Leary IngridINGRID LEARY (Labour—Taieri): I'd just like to pick up on a couple of points made by previous speakers. The first one is Michael Woodhouse suggesting that the biggest risk to the Government's balance sheet is the Reserve Bank. Actually on this side of the House we are well aware that the biggest risk is climate change and we have taken prudent steps to manage that including one of the most significant Budgets. We are accounting for climate change in that and in the ongoing work that many of the ministries are doing to futureproof our country. So I think the previous speaker's comments show the level of seriousness with which they take climate change.But the devil will be in the detail and is in the detail and it's interesting that Nicola Willis and Michael Woodhouse seem to disagree about how much detail there should be: 241 pages is testament to the amount of work and consultation that has already gone on in this area and the care which this Government is taking to ensure that we get the balance right and it is indeed a balancing act. When it comes to moral hazard nobody is suggesting that there should be an incentive for people to indulge in risky behaviour and that is why the level has been set at $100000 taking into account what's been mentioned through consultation but also looking at the sliding scale that has been set up very deliberately to ensure that higher-risk lending includes higher levels of input via the levies so that those behaviours can be managed. Now yes that will get thrashed out at select committee but the mechanisms are already in place in the bill to do that.So this is a very significant change to the Reserve Bank of New Zealand Act. In fact Bell Gully has said that it is one of the most significant changes in a generation and they don't say that lightly. It's been a long time coming and we share the Opposition's concern and memories of what happened after the global financial crisis (GFC) and the terrible situation it was for many deposit takers in New Zealand. So it's a long time coming and it's great to see that it has been done so thoughtfully and carefully.What it will do is strengthen governance and it will also enhance director accountability and impose new standards and stronger powers for the Reserve Bank. So all of that really is around ensuring that some of the cowboys that are currently operating around the margins of the sector can no longer operate and indeed there is a mechanism by which the Reserve Bank can apply to the District Court to ensure that certain players in the market are not trusted to take people's deposits. So again that's a good risk mitigation against the moral hazard that has been discussed.I think this is a really good thoughtful piece of legislation. I echo the requests from Opposition members for deposit takers and others impacted by this to please give us your thoughts. I can assure this House that we will be going through this very very carefully. It's an important piece of legislation and I think that all New Zealanders can feel assured that we are not going to see the level of exposure that happened after the GFC which caused so much trauma to New Zealanders everywhere. I commend this bill to the House.