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{
    "id": 229913,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/229913/?format=api",
    "text_counter": 170,
    "type": "speech",
    "speaker_name": "Ms. Karua",
    "speaker_title": "The Minister for Justice and Constitutional Affairs",
    "speaker": {
        "id": 166,
        "legal_name": "Martha Wangari Karua",
        "slug": "martha-karua"
    },
    "content": " Mr. Temporary Deputy Chairman, Sir, I think there is a misunderstanding of the whole issue. It is true Clause 16(1) takes away the control of the Central Bank of Kenya (CBK). However, this is taken care of by Clause 17 because the In Duplum rule provides that banks cannot charge interest that makes the loan more than twice what was borrowed. This House was totally in agreement on this issue. This is not a partisan issue, loans apply to everybody; to those in the Opposition and in Government. Our concern was the exploitative attitude and operations of banking institutions. How do we curb it? That is now being regulated and curbed by the In Duplum rule. Therefore, when Section 44 is deleted, we will not leave a vacuum. The bone of contention, if we jog our memories a year ago when we were debating Section 16, and the HANSARD will bear me correct, we were united in saying that we did not want to have a retroactive effect on borrowers. The Memorandum is removing retroactive effects from the banks. We wanted equality, not retroactive effects on the borrowers. That is now removed by the withdrawal of sections 2 and 3. Section 1 remains and the interests of the borrowers are taken care of by the In Duplum rule and other sections that follow. I am urging that we support Clause 16(1) as it is."
}