Thank you, Llywydd. I'm very pleased to move the motion and to open the Stage 4 debate for the Regulation of Registered Social Landlords (Wales) Bill. I'd like to thank Assembly Members for the cross-party support for this Bill, and for the scrutiny that has taken place throughout the passage of the Bill. I'd like to thank the sub-committee of the External Affairs and Additional Legislation Committee, and the committee itself, and the Constitutional and Legislative Affairs Committee and the Finance Committee for their measured scrutiny of the Bill. Many stakeholders also provided an important contribution to the legislative process, and last, but certainly not least, I would like to place on record my thanks to the dedicated team of Welsh Government officials who have supported me so diligently to progress the Bill this far.

This Bill was introduced to respond to the Office for National Statistics's decision to reclassify RSLs as public non-financial corporations for statistical purposes in 2016. This technical accounting decision could have jeopardised the Welsh Government's target of building 20,000 much-needed new affordable homes this Assembly term. The reclassification means RSL borrowing, both historical and current, will be brought onto the public accounts, and scores against Welsh Government budgets. This would mean we would have to find an extra £1 billion of additional funding over this Assembly term to meet these costs, which would have a serious impact on our existing spending plans, or we would have to cut our affordable housing programme, therefore delivering significantly fewer homes.

Neither of these options was acceptable to the Welsh Government, which is committed to increasing the number of affordable homes available in Wales. This Bill makes changes that will allow the ONS to review its classification decision, and the current funding arrangements for RSLs in Wales can be maintained. Similar legislation has been passed in England. The Bill introduces provisions that amend central and local government controls identified by the ONS. These include provisions on the disposal of land by RSLs, certain constitutional and structural changes to RSLs and local authority influence over RSLs, and it clarifies when Welsh Ministers can use powers in respect of inquiries, enforcement and intervention in relation to RSLs.

The scrutiny process has been very thorough and the requirements for RSLs to consult with their tenants before making certain structural changes has been strengthened as a result. This is an important restatement of my commitment to tenants being at the heart of regulation and of the importance of RSLs listening to their tenants. And tenants are at the heart of regulation. In December 2016, a new regulatory framework was launched that took into account the changes that this Bill would introduce. Tenants, Assembly Members and other stakeholders can be assured that robust regulation, including intervention and enforcement powers, continues and will not be going away.

Finally, Llywydd, I'd like to say how pleased Carl Sargeant would be to see this Bill reach its final stage, having been the Minister who introduced the Bill to the Assembly. So, I am delighted to be able to help steer it through its final stages towards the Welsh statute book.