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{
    "id": 277133,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/277133/?format=api",
    "text_counter": 969,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "The Minister for Finance",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": " Mr. Temporary Deputy Speaker, Sir, I need time. I plead for more because it is important. What we are going to do is going to make or break this country. We must be very clear in our minds about what we are going to do. I want to say that the Executive does not support this because it knows the consequences. The other consequence would be this: The very people we are trying to protect, the lower income groups, the middle class, I can tell you, if you have ceilings on interest rates, they are going to be eased out of the credit market. The banks will start lending to prime customers like the East African Breweries and those kind of companies. So, the people we are trying to save will actually lose out. Secondly and this is even more serious, take it from me, if you pass this amendment, expect a financial crisis. More than ten to 15 small banks are going to collapse. So, we are actually creating a financial crisis. This is exactly what you are doing. The other reason, the bad loans and non-performing loans are only 3 per cent. So, the issue has been exaggerated. At the moment, the non- performing loans in the entire banking portfolio is 3 per cent."
}