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

they took great care in getting it right for the sake of credit unions right for the sake of credit unions

I right for the sake of credit unions I commend this bill to right for the sake of credit unions I commend this bill to the right for the sake of credit unions I commend this bill to the House right for the sake of credit unions

I commend this bill to the House I I commend this bill to the House I call Ian I commend this bill to the House I call Ian I commend this bill to the House I call Ian McKelvie

It is a I commend this bill to the House I call Ian McKelvie It is a call Ian McKelvie It is a privilege for me to call Ian McKelvie It is a privilege for me to speak call Ian McKelvie

It is a privilege for me to speak on a call Ian McKelvie It is a privilege for me to speak on a call Ian McKelvie It is a privilege for me to speak on a bill that's call Ian McKelvie It is a privilege for me to speak on a bill that's for me to speak on a bill that's come to for me to speak on a bill that's come to come to the House, the Friendly Societies come to the House, the Friendly Societies come to the House, the Friendly Societies and Credit Unions Societies and Credit Unions (Regulatory Societies and Credit Unions (Regulatory Improvements) Societies and Credit Unions (Regulatory Improvements) Amendment (Regulatory Improvements) Amendment Bill, brought to the (Regulatory Improvements) Amendment Bill, brought to the (Regulatory Improvements) Amendment Bill, brought to the House by Stuart (Regulatory Improvements) Amendment Bill, brought to the House by Stuart Bill, brought to the House by Stuart Smith He Bill, brought to the House by Stuart Smith

He is Bill, brought to the House by Stuart Smith He is fortunate to have drawn Smith He is fortunate to have drawn a Smith He is fortunate to have drawn a bill out Smith He is fortunate to have drawn a bill out Smith

He is fortunate to have drawn a bill out of the ballot really but Smith He is fortunate to have drawn a bill out of the ballot really but a bill out of the ballot really but it is a bill out of the ballot really but it is a bill out of the ballot really but it is quite a complicated bill a bill out of the ballot really but it is quite a complicated bill for it is quite a complicated bill for a member's it is quite a complicated bill for a member's it is quite a complicated bill for a member's bill and I congratulate it is quite a complicated bill for a member's bill and I congratulate member's bill and I congratulate him for the work member's bill and I congratulate him for the work member's bill and I congratulate him for the work he has done on member's bill and I congratulate him for the work he has done on it for the work he has done on it It was an for the work he has done on it It was an was an interesting process for me because was an interesting process for me because was an interesting process for me because I knew little was an interesting process for me because I knew little because I knew little about credit unions going into this because I knew little about credit unions going into this because I knew little about credit unions going into this and I was not unions going into this and I was not part unions going into this and I was not part of the committee unions going into this and I was not part of the committee at part of the committee at the time the submissions part of the committee at the time the submissions were part of the committee at the time the submissions were taken part of the committee at the time the submissions were taken so the submissions were taken so I have had to do the submissions were taken so I have had to do the submissions were taken so I have had to do a little study on my way the submissions were taken so I have had to do a little study on my way had to do a little study on my way through

I came had to do a little study on my way through I came through I came into the deliberations through I came into the deliberations a through I came into the deliberations a little later through

I came into the deliberations a little later deliberations a little later than most deliberations a little later than most I deliberations a little later than most I want deliberations a little later than most I want deliberations a little later than most

I want to comment deliberations a little later than most I want to comment most I want to comment on a couple of most I want to comment on a couple of most I want to comment on a couple of comments that Jacqui Dean most

I want to comment on a couple of comments that Jacqui Dean most I want to comment on a couple earlier in her most I want to comment on a couple earlier in her most I want to comment on a couple earlier in her speech on this most

