Edmonds Barbara; Salesa JennyBARBARA EDMONDS (Labour—Mana): Thank you Madam Speaker. It's my pleasure to be able to take a short call on the Reserve Bank of New Zealand Bill. I find it quite interesting that the previous member referred to the diagram on page 3 of the Reserve Bank bill the commentary back from the select committee as Gotham City. Well number two of the Batman movie series is around Batman Returns and it talks about Catwoman and the process where Catwoman Michelle Pfeiffer passes away in it and it talks about nine lives. Well the interesting thing is that part of this commentary on the bill and National's complaint in their minority view is around that Parliament should have a greater degree of oversight over the monetary policy remits; it shouldn't impinge on the ultimate power of the Minister of Finance. Well the other side of the House had nine years to make those changes. This legislation has been 30 years. It needed a review and so we've reviewed it and I'd like to thank the officials from both Treasury and the Parliamentary Counsel Office for a lot of their advice during the bill. So I just find a little bit of irony talking about Gotham City nine lives and nine years where people could have done something but they didn't.So I will go back to that diagram that's on page 3 of the commentary. It sets out really carefully what the changes are in the bill that the select committee by majority are asking Parliament to consider. We put in the diagram because it was—based on what was previously done in 1989 some of the Hansard wasn't that fulsome around why some of the changes were made so that diagram sets out three particular things: when the bill was introduced; what's currently in the bill which is that the governor has the single decision-making power; and then when the bill was introduced—this particular bill was introduced. Now the Minister recommended there be a board that was a non-executive governance board and it recommends the governor appointments. Now what the select committee is now recommending is that you still have that board but actually that the governor the chief executive should actually be a board member. That goes back to during the debate in the select committee two really key things for this side of the House. One is around coordination and two is around cooperation. So the reason for the majority recommendation around the lack of coordination is because—between the bank's monetary statement in the financial policy the bill didn't include an explicit mechanism for it. So that's why the select committee on this side of the House by majority suggested that we increase that—so why we include that. But also there is commentary that National talked about around the efficiency principle. The chair of the Finance and Expenditure Committee Dr Duncan Webb who did a great job chairing I must say touched on it briefly around the efficiency principle and around that basically it's such a subject of principle based on this particular proposed bill. So what this side of the House has suggested is that you don't include it. We had a really good debate in the select committee around why you wouldn't include it. And so it came down to for us that when in 1989 the Reserve Bank bill was going through the House there was nothing in Hansard on the intended meaning of efficiency" but that's because back in the 1980s this particular Act was really narrow. It was on the financial stability; the role was narrower. It was limited to the registration of banks. That's why we have this bill coming to the House—because we've needed to extend it. It's now doing a prudential role around insurance. It still has the bank regulatory powers. But we've seen that in the last 30 years it needed to be updated. So we haven't included the efficiency principle. We agreed by majority that it shouldn't be in there and actually that the upcoming deposit takers bill which the Finance and Expenditure Committee chair did touch on is proposed to have some similar discussion as part of that particular bill which is the trilogy. So my challenge really to the other side of the House is that you know Batman Returns had his Catwoman with nine lives; let's have a think about what the trilogy is with the deposit takers bill and including the efficiency principle. I commend this bill to the House.ASSISTANT SPEAKER (Hon Jenny Salesa): This debate is interrupted and is set down for resumption next sitting day. The House stands adjourned until 2 p.m. tomorrow.Debate interrupted.The House adjourned at 9.57 p.m."