{"id":313049,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/313049/?format=json","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."}