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{
    "id": 1096112,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096112/?format=api",
    "text_counter": 271,
    "type": "speech",
    "speaker_name": "Tigania West, JP",
    "speaker_title": "Hon. John Mutunga",
    "speaker": {
        "id": 13495,
        "legal_name": "John Kanyuithia Mutunga",
        "slug": "john-kanyuithia-mutunga"
    },
    "content": "The Bill creates an opportunity for investment in the banking industry. Many banks will survive. Small banks will come up. They will get customers because people know that their money is protected. Opening up brackets will enhance that confidence in saving. We are talking about the maximum amount paid to a depositor increasing from the currently legislated Kshs100,000 to around Kshs1 million. Even if it was slightly more, it would create more confidence and open up brackets for slightly bigger savers to also be confident that they may keep their money in terms of cash in the bank instead of keeping their money in terms of shares. That is why I support the fact that if we increase the amount recoverable from a collapsed bank system, it will enable many Kenyans to participate in that process. The deposit protection scheme is a safety net. The stronger the safety net, the more reliable it is. Why are we talking about retaining it at Kshs500,000 when we can increase it to Kshs2 million or more? I support the idea of increasing it because it will anchor stability for the consumers of that product. Many people will be confident enough to save. The Bill is a reliable means of ensuring that we do business well. Anchoring that provision in law is something that we needed to do yesterday. That is why I support the initiative by Hon. Dawood to increase the deposit to at least Kshs1 million. Hon. Temporary Deputy Speaker, I support the Bill."
}