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{
    "id": 313049,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/313049/?format=api",
    "text_counter": 96,
    "type": "speech",
    "speaker_name": "Mr. Githae",
    "speaker_title": "",
    "speaker": {
        "id": 159,
        "legal_name": "Robinson Njeru Githae",
        "slug": "robinson-githae"
    },
    "content": "Mr. Deputy Speaker, Sir, inspections are done by the CBK regularly. Whenever an inspection report shows that there are certain violations by a bank, corrective action is imposed on that institution, which is also fined Kshs1 million. As I said, inspections for different institutions are done almost on a quarterly basis. I want to be very clear and specific. Charterhouse Bank was not closed because of violations of the Banking Act; it was closed because of bad publicity about it. Up to now, we do not understand where the bad publicity was coming from. I wish I had come with that file. I would have shown you what the print media was saying about the bank. So, the fear was that, because of the bad publicity, there would be a run on its deposits, which would then bring it down. So, in order to preserve the deposits, it was put under statutory management."
}