Uffindell SamSAM UFFINDELL (National—Tauranga): Thank you Madam Speaker. It's good to be able to rise and speak on the Deposit Takers Bill. We will be supporting this. I noted David Clark was talking before about four people on the Finance and Expenditure Committee being from Dunedin and how that was a great thing. I'm not from Dunedin but I have spent a lot of time there and I would like to echo those sentiments. It is a fantastic place—Anna Lorck: Tell us about your time there.SAM UFFINDELL: As is the Hawke's Bay Anna Lorck.Anna Lorck: No the"—no "the".SAM UFFINDELL: Hawke's Bay or "the Bay"—apologies. There you go. Back to the bill. So this aims to increase the stability of the financial system. We're all supporting it.Setting $100000 in there for people when the system comes into strife and if they're unable to withdraw their funds or they have challenges around that is quite good in light of what's happened in the States recently where a couple of financial institutions in the US have become insolvent really and the US Federal Reserve has had to come in and bail them out. And while we do have quite different capital structures here in New Zealand lots of people don't understand how that works and they don't understand that it is a significant overextension of bond positions taken out by a lot of those US financial institutions and when those positions moved away from them they found themselves caught out. We don't find ourselves in that position but for your normal member of the public who isn't a member of the committee or doesn't sit around reading the Australian Financial Review—or whatever else it may be to get themselves a financial tune-up—it is quite helpful for them to know that the Reserve Bank of New Zealand (RBNZ) is taking it quite seriously and is providing that backstop in there.I've only sat on the committee a few times but I will acknowledge that it is a fairly collegial atmosphere. Andrew Bayly makes sure that he gets his point across.Anna Lorck: Lot of doughnuts. SAM UFFINDELL: Anna Lorck pipes up all the time—we know that. I've got you into Hansard twice today Anna—there's a third time.Simon Watts: Always piping up.SAM UFFINDELL: Always piping up. But what we do get is that people are there to solve problems. And Simon Watts in front of me is definitely one of the more proficient on the committee. And when he talks everyone stops to listen.Simon Watts: You're getting me emotional! SAM UFFINDELL: There you go—it's getting emotional. So we do support this bill because we do want a stable and efficient financial system. [Simon Watts passes a tissue box] I'll have a tissue afterwards too thank you.There were a number of sensible positions that were made during the select committee process. The Hon Grant Robertson talked about the proportionality framework and said he expected one of the later speakers to pick it up. That won't be me but I'm sure over the other side of the House someone will fulfil the Minister's wishes.Andrew Bayly did raise a couple of good points there. This is one of three changes that's taken place in the RBNZ space—one around the monetary policy framework—and he did point out a few issues around the make-up of the board of the RBNZ and questioned whether there was the prudential expertise. When I've cast my eye upon that list I would probably echo the sentiments of Andrew Bayly in that regard and I think it's really important for the long-term stability and credibility of the New Zealand financial system that we do have experts in that field on that board.So in saying that I haven't been across too much more of it than that but very happy to see that there is bipartisan agreement or around-the-House agreement on ensuring that the New Zealand financial system remains stable going forward. This bill helps further that and I support it."