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{
    "id": 700926,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/700926/?format=api",
    "text_counter": 61,
    "type": "speech",
    "speaker_name": "Hon. Kubai Iringo",
    "speaker_title": "",
    "speaker": {
        "id": 1574,
        "legal_name": "Cyprian Kubai Iringo",
        "slug": "cyprian-kubai-iringo"
    },
    "content": "Thank you, Hon. Deputy Speaker. I lost my tongue when I realized that my Vice-Chairman has forgotten my name and yet, I am ever with him in the Committee meetings. I second this Motion on the appointment of those Kenyans to the Board of Directors of CBK. At the outset, let me say that those five Kenyans are qualified. Each of them meets the needed qualifications. When they presented themselves to the Committee, they exhibited the leadership which is needed of them. We found that they are equal to the task. All the five nominees have got wealth of experience, especially in the banking and financial sector and in areas which are relevant to the expectations which they are going to meet at CBK. Also, the nominees meet the gender requirement in that, we have got three ladies and two gentlemen. The nominating panel took into account that one and it was easy for us not to grapple with the issues of gender. The nominees are persons of integrity. This can be attested to by the reports from the Directorate of Criminal Investigation (DCI). They have no debts even with the Higher Education Loans Board (HELB). The few objections we got did not meet the threshold. Having looked at the qualifications and the reasons why we should accept the five nominees, I also believe that they are able to handle the challenges that are already bedeviling the CBK and the financial sector in this country. The CBK has been accused of laxity and poor monitoring and control of the commercial banks. We remember that a number of banks have collapsed recently. We have had several meetings with the Chief Executive Officer (CEO) of CBK and, all the time, he has been telling us that he is trying to clean his house. He promised to clear the rot and mess in CBK. It is my belief that when those five Kenyans join this Board, they will come with a wealth of experience and integrity and that they will use that to clean the mess I have talked about. They should start proper monitoring of commercial banks. In the last two years, three banks have gone under thus putting many Kenyans in limbo, without knowing the fate of their savings. I thank the CEO of the Central Bank of Kenya, Mr. Njoroge, because he has tried his best and one of the banks is back on its feet. It is feared that part of our National Government Constituencies Development Fund (NG-CDF) Board money is saved in one of the collapsed banks, and it is suspected that the money that is held there is in the process of getting lost. Those nominees are the kind of people we want in that institution, so that we do not experience failure in future. This House has gone out of its way to start the process. We have succeeded in capping the interest rates that are charged by banks. Banks were resisting that, but my Committee and Members of this House fought hard and we managed to get the same. Therefore, it is up to CBK, with the support of the Board, to see to it that decisions, especially the one on interest rates, are implemented to the letter and without much delay. Some of the 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."
}