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{
    "id": 1104064,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1104064/?format=api",
    "text_counter": 73,
    "type": "speech",
    "speaker_name": "Gilgil, JP",
    "speaker_title": "Hon. (Ms.) Martha Wangari",
    "speaker": {
        "id": 13123,
        "legal_name": "Martha Wangari",
        "slug": "martha-wangari"
    },
    "content": " Thank you, Hon. Deputy Speaker. I rise to support this Bill by Hon. Dawood. He is just trying to tidy up what has been in practice. As you know, the current payout is pegged at about Kshs500,000 for any bank or institution that sinks or goes under. That means that as a regulation, it can be easily moved. It becomes a moving variable. He is trying to correct that anomaly and ensure that we do not have conniving institutions that go behind the regulations to make adjustments without following the due process. By putting it at Kshs1 million and in an Act of Parliament, it gets more weight. The Kenya Deposit Insurance Corporation (KDIC) will be obliged to peg it at Kshs1 million. That means that we will have more security for those institutions. It being in law is better than being in the regulations. Therefore, I thank Hon. Dawood for that. I support the Bill."
}