Scott AlastairALASTAIR SCOTT (National—Wairarapa): Thank you Madam Assistant Speaker. First of all I too would like to congratulate Stuart Smith on an excellent bill. Others have said it before me; I'd like to repeat it for the record. The second point I'd like to make—and it won't be very often that I agree with the previous speaker Duncan Webb almost wholeheartedly. I'd like to commend his contribution that he has just made. I thought it was a very good one particularly around the amalgamation and incorporation points that he made and I'd like to acknowledge his contribution—already acknowledged by Stuart Smith where Dr Duncan Webb contributed by amending and inserting new subsection (1AA) in section 101 which makes it very clear that these credit unions are to quote for the mutual benefit and assistance of its members." That obviously was of some contention but the bill as amended has made it very clear that it is for the purpose of the members and must remain so.Another couple of quick points I'd like to make: the fact that the members no longer have to go to trustees and so on to receive financial support from the credit union—that's been touched on. That enables the credit union to compete with trading banks in facilitating loans. I was quite interested to hear Dr Webb talk about the interest rates that were lent. I too would have expected credit union interest rates to be well higher than trading banks and Dr Webb gave an example where in fact the union lent at a relatively low or cheap rate or below market even. That's because the people the members know each other. They know the risks. They know the businesses intimately that they're lending to and assess the credit risk of the borrower accordingly and more intimately. So that is also a benefit of these credit unions: they know each other they're a relatively tight community and they support each other.I'd like to touch on a point which not too many of us have contributed to or talked about and that is the ability of these credit unions to be able to raise funds from their members—so issue securities to grow the business; rather than wait for some sort of term deposit to actually go out and issue to their members securities to enable the business to quickly grow and to lend and grow their asset base accordingly. So I can imagine—just imagine Dr Webb that one day this credit union friendly society goes to its community a rural community—rural community's been talked about this evening—raises 20 million bucks $30 million and goes and invests that money and buys the buildings of the local school. Just imagine that and how that might affect that community and imagine the lease payments that would flow into those communities from central government that would fund this school.Hon Iain Lees-Galloway: This is going to end up in the general debate again right?ALASTAIR SCOTT: Oh well you invited me to—I had to comment given the general debate so I had to come back with something didn't I Mr Lees-Galloway?So that is the advantage of these credit unions. They are very focused on their communities supporting their communities and with that I commend the bill to the House.Bill read a third time."