Willis NicolaNICOLA WILLIS (National): I rise to speak on this bill and to tell a story about the people and the organisations it will help. I want to tell a story that started on 5 May 1976 because on that day a meeting was held in Oriental Bay here in Wellington at the Central Fire Station. The meeting was one of the Brown Watch Night Shift. They had called along guest speaker Mr Peter Hills. And he spoke on credit unions and how they work. At the end of the meeting by a show of hands the Brown Watch Bank was formed here in Wellington. It took initial deposits of $120 and within days the first loan of $100 had been made. The Firefighters Credit Union which it later went on to become—that Brown Watch Bank—became an institution in this city. They were often seen standing outside the Wellington Pay Office collecting dollars collecting cash for deposits and loans to their members. Sometimes a fire engine would even be seen outside members' homes conducting the business of the credit union.Today that credit union started here in Wellington has grown to become a New Zealand - wide union. In 1981—also the year I was born—it became the New Zealand Firefighters Credit Union. And today that union has 2200 members $13 million in total assets and an office in Petone; unfortunately no longer in Wellington Central but in the esteemed Hutt South electorate represented by Chris Bishop. Today that credit union provides savings lending and transactional banking services to firefighters and their families. To quote that union the dream in 1976 has become reality and we have an organisation of people helping people that we can be proud of …" saving and borrowing with the people we trust most ourselves." And so that is the kind of organisation members of this House that this legislation brought forward by Stuart Smith will help.As an organisation the firefighters union is very much looking forward to working in a more level playing field and simplifying the compliance work which has at times distracted them from the work they are there to do which is to serve their members. It will also allow them of course to lend to small and medium enterprises thereby increasing the benefits of their work. Quite simply this bill allows credit unions and friendly societies to serve their memberships within a legislative context that better reflects banking services today. So I want to give credit to my colleague the MP for Kaikōura for bringing forward this legislation. This is an area of law that is complex that is difficult but it is by making these kinds of reforms that this House can allow historic institutions to continue to evolve with the needs of the day. Let us remember that back when the 1982 Act was written there was no internet banking there were no smartphones there was no email and all of those things are now seen as essential to modern banking. So by allowing credit unions and friendly societies to continue to serve their memberships and evolve to meet these things we're allowing them to survive.I also want to give credit to the Finance and Expenditure Committee whose collaborative work on this legislation has meant that the problems and issues within it have been able to be ironed out. As previous members have said it is always a credit to this House when we are able to work together to serve the people we represent. That is possible of course when good legislation is brought forward with good intent. When I think of the New Zealand Firefighters Credit Union and its long history of serving its members and I think of its ability to continue to do that to this day it is clear to me that this is a worthy bill and something that this Parliament can be pleased to pass into law. Thank you."