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{
    "id": 645076,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/645076/?format=api",
    "text_counter": 99,
    "type": "speech",
    "speaker_name": "Hon. Bunyasi",
    "speaker_title": "",
    "speaker": {
        "id": 2511,
        "legal_name": "John Sakwa Bunyasi",
        "slug": "john-sakwa-bunyasi"
    },
    "content": "Thank you, Hon. Speaker. I rise to contribute to this important proposal that has been put forward by the Hon. Leader of the Majority Party. I thank him for putting emphasis on a matter that is important. Every economy has many sectors, but some sectors are more important than others. The banking and finance sector is one such critical sector in any economy and that is why when there is a crisis in governments around the world, they move in with public resources to secure and stabilize it so that there is no alarm. The consequences of a failed financial sector, including the banking sector, are dire and large. They go at the very heart of the existence of the nation. So, it is good reason for us today to spend some time reflecting on this. I have not seen my Chairman and the Vice-Chairman of the Departmental Committee on Finance, Planning and Trade. This is a matter we should take up with the suggestion he has made, put other things aside and focus on this. One of the most important things that happened in this country was the appointment of the current Central Bank of Kenya (CBK) Governor. Not only did he have the qualifications as many others have, but he has the level of integrity and an approach to things that did not exist before. Therefore, I support the second part of the Hon. Leader of the Majority Party’s proposal that in looking at this issue, the Committee should also look at the previous administration of the CBK. People might think it has been six to nine months but all of these things are beginning to come to light in some respect because of the current approach of the CBK Governor. A lot has happened and, Hon. Speaker, we feel that some heat and efforts should be directed to the CBK because banking supervision is one of the most critical things that any financial system needs to have in place - one that is robust and has high degree of integrity. In advanced countries such as the United States of America (USA), when some of the big institutions went down, they had some of the best auditors. The big five had been auditing them, but the accountants are cleaver than engineers. There are ways which we might fail to see it. Certainly, we need this and I hope that what has happened is an alert to the banking sector and not an alarm. It must be an alert because I am sure a lot more is happening elsewhere. I strongly support. If the Chairman is here, we should agree to start this yesterday. Thank you Hon. Speaker."
}