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{
    "id": 577796,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/577796/?format=api",
    "text_counter": 246,
    "type": "speech",
    "speaker_name": "Hon. A. B. Duale",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "So, banks will be forced to merge. If you look at it from the other side, you will find that the Chairman of Equity Bank, a man I respect a lot, started Equity Bank with Kshs2,000 shillings. Why are we not giving that opportunity to Kenyans of this century so that tomorrow Hon. Chachu Ganya and many others can bring resources together? I think Members of Parliament must look at that. At the same time and more importantly before I finish, the CS is again trying to propose or double the capital of insurance companies from Kshs300 million to Kshs600 million for general insurance and Kshs400 million to Kshs800 million for the other section. We need to look at all this because these Bills are before the House so that we do not kill one sector. So, if you are for the idea of saving small banks, then you must come with an amendment to disagree with the CS. If you feel that we can have three banks only, you can even increase the proposal given by the CS and say that the capital baseline of a bank should not be Kshs5 million but Kshs10 billion. Those are the highlights. I have just highlighted a few provisions in this Bill as Members will have time to debate during the Second Reading and bring amendments. With those very few remarks, I will ask the Chairman of the Departmental Committee on Finance, Planning and Trade, who has done a better scrutiny of this Bill than me, and who has met the stakeholders and a cross-section of industry players to second and enlighten the House. I read the Bill individually to see what it proposes. I am sure he will bring the Report next week because he has not tabled the Report on this Bill as at now. He needs to work next time. Hon. Temporary Deputy Speaker, you need to reign in the Chairpersons. The Mover of the Bill is far much ahead of them. They are following me. They should be ahead of me. So, next time they should bring the Report before I move the Bills. I beg to move and ask the Chairman of the Departmental Committee on Finance, Planning and Trade to second."
}