Collins JudithHon JUDITH COLLINS (National—Papakura): It only seemed right that I should take the call on this matter since peace has broken out across the House on it. Like the member who's just resumed her seat the thought of infrastructures"—it's a bit like everything now is apparently a "learning". It just drives me nuts. Whatever happened to a lesson? But there we go.These are the big issues that Dr Deborah Russell and I will no doubt consider at length during the—[Interruption] Oh and the Hon Ron Mark wants to say so too. He agrees with me and Dr Russell.Hon Ron Mark: I was just saying "Hi." and "Welcome back."Hon JUDITH COLLINS: Oh—hi and great to see you too the Hon Ron Mark.This bill has been around for a wee while coming through the process. You know it's really not the sexiest bill this House is ever going to see. But Dr Russell and I will be very excited about it all won't we? We'll talk about the grammar in it.One of the things I think is interesting is that this bill has been around since 2015-16 after policy statements and work done by the Reserve Bank and the previous Government of which I was part. Why is it that we're even doing it when everything seems to work quite well one could well ask oneself? I guess the answer is probably because everything works pretty well and we haven't had any major issues but we really don't want to have any major issues in the future. So it's really about creating as I see it a bit of a safety net in relation to these payment systems.Re-reading certainly this bill's digest I was thinking a little bit about the anti - money laundering and countering financing of terrorism legislation for which I have to say I confess to having been the poor Minister who had to bring that through the House. That again was all about international markets and international payments and how we could do things and how we were going to stop New Zealand being used for money laundering. But actually I'm not sure that it's made quite the big difference that people thought it was going to make. Why did we sign up to it? Because internationally we had to because if we didn't we were under some threat that particularly the European Union was going to take some measures against our banks and payment systems. So these are the sorts of things that we tend to sign ourselves up to.In this particular case it's worthwhile to note that even though we are a small country—smaller in population than Melbourne although greater in size than the United Kingdom—around NZ$35 billion flows through our financing retail and wholesale payment system each day and I have to confess to having been responsible for quite a lot of that payment system and money flowing through because I like to shop and help the local economy. And then we have—it's just good to remember that on an annual basis that is around NZ$8 trillion flowing through the system. And yet amazingly it all seems to work quite well. So perhaps it's because of the light-handed touch that we already have had.So we will be supporting this bill certainly at first reading. We're not indicating anything else but I think there's not a lot of politics in this so hopefully the select committee will be able to look at this bill and consider all of the measures in it as a team working cross-party to see whether or not all of it is necessary whether it will in fact achieve the purposes which are to promote the maintenance of a sound and efficient financial system which strangely has worked quite well to date and to avoid any significant damage to that system at some stage in the future. So on the basis that we shouldn't have regulation unless it's going to actually add value to the people of New Zealand we will support this bill. We will be looking at it and I think working very constructively in the select committee to make sure that we produce a bill that comes back to the House that is even better than the one that we currently have."