Watts Simon; Robertson GrantSIMON WATTS (National—North Shore): Thank you very much Mr Chair. I've got a question in regards to subparagraph (ii) of clause 198(a) Payments out of fund" and this relates to the paying out of the bank's expenditure. So as part of the Deposit Compensation Fund there'll be a fund built up. This provision allows payments to go out of that fund as the Minister of Finance articulated in his opening address. But subparagraph (ii) of clause 198(a) relates to the portion of that fund being paid out is actually expenditure that's incurred by the Reserve Bank in regards to the provision or running of the overall fund. I acknowledge that that is appropriate but my questions are in regards to how much we expect that the bank is going to be spending on administrating this fund and whether any budgets or consideration around headcount or costs have been considered yet and whether that is in the context material or not. The other aspect is whether that actual budget which obviously takes it in as a drawer out of that overall fund—that means that that money is no longer available to be paid out to depositors in this scenario—will have any cap or whether any other budgetary restrictions will be placed around that acknowledging that that will be a sub-portion of the budget within the Reserve Bank so not a separate line item or maybe it might be in regards to the appropriation to the Reserve Bank in regards to that.My second question is in regards to clause 218 of Part 6 around "Payment of entitlements". My question here is and I guess it's more of a generic question: in a scenario where a stress event triggers that a payment needs to be made out and the bank's gone through the process to calculate what that payment is for a relative individual or an investor what is the time period or what is the expected time period that individuals would expect to need to wait before they would be paid out from this compensation scheme? Because the Minister outlined in his opening address in regards to the recent example in the US around Silicon Valley Bank and that process and a lot of this aspect or the anxiety related to banking collapse is not only in their compensation which obviously this will deal with but the certainty in terms of a time period in which that will be paid out. It's not clear necessarily whether there is any set time frames in which there is an expectation that that will be resolved but if the Minister could provide any clarity in regards to that that would be appreciated.Hon GRANT ROBERTSON (Minister of Finance): I just want to cover off a couple of those points. I mean the first overall point is obviously that what happens once we pass this piece of legislation is that the final details of the scheme and of the fund will be agreed and it's important that the consultation takes place between those who will be regulated by the scheme and those who will be levied and the Reserve Bank itself. I would note that later on in Subpart 7 the Minister is obliged to publish a statement of funding approach and then Subpart 6 that appears before is around the striking of the levies for the scheme. That includes the Governor-General by Order in Council making those regulations for providing the levies. That includes a series of recommendations based on the principles of levies being prescribed on the basis of the lists that are in subclauses (2) and (3) of clause 237 so there are a number of regulations that sit around that that will provide transparency to people around what money is being used for what purpose under the scheme.In terms of the timing issue for the member Simon Watts I will just seek a little bit of advice on that but that is probably a matter that I imagine will be dealt with as the scheme is finally designed. In other jurisdictions it is very important that people are paid out swiftly and rapidly and that's how we get confidence in the scheme."