Barry Maggie: Reserve Bank of New Zealand (Covered Bonds) Amendment Bill — First Reading 
Text is incorporated into the Bound Volume 
Barry Maggie: Reserve Bank of New Zealand (Covered Bonds) Amendment Bill — First Reading 
[Sitting date: 22 May 2012. Volume:680;Page:2275. Text is incorporated into the Bound Volume.] 
MAGGIE BARRY (National—North Shore) 
: 
 I rise to speak in favour of the Reserve Bank of New Zealand (Covered Bonds) Amendment Bill. It is as the Greens and others before me have said indeed a sign of the times that we need such a piece of legislation. We need something that is going to regulate us. When you look at what has happened in Europe you will see that we are catching up really with the rest of the world by implementing a legislative framework around this. It has been done in Europe and it has been done in Australia. As we have heard from Labour the Greens and New Zealand First this is indeed a moment of rare accord—the first that I have seen as a member of Parliament coming up to 6 months now. Part of that is probably due to the Reserve Bank briefing which was substantial and detailed enough and able to answer the sorts of questions that come up prior to the select committee situation. I am on the Finance and Expenditure Committee so I look forward to debating with my colleagues across the House about the detail of this as to what percentage of course there should be limits on. I accept that Canada and Australia have done it differently. Maybe 10 percent can be argued through at select committee level; maybe not. I share also the concerns around unsecured creditors and feel that it will indeed be a robust discussion around the detail even though there is very broad-based recognition from everyone in this Chamber and all the political parties that we do need this piece of legislation.  
So really how much more is there to be said about this? We are coming into line with the rest of the world. It will encourage international investors to come here. In fact it would be a limiting factor to our ability to attract investors and so forth if we did not have it. It is an essential thing for us to do. Greater clarity for investors and depositors is something that this Government feels very strongly about. This piece of legislation is yet another example of legislation that Nick Smith detailed earlier prior to the dinner break. He detailed some of the other legislation that this is really part of for this Government to put through. It is important that we can do that and it is as I said refreshing to see almost universal approval for the bill with the caveats that have been mentioned by others.  
Under this bill as others have said the banks issuing covered bonds will have to register their programmes with the Reserve Bank and notify the Reserve Bank. Unlike some of the Greens for example I do feel that that is the appropriate entity to do that. I think that the Reserve Bank far from looking for the work would be the appropriate entity to do this and there really is not anyone else we could use in that way. I believe that with some of the detail to be still deliberated on the accord around this bill is excellent and I look forward to it coming before my select committee. I am very pleased to see Labour New Zealand First the Greens and everyone supporting it. It is a rare event and I sit down with that uplifting notion in my mind and look forward to it coming to the Finance and Expenditure Committee. 
Bill read a first time.  
Bill referred to the Finance and Expenditure Committee.