Entry Instance

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

{
    "id": 1511948,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1511948/?format=api",
    "text_counter": 319,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": "because of inadequacy of capital, and I want to agree with Hon. Caroli that it is caused by mismanagement at times, it is your constituents who suffer and not the capital owners. Therefore, this House can never be seen to be defending and speaking on behalf of capital owners. Two, Hon. TJ Kajwang’ is right. This House legislates daily. If we pass a legislation today, nothing stops this House from changing it. If we find that any of the six banks have not met that threshold, and are unable to meet validly to protect our people, and I say this because I want to speak to the people of Kikuyu and the people of Kenya in general who put their hard- earned deposits in banks... Hon. T.J. is right. This House has legislated before on the core capital requirements for insurance companies in the same financial sector and we gave a graduated programme as we are doing now. When they were unable to meet that threshold, we would come back and re-legislate in a finance Bill. What is so special about these banks? I want to prevail on Members to agree to the position that we have agreed on, a compromise that in the first two years, the banks do comply to raise their core capital to Ksh5 billion. We have six commercial banks which have not met that threshold as we speak. In another five years up from the four years which was in my amendment, everybody complies to the Ksh10 billion. Should there be legitimate cause to re- legislate, you will still be Members of Parliament, at least, a good number of you. You will still come back and re-legislate; however, you should endeavour to serve your core business by protecting depositors, and not the capital owners."
}