I want to comment on a couple earlier in her speech on this When earlier in her speech on this When you think earlier in her speech on this When you think you think about New Zealand, mutuals, you think about New Zealand, mutuals, you think about New Zealand, mutuals, cooperatives and credit you think about New Zealand, mutuals, cooperatives and credit mutuals, cooperatives and credit unions mutuals, cooperatives and credit unions and building societies and mutuals, cooperatives and credit unions and building societies and unions and building societies and that sort unions and building societies and that sort unions and building societies and that sort of organisation are unions and building societies and that sort of organisation are that sort of organisation are hugely important to New Zealand that sort of organisation are hugely important to New Zealand important to New Zealand because I think our important to New Zealand because I think our important to New Zealand because I think our isolation from important to New Zealand because I think our isolation from think our isolation from the rest of the think our isolation from the rest of the think our isolation from the rest of the world think our isolation from the rest of the world and our think our isolation from the rest of think our isolation from the rest of think our isolation from the rest of lack of ability to protect ourselves from lack of ability to protect ourselves from the big lack of ability to protect ourselves from the big lack of ability to protect ourselves from the big corporate lack of ability to protect ourselves from the big corporate world from the big corporate world or the wider from the big corporate world or the wider from the big corporate world or the wider corporate world, from the big corporate world or the wider corporate world, wider corporate world, probably makes it even more wider corporate world, probably makes it even more important wider corporate world, probably makes it even more important

When wider corporate world, probably makes it even more important When makes it even more important When you makes it even more important When you think Aberdeen makes it even more important When you think Aberdeen Dean's makes it even more important

When you think Aberdeen Dean's speech makes it even more important When you think Aberdeen Dean's speech about Jacqui Dean's speech about the south, about Jacqui Dean's speech about the south, if you about Jacqui Dean's speech about the south, if you about Jacqui Dean's speech about the south, if you think about Jacqui Dean's speech about the south, if you think about the great south, if you think about the great cooperatives south, if you think about the great cooperatives in New Zealand south, if you think about the great cooperatives in New Zealand cooperatives in New Zealand most of them originated in cooperatives in New Zealand most of them originated in the cooperatives in New Zealand most of them originated in the deep south them originated in the deep south them originated in the deep south them originated in the deep south

So you think them originated in the deep south So you think them originated in the deep south So you think about some them originated in the deep south So you think about some them originated in the deep south So you think about some of So you think about some of the bigger cooperatives, So you think about some of the bigger cooperatives, So you think about some of the bigger cooperatives, like So you think about some of the bigger cooperatives, like bigger cooperatives, like ravenstown, bigger cooperatives, like ravenstown, the farmers mutual bigger cooperatives, like ravenstown, the farmers mutual bigger cooperatives, like ravenstown, the farmers mutual group ravenstown, the farmers mutual group and farmlands also ravenstown, the farmers mutual group and farmlands also ravenstown, the farmers mutual group and farmlands also originated ravenstown, the farmers mutual group and farmlands also originated in ravenstown, the farmers mutual group and farmlands also originated in the and farmlands also originated in the Outram hotel

It and farmlands also originated in the Outram hotel It and farmlands also originated in the Outram hotel It did Outram hotel It did originate also in Hawke's Outram hotel It did originate also in Hawke's Outram hotel

It did originate also in Hawke's Bay in Outram hotel It did originate also in Hawke's Bay in Outram hotel It did originate also in Hawke's Bay in Esdale It is an Outram hotel It did originate also in Hawke's Bay in Esdale

It is an in Hawke's Bay in Esdale It is an interesting history we have in in Hawke's Bay in Esdale It is an interesting history we have in interesting history we have in New Zealand where we have interesting history we have in New Zealand where we have interesting history we have in New Zealand where we have a history interesting history we have in New Zealand where we have a history Zealand where we have a history of protecting ourselves The Zealand where we have a history of protecting ourselves The Zealand where we have a history of protecting ourselves

