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{
    "id": 267451,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/267451/?format=api",
    "text_counter": 412,
    "type": "speech",
    "speaker_name": "Mr. Keynan",
    "speaker_title": "",
    "speaker": {
        "id": 41,
        "legal_name": "Adan Wehliye Keynan",
        "slug": "adan-keynan"
    },
    "content": "Mr. Temporary Deputy Speaker, Sir, I need your protection because I think there is an attempt to make sure that my time is eaten up so that I say very few things. I want to ask my respected friend, hon. Nderitu Muriithi, to hold his horses and I am sure that he will get a chance to contribute. I was saying that a number of banks, because of the inaction of the leadership of the Central Bank of Kenya (CBK) got free money and engaged in arbitrage, speculative activities and hording and I will demonstrate this. The interbank exchange rate was far much below the discount window. During this period, banks would go and visit the CBK discount window facility, borrow at 8 per cent or below, go to the Treasury Bills and Treasury Bonds, buy and go back to the same Government. They would borrow at 8 per cent and go back to the same Government and offer the same facility at 26 per cent. In the process, during this period, commercial banks borrowed Kshs600 billion taxpayers’ money for a period of 90 days. They got free money and the person who has the key to the CBK was part of the connivances and the illegal activities. I will tell you how they borrow. In 2010, the entire banks combined borrowed from the CBK Kshs11 billion. In 2011, they borrowed Kshs600 billion and this is the list."
}