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{
    "id": 685322,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/685322/?format=api",
    "text_counter": 172,
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    "content": "NOCK) and the Kenya Pipeline Company (KPC) give us? These are not just public entities, but they are supposed to be investments that give back money to the public coffers to be used to run the Government. So, when we go back to the old things and hope that we will raise revenues through taxing kerosene, we are treading on a very narrow path. How much would you possibly raise from increasing tax on kerosene? I have heard this Government saying that they are connecting electricity in every part of the country through the Rural Electrification Programme but most Kenyans are not accessing electricity. Most Kenyans, like in my constituency in Ugenya, still use paraffin. When you raise taxes on paraffin, what are you trying to do? Are you hoping that you are making the lives of Kenyans who depend on this easier? I do not think it is the best way to go. Secondly, we are in a financial crisis in the country. The banking sector is bleeding out of lack of proper regulation. The Central Bank of Kenya (CBK) Governor says he is going to put his feet down to ensure that the banking sector works well. What are you doing? The Chairman is saying that what the CBK Governor is doing is not right and he should share those powers with the National Treasury. Decisions that are supposed to be made that help this industry must now be made only in consultation with the National Treasury. This is not the way to go. We want to have a central bank that is independent and runs that industry in an independent manner only guided by the fundamental, economic and financial fiscal principles. It should be consulted, not in a manner that would make political considerations be put into the way we run our banks. The Bill proposes to raise capitalisation for banks from Kshs2 billion to Kshs3.5 billion. The justification here is very interesting. They are saying so that Kenya can have at the end of the day two, three or four conglomeration of big banks. Big banks are falling all over the world. They are going down. When we had only big banks like Barclays and Standard Chartered, the small guys never used to open bank accounts. Do you want to take us back there? Are you saying that we should kill Equity Bank, Family Bank and have one big bank that will decide that in Nyanza they will only have branches in Kisumu and Busia and not in Ugunja? I do not know 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."
}