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{
    "id": 3662,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/3662/?format=api",
    "text_counter": 507,
    "type": "speech",
    "speaker_name": "Mr. Kimunya",
    "speaker_title": "The Minister for Transport",
    "speaker": {
        "id": 174,
        "legal_name": "Amos Muhinga Kimunya",
        "slug": "amos-kimunya"
    },
    "content": " Thank you, Madam Temporary Deputy Speaker. I rise to second this Kenya Deposit Insurance Bill which comes in as part of the major reforms that have been taking place within the financial sector. I am happy to see that the journey that this reform began in March, 2006, when I was at the Treasury is almost coming to an end in terms of the amendments that are required to ensure that all depositors are properly protected within the law in the unlikely event that the bank should go under. We had a lot of those examples in the 1990s when the banks would just collapse and the maximum that people would be compensated for was Kshs100, 000. This obviously took ages and with the bureaucracies involved, even accessing this money was a problem. Some of the people who lost their money are still struggling to see if they can get their money or not. By capturing all these things, putting them into a legal framework and giving independence to the Deposits Insurance Corporation, at least, things can be expedited and part of the bureaucracy will be cut off."
}