The great protecting ourselves The great thing about mutuals, cooperatives, protecting ourselves The great thing about mutuals, cooperatives, thing about mutuals, cooperatives, credit unions and thing about mutuals, cooperatives, credit unions and thing about mutuals, cooperatives, credit unions and things like that, credit unions and things like that, credit unions and things like that, credit unions and things like that, is that it protects the credit unions and things like that, is that it protects the is that it protects the members and I is that it protects the members and I is that it protects the members and I think is that it protects the members and I think it was Gareth hues is that it protects the members and I think it was Gareth hues I think it was Gareth hues that mentioned the I think it was Gareth hues that mentioned the I think it was Gareth hues that mentioned the profits mentioned the profits that the international banks make out mentioned the profits that the international banks make out international banks make out of New Zealand every international banks make out of New Zealand every year Zealand every year When you think about Zealand every year

When you think about Zealand every year When you think about a credit union Zealand every year When you think about a credit union it about a credit union it retains all of that profit about a credit union it retains all of that profit about a credit union it retains all of that profit for 2 good of about a credit union it retains all of that profit for 2 good of of that profit for 2 good of its members That of that profit for 2 good of its members That of that profit for 2 good of its of that profit for 2 good of its of that profit for 2 good of its of that profit for 2 good of its its members

That is the critical fact its members That is the critical fact about the credit its members That is the critical fact about the credit unions fact about the credit unions and what I think is fact about the credit unions and what I think is what I think is so important I heard what I think is so important I heard what I think is so important

I heard David Carter what I think is so important I heard David Carter heard David Carter mentioning earlier the heard David Carter mentioning earlier the earlier the Dee mutualisation of many earlier the Dee mutualisation of many earlier the Dee mutualisation of many of the earlier the Dee mutualisation of many of the earlier the Dee mutualisation of many of the big Australian mutuals many of the big Australian mutuals There many of the big Australian mutuals There was many of the big Australian mutuals

There was some many of the big Australian mutuals There was some fear many of the big Australian mutuals There was some fear There was some fear among the submitters that There was some fear among the submitters that that submitters that that was a possibility submitters that that was a possibility submitters that that was a possibility that could happen as submitters that that was a possibility that could happen as possibility that could happen as a result of this bill possibility that could happen as a result of this bill possibility that could happen as a result of this bill

When possibility that could happen as a result of this bill When you possibility that could happen as a result of this bill When you think result of this bill When you think of the result of this bill When you think of the result of this bill

When you think result of this bill When you think result of this bill When you think result of this bill When you think its old days, it was a mutual which held its old days, it was a mutual which held insurance policies basically its old days, it was a mutual which held insurance policies basically held insurance policies basically for the good held insurance policies basically for the good held insurance policies basically for the good of its members held insurance policies basically for the good of its members

held insurance policies basically for the good of its members When for the good of its members When it demutualised all of for the good of its members When it demutualised all of all of it but a good deal of the money all of it but a good deal of the money that was originally all of it but a good deal of the money that was originally for all of it but a good deal of the money that was originally for the money that was originally for the benefit money that was originally for the benefit of the policyholders money that was originally for the benefit of the policyholders money that was originally for the benefit of the policyholders went to benefit of the policyholders went to benefit of the policyholders went to benefit of the policyholders went to the shareholders who in some benefit of the policyholders went to the shareholders who in some benefit of the policyholders went to the shareholders who in some cases the shareholders who in some cases were the policyholders the shareholders who in some cases were the policyholders

It the shareholders who in some cases were the policyholders It was the shareholders who in some cases were the policyholders It was were the policyholders It was very destructive We were the policyholders

It was very destructive We were the policyholders It was very destructive We have learnt the destructive We have learnt the destructive

We have learnt the destructive We have learnt the destructive We have learnt the lessons and that is a particular lesson lessons and that is a particular lesson we learnt if lessons and that is a particular lesson we learnt if lessons and that is a particular lesson we learnt if hard way lessons and that is a particular lesson we learnt if hard way I lesson we learnt if hard way

