Bayly AndrewANDREW BAYLY (National—Hunua): Thank you Mr Chair. One of the important parts of Part 4 deals with securitisations. I know members of the committee were very vexed about this issue because it is an important funding instrument for businesses and also for people to be able to invest in those types of businesses to enable them to fund their operations. I know some people are not aware of securitisations—what they entail—so it might be worthwhile just recapping that. I'm hoping I'm going to get someone to actually stand up on the other side and talk more about this because we on this side are just poised to hear from the Government on these matters.A securitisation is where you take an asset—and it might come with an income stream—and you put that asset into a separate vehicle and then basically you can sell off the rights to that income stream. The way that the Act is currently written it allows those types of arrangements for financial institutions—so banks are a classic. They might have a motor car loan book as an example that has an income stream from the interest it earns from those people who've bought cars and those types of instruments can be set up and that's effectively what securitisation is. But where the Act is quite deficient is it doesn't allow for non-financial institutions. I'll give you the reference if you'd like Minister. So this is clause 213—there's a whole lot of subclauses in there—and it actually covers some other clauses as well.Hon Stuart Nash: It's Part 3.ANDREW BAYLY: Thank you I'm very glad to help you—Hon Stuart Nash: That's Part 3.ANDREW BAYLY: No it's not. It carries on through.So the securitisation issue—how this is dealt with is important because without the ability to do this and allow companies to fund those types of operations it becomes an impediment and because non-financial institutions are currently precluded from doing it this Act allows this to take place. The big impediment to it is making sure that these securitisation vehicles remain tax neutral and at the moment they're not. So part of the changes were basically to allow the deductibility of it to stay within the group. And in terms of the tax position if on the sale of the assets which is normally set up into a special purpose vehicle that will be separated from the income flow that is sold and from the parent company so that if there's a bankruptcy or any other things like that then you couldn't have recourse—it was a non-recourse type of funding.That type of structure is what is envisaged but the Act was very much around making sure that the tax consequences of that were actually tax neutral. I think the key thing about this is—the most relevant situation is—around trade receivables which often want to be used by corporates who are using this mechanism out and about to actually fund their operations. I'm talking about large corporates that often may be listed on the stock market. Therefore by doing this it provides a mechanism whereby our companies can access additional financial markets and also support their operations.I think overall the issue around this—and I think the prime thing—is to make sure that we're not creating a tax advantage for these types of instruments which are obviously very complicated instruments. But at the same time we are ensuring that there's flexibility around those structures. There was a whole stack of submissions on the issue from a whole range of professional firms. They all agreed with the changes. We probably landed in a good place but I think from the general public's perspective—and I'd like assurance from the Minister that where we've landed in terms of coming up with a tax-neutral situation is actually of paramount importance and we've actually arrived at that position.The other stuff I want to just talk about is the issue around land tainting rules of Housing New Zealand. This is very important because this is part of the Government's drive with KiwiSaver and without these rules KiwiSaver is under significant threat if it's not already. Of course we know KiwiSaver is well behind its own target of building 1000 homes this year. I think it's 54 at the moment. But that—[Time expired]