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{
    "id": 579065,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/579065/?format=api",
    "text_counter": 146,
    "type": "speech",
    "speaker_name": "Hon. Aden",
    "speaker_title": "",
    "speaker": {
        "id": 15,
        "legal_name": "Aden Bare Duale",
        "slug": "aden-duale"
    },
    "content": "Last week, one bank went under. I just hope and pray that--- Today it was in the media that we have disillusioned depositors who are walking around, and people who are doing business with that bank. They do not know the fate of their savings and wealth. I hope and pray that it is not going to be a systemic effect to the failure of that particular bank. Systemic effect is where failure of one bank causes the failure of another bank because banks borrow from one another. If there is any bank that had borrowed very much from the Dubai Bank, which was put under receivership last week, then that other bank is at a risk. The failure of that bank can cause failures of several other banks. That is the systemic effect. To reduce that risk, enhancing this capital base will actually mean that those who will remain in the banking industry in Kenya will only be the serious people to do banking. We have taken very lightly the issue of accepting deposit from the public without much protection."
}