with modern banking services If also to compete with modern banking services If also to compete with modern banking services If I also to compete with modern banking services

If I were to also to compete with modern banking services If I were to also to compete with modern banking services If I were to pick also to compete with modern banking services If I were to pick out also to compete with modern banking services If I were to pick out one services

If I were to pick out one exciting services If I were to pick out one exciting development services If I were to pick out one exciting development exciting development in banking services, exciting development in banking services, exciting development in banking services, it exciting development in banking services, it would exciting development in banking services, it would exciting development in banking services, it would be exciting development in banking services, it would be things exciting development in banking services, it would be things services, it would be things like their services, it would be things like obviously contactless credit services, it would be things like obviously contactless credit cards, services, it would be things like obviously contactless credit cards, obviously contactless credit cards, which obviously contactless credit cards, which are obviously contactless credit cards, obviously contactless credit cards, revolutionising the way people transact revolutionising the way people transact revolutionising the way people transact and shop There revolutionising the way people transact and shop There revolutionising the way people transact and shop

There are revolutionising the way people transact and shop There are many, transact and shop There are many, many transact and shop There are many, many innovations transact and shop There are many, many innovations in banking that transact and shop

There are many, many innovations in banking that many innovations in banking that credit many innovations in banking that credit unions and friendly many innovations in banking that credit unions and friendly many innovations in banking that credit unions and friendly societies many innovations in banking that can avail themselves of many innovations in banking that can avail themselves of They can avail themselves of They just need the legislative framework can avail themselves of They just need the legislative framework need the legislative framework to do it in, need the legislative framework to do it in, need the legislative framework to do it in, which is need the legislative framework to do it in, which is why need the legislative framework to do it in, which is why I am so need the legislative framework to do it in, which is why I am so it in, which is why I am so pleased that Stuart Smith has it in, which is why I am so pleased that Stuart Smith has brought that Stuart Smith has brought this bill to that Stuart Smith has brought this bill to the that Stuart Smith has brought this bill to the House

I that Stuart Smith has brought this bill to the House I that Stuart Smith has brought this bill to the House I also want that Stuart Smith has brought this bill to the House I also want bill to the House I also want to acknowledge the bill to the House

I also want to acknowledge the acknowledge the Finance and Expenditure Committee for acknowledge the Finance and Expenditure Committee for acknowledge the Finance and Expenditure Committee for working so acknowledge the Finance and Expenditure Committee for working so Expenditure Committee for working so well on Expenditure Committee for working so well on Expenditure Committee for working so well on this piece of Expenditure Committee for working so well on this piece of legislation well on this piece of legislation Stuart well on this piece of legislation Stuart Smith will well on this piece of legislation Stuart Smith will well on this piece of legislation

Stuart Smith will regret saying it well on this piece of legislation Stuart Smith will regret saying it Stuart Smith will regret saying it because it Stuart Smith will regret saying it because it Stuart Smith will regret saying it because it will because it will be repeated endlessly, because it will be repeated endlessly, because it will be repeated endlessly, did because it will be repeated endlessly, did say it is because it will be repeated endlessly, did say it is because it will be repeated endlessly, did say it is a dry because it will be repeated endlessly, did say it is a dry endlessly, did say it is a dry piece of work endlessly, did say it is a dry piece of work endlessly, did say it is a dry piece endlessly, did say it is a dry piece endlessly, did say it is a dry piece endlessly, did say it is a dry piece a significant reach into every community a significant reach into every community around New Zealand a significant reach into every community around New Zealand So community around New Zealand So under the current community around New Zealand

So under the current community around New Zealand So under the current act credit unions community around New Zealand So under the current act credit unions under the current act credit unions have under the current act credit unions have a under the current act credit unions have a under the current act credit unions have a very under the current act credit unions have a very complex under the current act credit unions have a very complex have a very complex supervisory and oversight regime This have a very complex supervisory and oversight regime This oversight regime

This inhibits innovation The last thing oversight regime This inhibits innovation The last thing oversight regime This inhibits innovation

The last thing we want innovation The last thing we want to innovation The last thing we want to do in the innovation The last thing we want to do in the innovation The last thing we want to do in the banking sector in New to do in the banking sector in New Zealand to do in the banking sector in New Zealand is to do in the banking sector in New Zealand is to do in the banking sector in New Zealand is to create to do in the banking sector in New Zealand is to create Zealand is to create an unlevel Zealand is to create an unlevel Zealand is to create an unlevel playing field Zealand is to create an unlevel playing field but Zealand is to create an unlevel playing field but Zealand is to create an unlevel playing field but also to Zealand is to create an unlevel playing field but also to inhibit playing field but also to inhibit innovation

