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{
    "id": 389551,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/389551/?format=api",
    "text_counter": 224,
    "type": "speech",
    "speaker_name": "Hon. Njenga",
    "speaker_title": "",
    "speaker": {
        "id": 1510,
        "legal_name": "Francis Kigo Njenga",
        "slug": "francis-kigo-njenga"
    },
    "content": "to promote investments which increases production and productivity, which again goes back to savings. By so doing, the economic standards of our people rises or is improved. So, by putting up a strategy and amending this Bill to bring in more safety to the depositors’ money, we will bring into Kenya the culture of wanting to get out of that vicious circle of poverty. Hon. Temporary Deputy Speaker, this amendment also brings into consideration regional financial growth. You can see our banks have gone all the way to South Sudan and other parts of this region; they are in Uganda, Rwanda and Burundi. At least, this amendment which is emphasized in Section 20 will make people from other countries save in Kenya or feel comfortable saving in banks that are outside our boundaries. We also have checks and balances in the board of the institution. So, this gives adequate independence to the board. Checks and balances have been missing and now the investors’ confidence will be raised. The size of the fund is determined by international standards. This amendment brings what the board can revise and upgrade the size of this fund so that we can be compliant with international standards. This way, even the strong currency savers can come and invest in our country. Hon. Temporary Deputy Speaker, I like the clarity given in this Bill. Once Parliament appropriates money to this fund, it cannot go to the expenses. That actually will enhance growth of this fund and be able to gauge any risk that might come in future. Then the timeliness of settlement of deposits is given to be within 30 days. That is a short period that shall now break the chain of investments and savings. Once the amendments are made, the fund will shield people from incurring huge legal costs as the law will give what is within the payment net and what is outside the payment net. Having worked for Ernst & Young, and having been appointed a liquidator through the Deposits Protection Fund Board, I do not believe. From experience, this is actually a timely amendment. It should even have done earlier but finally having come to the House, it should be supported."
}