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{
    "id": 3670,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/3670/?format=api",
    "text_counter": 515,
    "type": "speech",
    "speaker_name": "Mr. Mututho",
    "speaker_title": "",
    "speaker": {
        "id": 97,
        "legal_name": "John Michael Njenga Mututho",
        "slug": "john-mututho"
    },
    "content": "In conclusion, Madam Temporary Deputy Speaker, I want us to also look at the possibilities of empowering this new body to look and tie this insurance scheme with other very established insurances around the world that can be able to absorb huge losses in case and if it did happen. It can happen. Even the very best banks can land into the kind of problems that we saw the other day with one of the biggest and oldest newspapers in the world because of a very ridiculous kind of event where they were tapping people’s phones and then they had to wind up overnight. Assume a similar thing happens – not necessarily the same – that one of the major depositors or banks happens to have such a problem. Say, for instance, the new crimes coming through like crimes to do with drug trafficking and the rest of it, and that bank happens to be the principal shareholder. Such an avalanche of funds and the problems that come and follow that particular issue would need urgent attention because some of these deposits might be meant, say for instance, to tackle agricultural challenges, which need prompt time. Madam Temporary Deputy Speaker, I support this whole heartedly and look to the Third Reading and the Committee Stage, when some of these fine-tunings can be done and when the Minister will have a chance to interest more hon. Members to understand the importance and intricacies of the new proposed law."
}