I playing field but also to inhibit innovation I playing field but also to inhibit innovation I think credit playing field but also to inhibit innovation I think credit innovation I think credit to Stuart Smith is innovation

I think credit to Stuart Smith is that Smith is that this bill addresses that Smith is that this bill addresses that Smith is that this bill addresses that on behalf of Smith is that this bill addresses that on behalf of that on behalf of the credit unions I that on behalf of the credit unions I that on behalf of the credit unions I also want that on behalf of the credit unions I also want that on behalf of the credit unions

I also want to acknowledge that on behalf of the credit unions I also want to acknowledge I also want to acknowledge the credit unions themselves I also want to acknowledge the credit unions themselves I also want to acknowledge the credit unions themselves I credit unions themselves

I know this credit unions themselves I know this credit unions themselves I know this has been a credit unions themselves I know this has been a credit unions themselves I know this has been a difficult credit unions themselves

I know this has been a difficult pathway this has been a difficult pathway for this has been a difficult pathway for them to come this has been a difficult pathway for them to come this has been a difficult pathway for them to come to this House and for them to come to this House and they for them to come to this House and they must be for them to come to this House and they must be for them to come to this House and for them to come to this House and for them to come to this House and for them to come to this House and at home feeling pretty hopeful that this at home feeling pretty hopeful that this House will support at home feeling pretty hopeful that this House will support this House will support through its final this House will support through its final this House will support through its final stages this House will support through its final stages this bill this House will support through its final stages this bill this House will support through its final stages this bill on their this House will support through its final stages this bill on their final stages this bill on their behalf so final stages this bill on their behalf so final stages this bill on their behalf so that finally they can final stages this bill on their behalf so that finally they can behalf so that finally they can put to rest their behalf so that finally they can put to rest their behalf so that finally they can put to rest their history behalf so that finally they can put to rest their history They behalf so that finally they can put to rest their history They can behalf so that finally they can put to rest their history They can to rest their history

They can address the future and to rest their history They can address the future and to rest their history They can address the future and be address the future and be that supportive address the future and be that supportive address the future and be that address the future and be that facility that their members desire and facility that their members desire and witch facility that their members desire and witch is facility that their members desire and witch is beneficial for facility that their members desire and witch is beneficial for and witch is beneficial for and witch is beneficial for and witch is beneficial for Zealand If I just and witch is beneficial for Zealand If I just and witch is beneficial for Zealand

If I just pull out one Zealand If I just pull out one example Zealand If I just pull out one example of the benefits Zealand If I just pull out one example of the benefits

Zealand If I just pull out one example of the benefits To example of the benefits To currently example of the benefits To currently at example of the benefits

To currently at the moment credit example of the benefits To currently at the moment credit currently at the moment credit unions aren't currently at the moment credit unions aren't currently at the moment credit unions aren't able to currently at the moment credit unions aren't able to provide unions aren't able to provide financing to SMEs unions aren't able to provide financing to SMEs unions aren't able to provide unions aren't able to provide unions aren't able to provide members of that credit union It is quite members of that credit union It is quite convoluted because members of that credit union It is quite convoluted because quite convoluted because at the moment currently the quite convoluted because at the moment currently the quite convoluted because at the moment currently the loan must quite convoluted because at the moment currently the loan must be moment currently the loan must be made to moment currently the loan must be made to moment currently the loan must be made to the member who moment currently the loan must be made to the member who onlends made to the member who onlends it on to made to the member who onlends it on to made to the member who onlends it on to the made to the member who onlends it on to the small and medium made to the member who onlends it on to the small and medium to the small and medium enterprise with the to the small and medium enterprise with the to the small and medium enterprise with the credit union to the small and medium enterprise with the credit union to the small and medium enterprise with the credit union having with the credit union having to take collateral, security with the credit union having to take collateral, security with the credit union having to take collateral, security from the SME with the credit union having to take collateral, security from the SME collateral, security from the SME as well

Well, collateral, security from the SME as well Well, collateral, security from the SME as well Well, that is clunky, collateral, security from the SME as well Well, that is clunky, well Well, that is clunky, it is old well

Well, that is clunky, it is old well Well, that is clunky, it is old fashioned and well Well, that is clunky, it is old fashioned and well Well, that is clunky, it is development and the last thing we need development and the last thing we need in development and the last thing we need in New development and the last thing we need in New Zealand is development and the last thing we need in New Zealand is development and the last thing we need in New Zealand is measures in need in New Zealand is measures in the need in New Zealand is measures in the banking need in New Zealand is measures in the banking need in New Zealand is measures in the banking system the banking system which inhibit development in the banking system which inhibit development in the banking system which inhibit development in growth, particularly the banking system which inhibit development in growth, particularly development in growth, particularly in rural and provincial New development in growth, particularly in rural and provincial New So that is a measure which has been the So that is a measure which has been addressed in this bill So that is a measure which has been addressed in this bill

