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{
    "id": 467031,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/467031/?format=api",
    "text_counter": 221,
    "type": "speech",
    "speaker_name": "Hon. Ng’ongo",
    "speaker_title": "",
    "speaker": {
        "id": 110,
        "legal_name": "John Mbadi Ng'ong'o",
        "slug": "john-mbadi"
    },
    "content": "Finally, the issue of capitalization is very key and important. I am one of the people who believe that as a country and as a Parliament, we did not do justice to those institutions which want to start deposit taking. You will remember that at one point before Equity Bank and Family Bank became banks, the capital base was very low. It was reduced to accommodate these banks. The moment they became banks, this House, through the initiative of the Cabinet Minister then, increased the capital very highly that it is now discouraging other people who are coming in also to start banking institutions. If the capital base was as it is today, the Equity Bank could not be a bank. This is unfair and even as we make it criminal for these deposit taking institutions not to be undercapitalized, it is important that we review this capital base that we passed as a House through the Finance Bill. I cannot remember the year but it is not long ago. To me, that is very important because other Kenyans also want to start banks. We do not want banks that are started by other Kenyans to come to our areas, take deposits from our areas and go and trade in particular areas of this country leaving our people as poor as they found them."
}