I suppose lesson we learnt if hard way I suppose lesson we learnt if hard way I suppose if lesson we learnt if hard way I suppose if you think about lesson we learnt if hard way I suppose if you think about Mooney suppose if you think about Mooney of our line suppose if you think about Mooney of our line suppose if you think about Mooney of suppose if you think about Mooney of suppose if you think about Mooney of suppose if you think about Mooney of companies in New Zealand that were owned companies in New Zealand that were owned companies in New Zealand that were owned by companies in New Zealand that were owned by local companies in New Zealand that were owned by local companies in New Zealand that were owned by local cooperatives companies in New Zealand that were owned by local cooperatives and companies in New Zealand that were owned by local cooperatives and owned by local cooperatives and they were owned by local cooperatives and they were effectively were effectively demutualised and shares were effectively demutualised and shares were effectively demutualised and shares sold to the were effectively demutualised and shares sold to the were effectively demutualised and shares sold to the big corporates were effectively demutualised and shares sold to the big corporates shares sold to the big corporates and we no shares sold to the big corporates and we no shares sold to the big corporates and we no longer shares sold to the big corporates and we no longer own shares sold to the big corporates and we no longer own them either

So shares sold to the big corporates and we no longer own them either So and we no longer own them either So these are and we no longer own them either So these are and we no longer own them either So these are hugely important to New these are hugely important to New these are hugely important to New these are hugely important to New Zealand's history

They have these are hugely important to New Zealand's history They have these are hugely important to New Zealand's history They have a very these are hugely important to New Zealand's history They have a very Zealand's history They have a very real place to Zealand's history

They have a very real place to play real place to play in New Zealand society So real place to play in New Zealand society So real place to play in New Zealand society So to real place to play in New Zealand society So to see real place to play in New Zealand society

So to see society So to see these credit unions effectively society So to see these credit unions effectively society So to see these credit unions effectively given the society So to see these credit unions effectively given the society

So to see these credit unions effectively given the full unions effectively given the full powers unions effectively given the full powers of unions effectively given the full powers of the banking unions effectively given the full powers of the banking powers of the banking community to powers of the banking community to powers of the banking community to act, within powers of the banking community to act, within reason and for powers of the banking community to act, within reason and for act, within reason and for the good of their act, within reason and for the good of their member, act, within reason and for the good of their member, as a act, within reason and for the good of their member, as a bank act, within reason and for the good of their member, as a bank acts, act, within reason and for the good of their member, as a bank acts, act, within reason and for the good of their member, as a bank acts, it of their member, as a bank acts, it certainly gives them of their member, as a bank acts, it certainly gives them certainly gives them opportunity to grow the certainly gives them opportunity to grow the services certainly gives them opportunity to grow the services they certainly gives them opportunity to grow the services they certainly gives them opportunity to grow the services they provide grow the services they provide to those members grow the services they provide to those members and grow the services they provide to those members and this grow the services they provide to those members and this grow the services they provide to those members and this bill also, I those members and this bill also, I think, those members and this bill also, I think, gives effectively those members and this bill also, I think, gives effectively those members and this bill also, I think, gives effectively the credit think, gives effectively the credit unions think, gives effectively the credit unions a personality which think, gives effectively the credit unions a personality which think, gives effectively the credit unions a personality which then unions a personality which then enables them, probably in a unions a personality which then enables them, probably in a enables them, probably in a lot of cases, enables them, probably in a lot of cases, enables them, probably in a lot of cases, to enables them, probably in a lot of cases, to attract better enables them, probably in a lot of cases, to attract better enables them, probably in a lot of cases, to attract better people to cases, to attract better people to operate cases, to attract better people to operate them and cases, to attract better people to operate them and operate them and perhaps better governance So I operate them and perhaps better governance So I operate them and perhaps better governance So I think that will operate them and perhaps better governance So I think that will governance

