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{
    "id": 1096058,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096058/?format=api",
    "text_counter": 217,
    "type": "speech",
    "speaker_name": "North Imenti, JP",
    "speaker_title": "Hon. Rahim Dawood",
    "speaker": {
        "id": 2572,
        "legal_name": "Abdul Rahim Dawood",
        "slug": "abdul-rahim-dawood"
    },
    "content": " Thank you, Hon. Deputy Speaker. I appreciate the other Members not being there, so that I can at least move my Bill. This is the Kenya Deposit Insurance (Amendment) Bill (National Assembly Bill No. 43 of 2020). This Bill has taken me three years because I brought it to Parliament in 2018. It has stayed, gone to the Departmental Committee on Finance and National Planning and the Budget and Appropriations Committee and got lost along the way. This Bill is for the people. We are trying to change what is given to depositors who have deposited money in banks which fail. The current Act has been in place for more than 20 years and we want to change it. It states that if a bank folds up, you are only given up to Kshs100,000. If you have two or three accounts, they are all consolidated, so that you only get Kshs100,000 whether or not you had more. When I first suggested this Bill in 2018, the Kenya Deposit Insurance Corporation (KDIC) changed the regulations in 2020 and raised the amount to Kshs500,000. The law has never been changed and has remained the way it is. The current Act states that it is only Kshs100,000. That is the reason why I have brought this amendment Bill, so that it is part of the law as an Act of Parliament. The reason for bringing this amendment Bill is very simple. In recent years, there have been more than 20 institutions which have folded up. Some go all the way back to 1993 and I would like to read them. Trade Bank went under on 18th August 1993 and the Middle East (Africa) Bank went under on 20th August 1993. I can go all the way up to when the Leader of the Majority Party was the Minister for Finance. During his tenure, there were some banks which collapsed. There was the Dubai Bank prior to him getting into office, and Daima Bank in 2005. It was not that he was in charge of those banks. There was Trust Bank in 2001, Euro Bank in 2003 and Prudential Building Society in 2005."
}