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{
    "id": 389549,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/389549/?format=api",
    "text_counter": 222,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) A.W. Ng’ang’a",
    "speaker_title": "",
    "speaker": {
        "id": 2884,
        "legal_name": "Alice Wambui Ng'ang'a",
        "slug": "alice-wambui-nganga"
    },
    "content": "Thank you very much, Madam Temporary Deputy Speaker. I would like to say that this Amendment Bill has come at the right time because there before most financial institutions were either acquired or merged. In the process the public suffered a lot because they did not know when financial institutions were merged or acquired where they belonged. But this amendment Bill is timely. At least, customers and the public are aware that their money is safe and that they are in good hands. Whether the institution merges or is acquired, it is moves with them. Their interest is considered and taken care of, unlike before when there was a bank called Charter Bank which all of a sudden closed down. Most of the customers suffered a lot because they did not know who to ask or where to go to. The doors of the banks were already closed and they did not know who to turn to. Their money got lost as the bank went down. But right now, with this amendment, we are aware of the fact that it cannot happen because they are already insured. Hon. Temporary Deputy Speaker, with this amendment Bill, if the bank will go under liquidation, the public will be notified. The depositors will be made aware that the bank is going under liquidation and they can use the liquidation strategy, where all customers; whether creditors or depositors, are taken care of. So, with this, it will be very good to know that customers and the public are comfortable whenever their hard earned monies are at risk due to liquidation. They will be sure that when they take their money to the banks, it will be taken care of and that they are well safeguarded. Their monies cannot get lost as easily as it used to be there before. So, they will work hard to take more deposits to the bank. Hon. Temporary Deputy Speaker, the customers will also be aware that with the liquidation taking place, if they are not notified, they can claim their money. They can ask for what belongs to them and they can take a legal process to claim money. Therefore, I wish to support this Bill and say that it is a good thing for Kenyans to know that their deposits will be well taken care of. Thank you very much."
}