McKelvie IanIAN McKELVIE (National—Rangitīkei): Thank you Madam Assistant Speaker. I was going to follow the previous speaker with a great dissertation about the wonderful member for Kaikōura but I don't need to because the previous speaker did it for me. I think to get a member's bill as complicated as this one and get it through in the form it's got through is a great credit to both the member the people that helped him and actually to the Finance and Expenditure Committee because member's bills are not that simple because you don't have quite the monolithic bureaucracy behind you that you have with an ordinary normal Government bill and to get something through as complicated as this I thought was pretty good.I'm not going to go into detail on the bill—that's been done—but I did want to talk a bit about why this is such a valuable part of New Zealand society. If you look at the financial institutions today I think a lot of people find they're extremely intimidating and the great thing about New Zealand and if you look at our mutual history in New Zealand we've had some very strong mutuals of all sorts—and clearly credit unions and I guess friendly societies are types of mutuals. They all have a situation where you're all equal effectively and the boss and the person who puts the money in the bottom end or who turns up for association or for insurance or for assistance with building loans or whatever—they all have the same interests and the same I guess mutual aspirations. Consequently there's not the pressure on them you get in the normal commercial financial institution model or the normal commercial insurance model.I think that's hugely important for people because I think an awful lot of people or a large number of people in New Zealand and in the world of course don't really feel comfortable dealing with financial instruments and all sorts of matters that pertain to the finances of a family. I think that's where these friendly societies and credit unions and building societies—and mutual insurance companies for that matter—all have a great role to play in our country because they are organisations that deal with family issues in a much I guess more simple or easier manner than many others do.I think they also give the public a greater deal of confidence in the financial sector because you feel like you're a part of an institution that—ASSISTANT SPEAKER (Poto Williams): Order! I have let the member go a little bit but could the member please substitute one" for "you". That might just help with not bringing me into the debate. Would that be OK?IAN McKELVIE: Oh well I'm very sorry Madam Assistant Speaker. I certainly didn't intend to give you that advice. Ha ha!ASSISTANT SPEAKER (Poto Williams): Thank you.IAN McKELVIE: I'm very sorry. I'll talk about "one" instead of "you".ASSISTANT SPEAKER (Poto Williams): That would be great thank you.IAN McKELVIE: I think that public confidence in these types of organisations is really very important for people. People's ability to understand the financial sector and the need for trust in that sector is also very important and these institutions inevitably give people that sort of confidence I think. I also was surprised really that almost 20 percent of New Zealanders associate with or have dealings with friendly societies credit unions and as I said mutual insurance companies and the like. It's really important that we encourage and enable those institutions to act with all the advantages that any other organisation in the financial sector has. I think the other point I wanted to make was that every little town in New Zealand has an association with one of these types of organisations and that's part of our history. In fact they go right back to 1842 which is pretty amazing. I think most of the commercial banks in New Zealand arrived here in about 1870 so it's interesting that they have been here a lot longer than the banking sector as we know it today.I want to congratulate the member Stuart Smith on his bill getting it through to the third reading and obviously with the support of the whole House getting it through the House. I also thought as I said earlier the committee of the whole House and the select committee did a great job. I have no problem commending this bill to the House and I wish all those friendly societies and credit unions all the best as they implement it in the future. Thank you Madam Assistant Speaker."