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{
    "id": 260410,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/260410/?format=api",
    "text_counter": 427,
    "type": "speech",
    "speaker_name": "Mr. Okemo",
    "speaker_title": "",
    "speaker": {
        "id": 198,
        "legal_name": "Chrysanthus Barnabas Okemo",
        "slug": "chrysanthus-okemo"
    },
    "content": "Thank you, Mr. Deputy Speaker, Sir, for giving me the opportunity. I find it very difficult to relate the Finance Bill to the Motion for Adjournment. I do not see a relationship. Therefore, I do not want to argue on the basis of going for an adjournment. However, I want to say something very briefly about the Finance Bill, because it is so critically important. As the Chairman of the Finance Committee, we engaged the Minister on a number of issues. Subsequent to that, we had the problem of inflation and the exchange rates as a result of which several Committees have been put in place to find out what really happened and find out the solution to the problem. We have engaged the banking sector and frankly speaking, we have not been satisfied with the way they have explained what happened and how they intend to go about it. We went through this same Motion in 2001. Hon. Ngilu has talked about it. I was the Minister for Finance at that time. The banks behaved irresponsibly at that time. They have also behaved irresponsibly this time round. It is very difficult for me to reconcile huge after tax profits, running into billions of shillings with the state of the economy and the interest rates that are being charged. If the banks were really responsible, they would sacrifice a bit of those huge profits by lowering the interest rates. We asked them to justify to us why we have such a huge spread between what they pay on deposits and what they charge for lending. They promised to bring to us those statistics. We gave them one week. I got a letter this morning saying that they can only do so in January. Mr. Deputy Speaker, Sir, these are the kinds of frustrations that the banking sector is putting ordinary Kenyans to. Therefore, when we resort to extreme measures, I do not think Kenyans can be blamed. However, I do not want to relate that to going for adjournment. I do not think there is a relationship. So, personally, I feel that we should go on adjournment. The problem that is between the banking sector and its customers must be dealt with in a comprehensive manner. I really must ask the Minister for Finance to engage our Committee and Members of Parliament. The Kenya Bankers Association (KBA) must come and explain to us because we still have the power to come and fix those rates. If we do not do it today, we can still do it next year."
}