A So that is a measure which has been addressed in this bill A further addressed in this bill A further addressed in this bill A further addressed in this bill A further addressed in this bill

A further addressed in this bill A further addressed in this bill A further number of credit unions necessary to form number of credit unions necessary to form an association number of credit unions necessary to form an association There number of credit unions necessary to form an association

There is a number of credit unions necessary to form an association There is a form an association There is a need to gain form an association There is a need to gain economies form an association There is a need to gain economies of scale, which form an association

There is a need to gain economies of scale, which to gain economies of scale, which has seen to gain economies of scale, which has seen to gain economies of scale, which has seen the number to gain economies of scale, which has seen the number to gain economies of scale, which has seen the number of to gain economies of scale, which has seen the number of credit to gain economies of scale, which has seen the number of credit unions to gain economies of scale, which has seen the number of credit unions has seen the number of credit unions decline to 20 has seen the number of credit unions decline to 20 has seen the number of credit unions has seen the number of credit unions current act a minimum of 7 is needed to current act a minimum of 7 is needed to form current act a minimum of 7 is needed to form current act a minimum of 7 is needed to form an association What current act a minimum of 7 is needed to form an association What current act a minimum of 7 is needed to form an association What is bill current act a minimum of 7 is needed to form an association What is bill to form an association

What is bill does to form an association What is bill does is reduce compliance to form an association What is bill does is reduce compliance to form an association What is bill does is reduce compliance costs, does is reduce compliance costs, reduce does is reduce compliance costs, reduce does is reduce compliance costs, reduce unnecessary operating costs, does is reduce compliance costs, reduce unnecessary operating costs, reduce unnecessary operating costs, promote reduce unnecessary operating costs, promote greater efficiency, reduce unnecessary operating costs, promote greater efficiency, promote promote greater efficiency, promote innovation, promote greater efficiency, promote innovation, we promote greater efficiency, promote innovation, we know innovation is promote greater efficiency, promote innovation, we know innovation is innovation, we know innovation is happening so very innovation, we know innovation is happening so very innovation, we know innovation is happening so very quickly in innovation, we know innovation is happening so very quickly in happening so very quickly in the banking happening so very quickly in the banking happening so very quickly in the banking sector but happening so very quickly in the banking sector but happening so very quickly in the banking sector but also banking sector but also very banking sector but also very accountability to the agencies who have accountability to the agencies who have oversight accountability to the agencies who have oversight accountability to the agencies who have oversight over credit accountability to the agencies who have oversight over credit accountability to the agencies who have oversight over credit unions have oversight over credit unions but also accountability to have oversight over credit unions but also accountability to but also accountability to their members It but also accountability to their members

It but also accountability to their members It is but also accountability to their members It is also very but also accountability to their members It is also very members It is also very important, and members

It is also very important, and this members It is also very important, and this bill achieves this, members It is also very important, and this bill achieves this, and this bill achieves this, to bring and this bill achieves this, to bring and this bill achieves this, to bring credit unions into and this bill achieves this, to bring credit unions into and this bill achieves this, to bring credit unions into alignment bring credit unions into alignment with bring credit unions into alignment with bring credit unions into alignment with other financial bring credit unions into alignment with other financial with other financial service providers in New Zealand with other financial service providers in New Zealand with other financial service providers in New Zealand

There with other financial service providers in New Zealand There is with other financial service providers in New Zealand There is providers in New Zealand There is providers in New Zealand There is something that Stuart Smith has been so something that Stuart Smith has been so strong something that Stuart Smith has been so strong something that Stuart Smith has been so strong on throughout something that Stuart Smith has been so strong on throughout the so strong on throughout the process is so strong on throughout the process is so strong on throughout the process is to maintain so strong on throughout the process is to maintain the so strong on throughout the process is to maintain the element of so strong on throughout the process is to maintain the element of is to maintain the element of mutuality and the requirement is to maintain the element of mutuality and the requirement mutuality and the requirement of having a mutuality and the requirement of having a common mutuality and the requirement of having a common bond between having a common bond between having a common bond between having a common bond between members

That is having a common bond between members That is having a common bond between members That is why credit unions having a common bond between members That is why credit unions members That is why credit unions were started members

That is why credit unions were started members That is why credit unions were started in the first members That is why credit unions were started in the first members That is why credit unions were started in the first place and were started in the first place and I were started in the first place and I do applaud all were started in the first place and I do applaud all those were started in the first place and I do applaud all those involved were started in the first place and I do applaud all those involved in I do applaud all those involved in the long, long I do applaud all those involved in the long, long I do applaud all those involved in the long, long passage the long, long passage to bring this to the long, long passage to bring this to the long, long passage to bring this to the House the long, long passage to bring this to the House

