Entry Instance

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{
    "id": 1112122,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1112122/?format=api",
    "text_counter": 58,
    "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": "THAT, the Petitioners verily believe that the CBK has a role to play in assisting Spire Bank Ltd to overcome the financial challenges it is currently facing thus preventing its imminent collapse; THAT, the CBK is mandated under the Central Bank of Kenya Act to ensure, among other things, liquidity, insolvency and proper functioning of a stable market based financial system; THAT, Sections 34 under the CBK Act, Chapter 499(1) Laws of Kenya, the Central Bank of Kenya is expected to extend facilities, loans and other financial support services to specified banks under appropriated terms and conditions. THAT, financial challenges facing Spire Bank Limited can partly be alleviated if the Central Bank of Kenya exercises its mandate under the aforesaid Sections 34, 36 of the Central Bank of Kenya Act. THAT, the Central Bank of Kenya has previously accorded the necessary financial support to other financial institutions within its regulatory framework facing financial challenges similar to those of Spire Bank Ltd thus assisting them to regain financial stability. THAT, the matter of imminent collapse of Spire Bank Ltd is of great public interest requiring intervention of the National Assembly, pursuant to Article 95 of the Constitution, so as to secure the savings of teachers and other stakeholders across the country. THAT, to the best of the Petitioners knowledge, the issues in respect to which this petition is made are not pending before any court of law, constitutional or legal body. Therefore, your humble petitioners pray for the intervention of this House through the Departmental Committee on Finance and National Planning to urgently look into the issues raised in this Petition and: (i) Direct the Central Bank of Kenya to furnish it with the comprehensive report at outlining efforts, if any, that the CBK has made or is making in terms of extending financial support to Spire Bank Ltd to forestall the bank’s imminent collapse and secure the savings of millions of teachers and other stakeholders across the country. (ii) Recommend that pursuant to Section 34 and 36 of Central Bank Act, the CBK urgently extends financial intervention to Spire Bank Limited to forestall its imminent collapse, just like CBK had previously done for financial institutions which had financial challenges similar to those facing Spire Bank Ltd. (iii) Make any recommendation that may deem fit in addressing the concerns of the Petitioners. And your Petitioner will ever pray."
}