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{
    "id": 1096149,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1096149/?format=api",
    "text_counter": 308,
    "type": "speech",
    "speaker_name": "Kangundo, Muungano",
    "speaker_title": "Hon. Fabian Muli",
    "speaker": {
        "id": 13360,
        "legal_name": "Fabian Kyule Muli",
        "slug": "fabian-kyule-muli-2"
    },
    "content": " Thank you, Hon. Temporary Deputy Speaker, for giving me the opportunity to add my voice on this Bill. The KDIC is not only set to give security to depositors but also invitation to customers to approach banks and deposit their money. From the beginning, I know the good faith of the Hon. Member was to give a solution to Section 28 to know how depositors can be given their value when liquidation happens. The way this Bill has been drafted has a lot of discrepancies. A question that you will ask yourself is on Section 28 of KDIC. It is supposed to show the amount payable to the customers when we have issues of banks being closed or a SACCO has been closed. That time it gave Kshs100,000, but today we are putting the amount higher, at Kshs1 million. Why do we give the exact amount? We are forgetting that tomorrow somebody will come with Kshs2 million and another Kshs5 million. I have been asking myself questions. Hon. Members have good ideas but some Bills are not drafted to serve the purpose of today. Tomorrow we will come up with this Bill to say we raise the amount to Kshs2 million. The purpose of this Bill is to show the aggregate amount payable to the customers in case of liquidation. Why do we put it at Kshs2 million? We leave it open. It is supposed to be open because there may be a customer who deposited Kshs5 million and another Kshs1 billion. Why do we put short term things in Bills then say we are going to make it Kshs2 million? That is one problem I have seen with this Bill. I understand where the Leader of the Majority Party was coming from. The school of thought for the Leader of the Majority Party was whether this Bill is serving the purpose. The idea The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}