So I think that will improve the services governance So I think that will improve the services governance So I think that will improve the services to improve the services to those members improve the services to those members and improve the services to those members and obviously improve the services to those members and obviously improve the services to those members and obviously all the improve the services to those members and obviously all the members and obviously all the profit from those associations or members and obviously all the profit from those associations or members and obviously all the profit from those associations or members, from those associations or members, the from those associations or members, the activities from those associations or members, the activities of those from those associations or members, the activities of those the activities of those associations goes back to the members the activities of those associations goes back to the members That goes back to the members

That is goes back to the members That is goes back to the members That is really important goes back to the members That is really important for the members of really important for the members of these really important for the members of these credit unions as really important for the members of these credit unions as well these credit unions as well

So I these credit unions as well So I these credit unions as well So I these credit unions as well So I these credit unions as well So I these credit unions as well

So I this process late It was very this process late It was very this process late It was very interrogation to this process late It was very interrogation to follow the this process late

It was very interrogation to follow the interrogation to follow the process of the interrogation to follow the process of the interrogation to follow the process of the bill and to interrogation to follow the process of the bill and to interesting to follow the process of the interesting to follow the process of the bill and understand interesting to follow the process of the bill and understand where the bill and understand where it got the the bill and understand where it got the the bill and understand where it got the credit unions the bill and understand where it got the credit unions the bill and understand where it got the credit unions to the bill and understand where it got the credit unions to I the credit unions to I congratulate Stuart Smith the credit unions to I congratulate Stuart Smith and the credit unions to

I congratulate Stuart Smith and the select the credit unions to I congratulate Stuart Smith and the select Stuart Smith and the select committee, Stuart Smith and the select committee, which I thought Stuart Smith and the select committee, which I thought committee, which I thought was quite collegial and committee, which I thought was quite collegial and committee, which I thought was quite collegial and it worked well committee, which I thought was quite collegial and it worked well I collegial and it worked well I was pleased to be collegial and it worked well

I was pleased to be collegial and it worked well I was pleased to be part of the process collegial and it worked well I was pleased to be part of the process pleased to be part of the process and I look forward pleased to be part of the process and I look forward pleased to be part of the process and I look forward to pleased to be part of the process and I look forward to the pleased to be part of the process and I look forward to the pleased to be part of the process and I look forward to the bill and I look forward to the bill progressing and I look forward to the bill progressing through the and I look forward to the bill progressing through the and I look forward to the bill progressing through the House and I look forward to the bill progressing through the House I progressing through the House

I call Tamati progressing through the House I call Tamati Coffey progressing through the House I call Tamati Coffey Stoked as progressing through the House

I call Tamati Coffey Stoked as call Tamati Coffey Stoked as ever to call Tamati Coffey Stoked as ever to call Tamati Coffey Stoked as ever to be taking call Tamati Coffey

Stoked as ever to be taking call Tamati Coffey Stoked as ever to be taking a call call Tamati Coffey Stoked as ever to be taking a call on to be taking a call on the Friendly Societies and to be taking a call on the Friendly Societies and to be taking a call on the Friendly Societies and Credit Unions Societies and Credit Unions (Regulatory (Regulatory Improvements) Amendment Bill (Regulatory Improvements) Amendment Bill (Regulatory Improvements) Amendment member so learning about things as I go member so learning about things as I go has been member so learning about things as I go has been member so learning about things as I go has been a very steep learning member so learning about things as I go has been a very steep learning go has been a very steep learning curve in the go has been a very steep learning curve in the go has been a very steep learning curve in the last six months

One go has been a very steep learning curve in the last six months One of curve in the last six months One of the things curve in the last six months One of the things curve in the last six months One of the things that I have curve in the last six months

One of the things that I have had the things that I have had to learn about the things that I have had to learn about the things that I have had to learn about has been the things that I have had to learn about has been friendly about has been friendly societies and credit about has been friendly societies and credit about has been friendly societies and credit unions, being somebody about has been friendly societies and credit unions, being somebody