For clarity, it is worth noting the connections between the FMI bill and phase two of the Reserve Bank of New Zealand Act review. While they are separate matters on different timelines, there are connections in certain areas in particular crisis management. At a later point, after this bill is enacted, we may look to review some aspects of the regulatory regime of FMIs to take into account the detailed conclusions of phase two. In the meantime, there are two or three years anticipated before all of that legislation comes into effect, and this bill is an important step in its own right and should advance ahead of the phase two legislation. 