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"speaker_name": "Hon. A.B. Duale",
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"legal_name": "Aden Bare Duale",
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"content": "As I support the Banking (Amendment) Bill 2015, I would like to declare that, personally, I have no loans with any bank. But my family businesses have loans. Let us call a spade a spade and rise to the occasion. The matter before us is serious. The banks in this country make billions of shillings of profit before tax. For example, in 2013, Kenya Commercial Bank (KCB) made Kshs17.7 billion profit, while Standard Chartered Bank made Kshs14.3billion profit. Barclays Bank of Kenya made a profit of Kshs12.3 billion in 2014, while Centum Investments Limited made Kshs8.8 billion. In the same year, I&M Bank made Kshs7.7 billion profit while the National Industrial Credit Bank (NIC) made a profit of 4.2 billion. As the Leader of the Majority Party, I would like to say that this is one of the things that we promised the people of Kenya. The last regime and the current regime did it. Every government promises to do something to cap the interest rates. It was in our manifesto and in the Manifesto of Coalition for Reforms and Democracy (CORD). CORD had a Manifesto, but they did not form the Government. Our Chair is telling me that they had a manifesto, but implementing it is a problem. Our manifestos were very similar. The differences were very few. This Bill is amending the Banking Act. The Member for Kiambu will introduce a new Section 35B in which he will set the maximum interest rate chargeable by a credit facility at below 4 per 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."
}