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{
    "id": 274377,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/274377/?format=api",
    "text_counter": 839,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "The Minister for Nairobi Metropolitan Development",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": "Having said that, it is important that I say clearly that I have been hard on the banks, particularly on the issue of interest rates. I have been telling them that they must bring down the interest rates because they are unsustainable and they are causing a lot of financial mishaps to Kenyans. Madam Temporary Deputy Speaker, I am glad to inform this House that, as a result of those efforts, interest rate on consumer loans has moved down from 30 per cent to an average of 23 per cent. Today, when I was discussing the matter with the banks, we were, again, able to get them on mortgage loans to come down from 25 per cent to 19 per cent. So, there has been some progress. We have also agreed that any borrower who wants to liquidate their loans prematurely, will be allowed to do so without any penalties. That is being done. Quite a number of people have taken that advantage. We have also agreed that anybody who requests an extension of the repayment period for their loans, it be allowed. Already, quite a number of borrowers have done so. We have also agreed that they will also be amenable to new proposals. For example, if you want to pay interest for some time and then resume paying interest and principal sum later on, that will also be acceptable. So, we have made progress. Madam Temporary Deputy Speaker, in today’s meeting; we also agreed that they will be showing their average cost of funds, so that we know how much they are paying on the funds. We have also agreed that they must also give us their average bills on their loans. We have agreed that these figures must be published monthly, and they must be reported to the Committee of the House on Finance, Planning and Trade. This also must"
}