Tabuteau FletcherFLETCHER TABUTEAU (NZ First): I would like to suggest that Mr Bishop was incorrect in his contribution to the House earlier. This is not a boring piece of legislation full of technicalities. Actually this is an exciting opportunity for a group of friendly societies and credit unions representing more than 190000 people—someone earlier alluded to the fact that this represents one in 20 people. I think over here we heard that almost one in 10 people in New Zealand will see the benefits of updating this archaic legislation. Despite the delivery from the sponsor of the bill Stuart Smith I think this is a reason for this House to celebrate an exciting and yes technical piece of legislation.I had the pleasure of meeting quite a few of these member groups and discussing with them their concerns. They spoke to me about an antiquated piece of regulation that they have been trying to operate under for the last what 35 years—since 1982. They showed me their desire to move into modern times and actually I must give credit to the sponsor. Despite his delivery he was on the money. He alluded to what they were trying to do in terms of technology ATMs and electronic transfer systems. They are trying to get there but they have had this cloak of legislation literally suffocating their efforts I would suggest and we now have this opportunity in the House to support innovation and modernisation.In particular from New Zealand First's point of view we celebrate the fact that this is real and genuine competition against the big four Aussie banks. We see this as Kiwi money being able and enabled to be put back into Kiwi business. I speak with specific reference to the ability for the credit unions to use their funds to invest in small to medium sized enterprises where the membership is related. That is to be hugely celebrated. New Zealand First would like to see this ability this opportunity taken by the horns by these unions. We hope that they would grow from being the sixth-largest banking organisation in New Zealand if I can call them that—to grow basically.In my limited time left I would like obviously to criticise the Government because I do think it was completely inappropriate for the Government to take this out of the regulatory changes legislation and give it to a member. We have spoken about it earlier already. I think Mr Nash spoke to it. That is the reality of the situation. The fact that it was drawn out of the ballot in such a timely manner is bordering on miraculous. It is incredible. This was past due in being changed and that mechanism by which the Government moved it to being a member's bill speaks to the veracity of the contributions from that side of the House. The Government did not care. It did not want to know about it. To be quite honest it was insulting to the cooperative money and friendly societies movement.I just want to finish by suggesting that the competition that we hope will grow from and be fostered by these changes will be to New Zealand's benefit not just the friendly societies'. We see this as a great opportunity. We see this as an opportunity to level the playing field as I have said before. The legislation seeks to basically do some very fundamental and simple things. I said I acknowledge the speaker Stuart Smith because I think that in his contribution to the House he was almost pre-empting some of the concerns from some of the associate society members. I congratulate him on that because I feel the same way. But I must conclude by saying to the Police and Families Credit Union your concerns will be heard in a select committee and we will endeavour to ensure that we understand what they are—if we can we will absolutely support you in that. Thank you.