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{
    "id": 644576,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/644576/?format=api",
    "text_counter": 144,
    "type": "speech",
    "speaker_name": "Hon. J.K. Bett",
    "speaker_title": "",
    "speaker": {
        "id": 1765,
        "legal_name": "James Kimaru Bett",
        "slug": "james-kimaru-bett"
    },
    "content": "Thank you, Hon. Temporary Deputy Speaker for giving me this opportunity to speak on the Banking (Amendment) Bill. I support the Bill. I would like to take this opportunity to thank Hon. Jude Njomo for bringing such a Bill at the most appropriate time. Banks in any country are like a thermometer that measures the economic welfare of a country. The collapse of three banks in a very short time is a very bad indicator for this country in terms of economic welfare. It discourages those who intend to save money and, subsequently, discourages investors. No investor would like to invest in an economy where the future of the banks is not stable. At this time, we would like to call upon the Governor of the Central Bank of Kenya to pull up his socks and ensure that the regulatory framework of all commercial banks in this country is complied with so that investors, depositors and those who operate the banks are assured of the stability and security of their money. Banks in Kenya cannot claim to fail or go under receivership because of making financial losses. It is not possible. It is only in this country where you find that interest rates are extremely high. Savings and Credit Co-operative Societies (SACCOS) charge as low as 12 per cent, but when banks are lending to members of the public, they charge as high as 23 per cent. For the high interest rates they charge, it follows that they make abnormal profits. One cannot explain why a bank would go under after making super normal profits every financial year. The only explanation that can be given is that there must be corruption in those banks. Most people who save in banks are low-income earners who save as low as Kshs10,000 and Kshs20,000. We cannot allow banks to make low-income earners lose their hard-earned savings. The Central Bank of Kenya needs to pull up its socks so that we do not have more banks going under. Equity 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."
}