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"id": 229909,
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"type": "speech",
"speaker_name": "Mr. J. Nyagah",
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"speaker": {
"id": 269,
"legal_name": "Joseph Nthiga Nyagah",
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"content": "Mr. Temporary Deputy Chairman, Sir, we have read the Memorandum December 7, 2006 PARLIAMENTARY DEBATES 4273 from His Excellency the President. The arguments that are used favour commercial banks, majority of which are not Kenyan-owned. A year-and-a-half ago this House discussed this matter at great length and made its decision. Mr. Temporary Deputy Chairman, Sir, I beg to move a further amendment to the amendment:- THAT, the entire Clause 16 be deleted. This means that Clause 16, sections 1, 2, and 3 should be deleted because this will be in the interest of the common man. At one point, bank interest rates in this country went up to over 80 per cent. This resulted in many businesses collapsing because the owners were unable to pay loans. In some cases businessmen went crazy, died or committed suicide. In order to help the average, ordinary business people, I propose that we delete the entire Clause 16."
}