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{
    "id": 844918,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/844918/?format=api",
    "text_counter": 325,
    "type": "speech",
    "speaker_name": "Kiminini, FORD-K",
    "speaker_title": "Hon. (Dr.) Chris Wamalwa",
    "speaker": {
        "id": 1889,
        "legal_name": "Chrisantus Wamalwa Wakhungu",
        "slug": "chrisantus-wamalwa-wakhungu"
    },
    "content": "The issue is not about stability or increasing the core capital in banks. This similar amendment of increasing the capital requirement from Kshs2billion to Kshs5billion was brought in the last Parliament and we rejected it. Where I come from, we are struggling to bring up a bank. We have now raised the capital of Kshs1billion. When we raised the core capital of Kshs500million, it went up. We have raised Ksh1billion now, and we want to raise Kshs2billion. You want to increase the core capital to Kshs5billion, so that the existing banks can continue to enjoy abnormal profits. You do not want other people to enjoy that benefit. We oppose this amendment. It is a major amendment that must go to the Banking Act. It cannot come through miscellaneous amendment. It must be subjected to Article 118 of the Constitution which is on public participation. Kenyans want to own banks but not just specific people. We reject this selfish amendment."
}