Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1112121,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1112121/?format=api",
    "text_counter": 57,
    "type": "speech",
    "speaker_name": "Alego Usonga, ODM",
    "speaker_title": "Hon. Samuel Atandi",
    "speaker": {
        "id": 13290,
        "legal_name": "Samuel Onunga Atandi",
        "slug": "samuel-onunga-atandi"
    },
    "content": " Thank you, Hon. Speaker. This is Public Petition No. 51 of 2021. The petitioners seek financial support of the Central Bank of Kenya in the matter of Spire Bank Limited under sections 34 and 36 of the CBK Act. On behalf of teachers within the Republic of Kenya who invested in Spire Bank through Mwalimu National Sacco Society, I draw the attention of the House to the following:- THAT, Spire Bank Limited, formerly known as Equatorial Commercial Bank (ECB), was established as a finance company in 1983 under the Banking Act (Cap. 488 of the Laws of Kenya) and regulated by the Central Bank of Kenya as a financial institution; THAT, on 10th October 2014, Mwalimu National Sacco Society Limited signed an agreement to buy the banking and investment arm of Equatorial Commercial Bank, which rebranded as Spire Bank; THAT, despite public concern against the risk of investing teachers’ savings in ECB, which had just posted a pre-tax loss of approximately Ksh436 million in the year ending 31st December 2014, Mwalimu Sacco proceeded with the controversial buyout of the Bank and went ahead to become the majority shareholder, having acquired 75 per cent stake at an estimated cost of Ksh2.6 billion in 2016; THAT, for a long time following completion of the buyout of Spire Bank by Mwalimu Sacco, the Bank has been dogged with financial challenges to date; THAT, given the membership of Mwalimu Sacco largely comprises teachers, Spire Bank is deemed to be owned by teachers, who have invested heavily in it through their savings in the Sacco; THAT, as key stakeholders in Mwalimu Sacco, teachers are concerned that should the financial woes facing Spire Bank be left to continue, the Bank may end up being wound up and sink with their hard-earned savings invested in the Bank through the Sacco. THAT, the state of affairs at Spire Bank is a matter of general public importance, given that teachers form a sizeable chunk of public sector employees; 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."
}