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{
    "id": 389562,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/389562/?format=api",
    "text_counter": 235,
    "type": "speech",
    "speaker_name": "Hon. Melly",
    "speaker_title": "",
    "speaker": {
        "id": 12849,
        "legal_name": "Julius Kipbiwot Melly",
        "slug": "julius-kipbiwot-melly"
    },
    "content": "Hon. Temporary Deputy Speaker, I rise to support the Bill. This is a Bill we have been waiting for all this time in order to manage our financial sector. The Deposits Insurance Bill seeks to protect depositors’ money. We are in a country where despositors have lost a lot of money to unscrupulous individuals, especially through banks that were intentionally made to collapse. The law proposed through this Bill will be the best law to deal with such kind of thing; especially in cases where we have financial institutions that collapse and an individual’s lifetime savings are lost. The intention of this Bill is to ensure that there is a safety net that promotes financial stability in the country. As a nation, we know that we are still a young and growing financial centre in this particular region of the world. Developed nations like the USA and European countries have large insurance protection agencies that ensure that their financial systems are well protected. Once enacted into law, the amendments will also cushion financial institutions from going under because the law will ensure that there is a surveillance system that will enable the relevant authorities to identify institutions that are risky, and which are likely to go under and take corrective measures before such institutions go under. The law that will emanate from this Bill should also be able to assist in the recovery of depositor’s money. We also have, as part of this Bill, mechanisms to assist in the recovery of depositors’ money. We have cases where depositors have lost money, but this Bill will assist us in the sense that it will ensure that depositors do not lose what they have. The other reason why I support this Bill is that it will strengthen regulation in the financial sector. It will also ensure that companies that are currently on receivership--- Where I come from there are companies that have remained under receivership for more than six years. Instead of ensuring that these companies recover, some individuals use this time to do business. All this time the farmers’ interests in those companies are not taken care of. This is an important Bill because it will ensure that all financial institutions in this country do not actually take deposits from people and they are not accounted for. With those remarks, I beg to support."
}