Faafoi KrisHon KRIS FAAFOI (Minister of Commerce and Consumer Affairs): Thank you Madam Speaker. Can I thank members from all around the House for their contributions. I didn't get to kick off this debate but am responsible for the piece of legislation and I just wanted to have the opportunity to thank a number of entities—first of all the industry for working collaboratively with a number of Government agencies primarily the Ministry of Business Innovation and Employment (MBIE) and the Reserve Bank—and also to commend the Finance and Expenditure Committee led by Michael Wood I believe at the time for going through this piece of legislation.There isn't going to be any print stopping for this piece of legislation when it is finally passed in all of about two minutes' time but it is one of those pieces of legislation that is very much needed to ensure that things continue as most New Zealanders would like. There have been a number of quite good attempts I think to explain what is a very complex bill in very simple terms and I want to thank members—Andrew Bayly did a very good job and also my colleague Deborah Russell did a very good job—for explaining to those people who may have been listening to this debate about what is going on with this piece of legislation. I wish that they had been there when I was first getting a briefing on this piece of legislation but having said that I'll try and do a little bit of that myself because people may still be confused.I think the best example is our banks and they need to go overseas to acquire capital for the likes of New Zealanders to borrow. For those banks to be able to do that these days given the events of the global finance crisis there are conditions that the EU and G20 nations have put on essentially overseas lending. We have by this legislation started to comply with those decisions with those regulations because quite simply if we hadn't we would have been out of step with nearly every other nation and we wouldn't have been able to do business with those who lend to our banks. Essentially what this means—and I think this is the best way to explain it as the previous speaker has—is that these derivatives are used by the likes of banks to be able to hedge against any risks over time as that international borrowing is paid back. If in the extremely unlikely event that one of those entities that are borrowing overseas were to fall over or to default on one of their payments—if those who have lent the money to for example a bank want to be paid as a result of a failure to pay a payment—then the hierarchy or the prioritisation of that entity was a little further down the chain. What this bill does is lift those entities further up the chain to give them more confidence to lend to New Zealand entities if something were to go wrong.We couldn't have been out of step with other nations. This legislation ensures that we are in step so that those entities go to those markets on an even footing to get the capital that is required here in New Zealand for our economy to keep ticking. If we hadn't getting access to that capital would have been much more difficult and in plain English that would have meant it was more expensive for the likes of our banks to get that capital which may have had an impact on interest rates or lending rates here in New Zealand which obviously everyone in this House did not want to happen.So again can I thank the Reserve Bank and MBIE officials for the fact that we have got this legislation through in good time and without too much drama—again to the select committee for making some changes that were required and for the pleasure of the House to get this piece of legislation through quickly this afternoon.Bill read a third time.