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{
    "id": 77749,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/77749/?format=api",
    "text_counter": 143,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "The Assistant Minister, Office of the Deputy Prime Minister and Ministry of Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": " Mr. Speaker, Sir, I beg to reply. (a) According to the Report of the Task Force on Unclaimed Financial Assets of November, 2008, surveyed institutions in the banking, capital markets and insurance sectors reported total unclaimed assets of Kshs9.1 billion, which was far below the originally estimated Kshs38 billion. For the reported total unclaimed assets, banks held Kshs7.4 billion or 81 per cent. Of this amount, Kshs4.1 billion, or 56 per cent, was held for less than two years, while only 44 per cent was held for more than two years by the banks. Even then, the amount held for more than six years, and which could qualify as unclaimed assets, was not significant. (b) To the extent of (a) above, and bearing in mind the cost benefit analysis, my Ministry has not considered it necessary at the moment to develop a stand-alone law to be administered by a new regulatory authority to address unclaimed financial assets as was recommended by the task force. My Ministry has, however, urged the relevant regulators"
}