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{
    "id": 274381,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/274381/?format=api",
    "text_counter": 843,
    "type": "other",
    "speaker_name": "",
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    "speaker": null,
    "content": "So in my view, that is the way to deal with the super profits if we think banks and other companies are making super profits. The solution is to bring a tax on super profits not to cap interest rates. Madam Temporary Deputy Speaker, what I am saying is that the reason why we deferred the Finance Bill is to make further consultations. We are almost there. We have been meeting every day, every evening and every morning having breakfast with the bankers. I must commend my colleagues whom we have been negotiating with; Mr. Jakoyo Midiwo, Mr. Nderitu Mureithi, Dr. Nuh, Mr. Martin Ogindo and Mr. Jeremiah Kioni. We have been meeting the banks every evening and every morning. I think we are almost there. Again, we should not take any action that may end up hurting the entire economy. The argument of the banks is that the Government policy is a liberalized regime and if you cap interest rates then you are like imposing price controls. The question you have to ask yourself is; do we want to have that turnabout of policy from a liberalized regime to controlled regime? I think the answer is no. We do not want to go back to the days of hoarding commodities where commodities would be hoarded and people make some profits. Madam Temporary Deputy Speaker, in my view, I am happy that this matter was deferred and, therefore, we now have more time to agree. What we want is to agree. We do not want to kill the economy or distort the economy. We do not want to affect the growth that Kenya is achieving. Once we agree on all these issues, I think we will come and tell this House we have now agreed. We are almost there. What is left is the things we have agreed upon, how can we enforce them? How can we enforce that the banks will be publishing the average cost of funds? How can we enforce that the banks will be publishing their average yield on their loans? How can we enforce that there will be no penalties for early liquidation? How can we enforce that there will be no penalties for loan extensions? How can we enforce that if a borrower wants fresh terms they can be given? Those are the issues we are now discussing to see the best way of going about it. The consensus that seems to be coming is that we do this through regulation. The Governor has powers to make certain regulations. By the time we come back from recess, I think these things will be done. I support."
}