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{
    "id": 846735,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/846735/?format=api",
    "text_counter": 262,
    "type": "speech",
    "speaker_name": "Kiambu, JP",
    "speaker_title": "Hon. Jude Njomo",
    "speaker": {
        "id": 1784,
        "legal_name": "Jude L. Kangethe Njomo",
        "slug": "jude-l-kangethe-njomo"
    },
    "content": " The second amendment is on lending to our SMEs. The banks have decided to strangle our young business people. What we are asking is that every bank should lend at least ten per cent of its loan portfolio to SMEs and small business persons. I do not think that is too much to ask. We are not telling them to lend to Otieno or Kamau. There are many SMEs who qualify for loans and you must give them, at least, ten per cent of your loan portfolio. The other amendment apart from the issue of next of kin and ten per cent to SMEs is on the core capital for banks. In 2012, there was an amendment that was brought in this House and it was passed. Banks were supposed to increase their core capital from Kshs2 billion to Kshs5 billion in a period of five years, but banks requested the National Treasury to be given a time extension. That time extension has now ended. In the meantime, two banks have collapsed, namely, the Imperial Bank and the Chase Bank. So, we have a responsibility to protect our depositors’ money by increasing the core capital so that we have strong banks with money and that are willing to lend money to our people."
}