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{
    "id": 93577,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/93577/?format=api",
    "text_counter": 126,
    "type": "speech",
    "speaker_name": "Dr. Oburu",
    "speaker_title": "",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": "Mr. Speaker, Sir, we have not contemplated establishing a debt management company. This is because the CBK has put in sufficient safeguards in regard to bad debts, particularly the debts from collapsed banks, banks which have gone bankrupt and so on. There are very clear guidelines given to these institutions as to how to deal with bad debts. In the first place, debts have clear provisions by the banks in order to take care of them and not to spoil their books. Thereafter, those institutions have sufficient mechanisms to do recovery of outstanding debts, even though they have already given provisions for them. Mr. Speaker, Sir, because of this, we do not see the need to establish a separate institution which will not be cost effective to manage debts by collapsed banks. As for the pyramid schemes, they are illegal schemes and the Government cannot be involved in recovering monies which were invested there. Actually, the pyramid schemes are investments by individuals making individual arrangements with those institutions which are illegal. Therefore, we do not have mechanisms of recovering those monies from the institutions."
}