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{
    "id": 570875,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/570875/?format=api",
    "text_counter": 32,
    "type": "speech",
    "speaker_name": "Sen. Billow",
    "speaker_title": "",
    "speaker": {
        "id": 260,
        "legal_name": "Billow Adan Kerrow",
        "slug": "billow-kerrow"
    },
    "content": "Thank you, Mr. Speaker, Sir. When the Government raised the minimum capital of the banks from Kshs250 million to Kshs1 billion, it was an increase by four times. Literally, all the banks complied within the timeframe and the objectives at the time was also the same; to encourage banks to merge, so that we have few stronger banks and that helped. In early 1900s up to 1996, almost 30 to 40 banks collapsed because of a lot of management problems in the banking sector. Today, the banking sector is very strong and resilient because of a stronger capital, among other things, that they have. Therefore, the intention at the end of the day is to also look at the global aspect of the economy. When we rebased our economy last year to Kshs4.8 trillion, the per capita is now $1.1246. This country is now rated as a lower middle income economy. So, we really need banks that can attract funding for this economy from international markets and have very strong core capital. I think that is the general reason. The second answer that I gave and which I think is important, is the regional aspect. Because of the East Africa Monetary Union, there has been attempt to try and create a regional financial structure that would be similar in all the countries. I disagree with some of the Senators, because some of my friends and I tried to open a bank in a The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}