5. Question No. 5—FinanceHon PAUL GOLDSMITH (National) to the Minister of FinanceQuestion No. 5—Finance5. Hon PAUL GOLDSMITH (National) to the Minister of Finance: Does he stand by all his statements policies and actions?Hon GRANT ROBERTSON (Minister of Finance): Āe in the context in which they were given made and undertaken. Hon Paul Goldsmith: What changes is he proposing to bank regulations following the Reserve Bank and Financial Markets Authority's (FMA) conduct and culture review into that sector? SPEAKER: I'm going to ask the member to ask the question again to relate it to the primary. Hon Paul Goldsmith: What policies has he changed in relation to bank regulations following the Reserve Bank and FMA's conduct and culture review into that sector? Hon GRANT ROBERTSON: Announcements about that are forthcoming. Hon Paul Goldsmith: Does he expect higher standards of conduct from bank executives and a better culture? Hon GRANT ROBERTSON: Indeed I do believe that we are in an environment now where there's been a focus on the conduct of bank executives and indeed the governors of banks as well and that the expectation of the public is that their conduct needs to be exemplary. As part of the review of phase two of the Reserve Bank of New Zealand Act we are looking at the standards that are being brought in around executive accountability in Australia as to whether they can be applied in New Zealand. Hon Paul Goldsmith: Does he agree with the Reserve Bank Governor's comments: Culture comes from the top and boards and senior managers at our financial institutions need to be leading by example."?Hon GRANT ROBERTSON: I find myself agreeing with the Reserve Bank Governor on a number of occasions. I think that there are many banks in New Zealand that could look at the culture and the conduct at the top and make sure that they meet the standards New Zealanders would expect. Hon Paul Goldsmith: Is he happy with the standards of conduct demonstrated by his Government and does he think his Government has a good culture? Hon GRANT ROBERTSON: As the Minister of Finance I believe that this is a Government that is doing great things for New Zealand and for the New Zealand economy. I believe that it is a Government that listens to New Zealanders and I note today that the Minister responsible for the Earthquake Commission went and visited some of the people who are struggling with decisions that have been made in the past by agencies like Southern Response—first time I believe a Minister has actually gone and done that kind of thing. That is the kind of culture and conduct that I think a Government should be proud of. Hon Paul Goldsmith: Would he expect senior figures in any industry to react promptly if they were aware of claims of serious misconduct? Hon GRANT ROBERTSON: Yes. Hon Paul Goldsmith: Then why did he say nothing when he knew about serious misconduct in his Government? SPEAKER: Order! The member will resume his seat. Hon Members: Why? SPEAKER: Well the member knows that's out of order. He absolutely knows it's out of order. Hon GRANT ROBERTSON: I raise a point of order Mr Speaker. I hesitate to do this but you have been very strict on this side of the House when questions have been misused in terms of your allocation process that you operate. I just wonder whether that's going to apply in this case?SPEAKER: I'll say to the member what I've said to other members: I make those decisions. Giving me advice to do something tends to head me in the contrary direction. So the member might have just caused disadvantage to his own team."