So the long, long passage to bring this to the House So at the long, long passage to bring this to the House So at this the long, long passage to bring this to the House So at this reading of the long, long passage to bring this to the House So at this reading of to the House

So at this reading of the Friendly Societies and Credit the Friendly Societies and Credit the Friendly Societies and Credit the Friendly Societies and Credit Unions (Regulatory Unions (Regulatory Improvements) Amendment Unions (Regulatory Improvements) Amendment Unions (Regulatory Improvements) Amendment Bill in its second reading Unions (Regulatory Improvements) Amendment Bill in its second reading Amendment Bill in its second reading I do commend Amendment Bill in its second reading I do commend the Amendment Bill in its second reading I do commend the bill to the House Amendment Bill in its second reading I do commend the bill to the House I do commend the bill to the House but just I do commend the bill to the House but just I do commend the bill to the House but just one I do commend the bill to the House but just one last comment I do commend the bill to the House but just one last comment but just one last comment perhaps, it but just one last comment perhaps, it is but just one last comment perhaps, it is a great but just one last comment perhaps, it is a great it is a great privilege in this House for a it is a great privilege in this House for a it is a great privilege in this House for a member it is a great privilege in this House for a member to bring a bill it is a great privilege in this House for a member to bring a bill House for a member to bring a bill to the House for a member to bring a bill to the House for a member to bring a bill to the House which has House for a member to bring a bill to the House which has House for a member to bring a bill to the House which has a great deal House for a member to bring a bill to the House which has a great deal to the House which has a great deal of meaning throughout New to the House which has a great deal of meaning throughout New Zealand of meaning throughout New Zealand I have of meaning throughout New Zealand I have of meaning throughout New Zealand I have to say that of meaning throughout New Zealand

I have to say that of meaning throughout New Zealand I have to say that Stuart Smith of meaning throughout New Zealand I have to say that Stuart Smith have to say that Stuart Smith has achieved this I have to say that Stuart Smith has achieved this I have to say that Stuart Smith has achieved this

I congratulate him achieved this I congratulate him and achieved this I congratulate him and commend the bill to achieved this I congratulate him and commend the bill to achieved this I congratulate him and commend the bill to the House

achieved this I congratulate him and commend the bill to the House I and commend the bill to the House I call Michael Wood I and commend the bill to the House

I call Michael Wood I and commend the bill to the House I call Michael Wood I rise and commend the bill to the House I call Michael Wood

I rise to and commend the bill to the House I call Michael Wood I rise to call Michael Wood I rise to speak firmly in call Michael Wood I rise to speak firmly in firmly in support of the Friendly Societies firmly in support of the Friendly Societies firmly in support of the Friendly Societies and Credit Unions Societies and Credit Unions (Regulatory (Regulatory Improvements) Amendment Bill

(Regulatory Improvements) Amendment Bill (Regulatory Improvements) Amendment Bill I would like to (Regulatory Improvements) Amendment Bill I would like to (Regulatory Improvements) Amendment Bill I would like to just (Regulatory Improvements) Amendment Bill

I would like to just start (Regulatory Improvements) Amendment Bill I would like to just start off Bill I would like to just start off by saying Bill I would like to just start off by saying that Bill I would like to just start off by saying that at the select Bill

I would like to just start off by saying that at the select by saying that at the select committee, along with by saying that at the select committee, along with by saying that at the select committee, along with the sponsor of committee, along with the sponsor of committee, along with the sponsor of committee, along with the sponsor of the bill, committee, along with the sponsor of the bill, Mr Stuart Smith committee, along with the sponsor of the bill, Mr Stuart Smith the bill, Mr Stuart Smith and other committee the bill, Mr Stuart Smith and other committee members, the bill, Mr Stuart Smith and other committee members, this the bill, Mr Stuart Smith and other committee members, this the bill, Mr Stuart Smith and other committee members, this has the bill, Mr Stuart Smith and other committee members, this has been the bill, Mr Stuart Smith and other committee members, this has been committee members, this has been an incredibly satisfying committee members, this has been an incredibly satisfying committee members, this has been an incredibly satisfying bill to work incredibly satisfying bill to work incredibly satisfying bill to work incredibly satisfying bill to work upon I think incredibly satisfying bill to work upon I think incredibly satisfying bill to work upon I think it has been incredibly satisfying bill to work upon I think it has been satisfying upon

I think it has been satisfying because we have upon I think it has been satisfying because we have