Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 579153,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/579153/?format=api",
    "text_counter": 234,
    "type": "speech",
    "speaker_name": "Hon. (Prof.) Nyikal",
    "speaker_title": "",
    "speaker": {
        "id": 434,
        "legal_name": "James Nyikal",
        "slug": "james-nyikal"
    },
    "content": "Thank you, Hon. Speaker for giving me the opportunity to contribute to this Bill. It is obvious to us that this Bill merely seeks to legalise the financial measures and the amendments we intend to move to raise funds to use in the Budget that we passed. Obviously, it is a Bill that we need to pass. There are a few things that are good in this Bill and others that we will need to look at again. The issue on Stamp Duty and transfer of one trustee to the other is good. Real estate is an area of great concern to us. Every Kenyan wishes to own a house but this has become very expensive. Mortgage has ceased to have meaning because the rent which you will get from any house in the market is far below the mortgage that you are paying. You will have to get some money from your pocket to repay the mortgage. So any measure taken in that direction is extremely important and useful. I agree with the regulation of the insurance industry that puts more strict measure. More Kenyans are involved in the insurance industry; some Kenyans are involved the industry without their will like people who are traveling in public service vehicles. They find themselves in the insurance industry and most of the time they lose out when they should get good compensation. Therefore, to put regulation in place towards this end is extremely important because it will help many people The requirement that most of the assets must be more than the liability is common sense. If you have insurance company that does not have enough capital adequacy ratio obviously that is a risk to the members of the public. That is important. The amendments that remove the mandate from the Cabinet Secretary to an authority is the way we are going so that we remove such mandate from a single office to an authority which will give it more consideration. That is an important element. Everybody has talked about the Banking Act but I have to say something. The Kshs5billion is a lot of money. Other Members feel that it is important to have few large banks. My experience though I am not a financial expert is that large banks are faceless, heartless and deal with people off-the-cuff. What is important to them is their rate. Before Equity Bank came into being, the big banks had started saying that they do not take deposits of less than Kshs20, 000. In fact they were locking out people from the banking industry. We have reached a point where if you keep cash in a bank, it will charge you. If you are giving organisations money that they are going to lend out, they should give you interest. The high requirement will take us back to the era where we had a few big banks. That is not very nice. Hon. Temporary Deputy Speaker, I have never understood why the interest rates in this country are very high compared with those in other countries. I am not a financial expert but The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}