White HelenHELEN WHITE (Labour): I rise in support of this bill and it's actually a pleasure just to speak on something where in fact all the parties agree. It's a really nice way to end our evening—that we will be doing that. This is a piece of legislation that I have had the delight of watching for example Andrew Bayly talk about with a degree of glee because he got to talk about derivatives and I think while we glazed over he was in utter delight at being able to do that. It reminded me in fact of when I asked a friend who was really into cricket to explain leg before wicket and it was quite some time before we came up for air and I still don't understand leg before wicket. This piece of legislation is one that is actually quite a simple and practical piece of legislation and I like that. So rather than talk about it being technical I think I'll talk about why it isn't. It's a very sensible common-sense approach. What they have done in this legislation is they've put together something where there is actually a real focus on the key instruments that if they went down it would be a calamity for us all. So there's a real focus on those. There's a real support of those instruments so that they will actually provide appropriate information so that they will have contingency plans if something goes wrong. That's one of the really sensible things that really it's crazy we've lived without. Obviously a lot of these institutions would have had those kinds of contingency plans. Now they'll be required to provide them and make sure that they are really up to scratch. If the key infrastructure is not providing the kind of information that's good enough then there will be the capacity to intervene and there will even be the capacity to penalise. There's also the capacity for an instrument that isn't a key piece of infrastructure to actually opt into this piece of legislation and that I think is a really interesting thing. When you start to build a structure and you start to see people opt in because they would rather be in the safe regime that is present and everybody works within those parameters that seems to me a very very useful part of the structure. It is true that these pieces of infrastructure are things that people find it hard to understand are even there. We have used the example repeatedly of EFTPOS and EFTPOS is the one that we understand. But there are so many parts of the infrastructure that we're vulnerable to because we don't understand and it's very very nice to know that somebody who understands a derivative will be looking at this and will be making sure that those parts of the structure that actually we rely on like clearinghouses like netting—these kinds of things—will be in the hands of people who understand them. They will be watchful and we will not be as insecure as perhaps we have been in the past as these things have developed. So this is a piece of legislation that I am not at all surprised that we all agree on because it is the stuff that will make New Zealanders safer and New Zealand more secure and it will actually provide a lot of resilience in itself to our economy. It is very very good that we are all able to see that and that we have managed to put together a piece of legislation that has that kind of consensus across the House. I wasn't on the select committee when this this happened and so I'd just like to thank those who have done the hard work. It has clearly been hard work. I thank the submitters who really have no doubt really thought about these things and obviously have a lot of information that has been made available. They've done a lot of hard work and that work was adopted in the process. So it wasn't a waste. It's a good example of how expert submitters produce really good results through a process that I have come to really admire in terms of its capacity to bring those submitters into the system. So without saying any more I think it's really something that I would like to say thank you to everybody involved. I'd like to thank the Opposition for all supporting this. I'd like to thank my colleagues for doing the hard work. I commend this bill to the House.Motion agreed to.Bill read a third time.The House adjourned at 9.57 p.m.