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{
    "id": 327024,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/327024/?format=api",
    "text_counter": 762,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Transport",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " I stand to oppose this amendment for reasons that Members need to be aware of. This amendment is proposing to say, for example, in the first one that wherever the Kenya Government has an interest in a bank, that bank will have its business capped by law, that it can only lend a certain amount. This means it is discriminated against its competitors. I want you to look at one specific bank. Part 16B says; “Where the Government is a shareholder in a bank or financial institution, the maximum interest rate that the bank or financial institution may charge for a loan or monetary advance shall not exceed by more than four per centum the rate set and published by the Monetary Policy Committee established under section 4D of the Central Bank of Kenya Act.” I want to give you an example of the National Bank of Kenya (NBK). The Government of Kenya has less than 20 per cent of the shares. The bulk of the shares are owned by the workers of this country through the National Social Security Fund (NSSF). So, this amendment will say that the NBK, which is owned by the workers of Kenya can only charge 4 per cent above, but all the other banks can charge interest at 6 or 7 per cent, discriminating the owners of the bank who are the workers of this country. The"
}