Adan Keynan

All parliamentary appearances

Entries 2041 to 2050 of 2568.

• 1 Mar 2012 in National Assembly: The average bank interest rate today is about 28 per cent. Some banks charge 30 per cent while others charge even 31 per cent. This means the many Kenyans who attempted to borrow money to finance weddings or buy furniture to furnish their houses just because the interest rates were affordable today are on the brink of losing everything that they have invested in. I am told that it is because of the high bank interest--- view
• 1 Mar 2012 in National Assembly: Madam Temporary Deputy Speaker, Kenya is basically an agricultural country. This means that many people rely on loans in order to develop their businesses. What business today can give you profit of 32 per cent in this country? We have looked around and we have concluded that there is no legitimate business in this country that can today give you a profit of 32 per cent. It does not exist. Therefore, because of the inaction, or failure of the institutions that are charged with the responsibility of controlling interest rates, Kenyans have been reduced to paupers. view
• 1 Mar 2012 in National Assembly: Madam Temporary Deputy Speaker, I know that the Members of this House are privileged members of the Kenyan society simply because we are paid highly. We enjoy a number of duty exemptions but the people who elected us out there in the villages are victims of these high interest rates. This is an election year. If the entire earnings of the middle class, the farmers and business people have been wiped out, we are talking of 38 million Kenyans who are paupers, or who have gone about three stages below the poverty line. view
• 1 Mar 2012 in National Assembly: 31 Thursday, 1st March, 2012 (P) view
• 1 Mar 2012 in National Assembly: It is because of this that this House has the onus or responsibility of correcting the situation. I want to quote what His Excellency the President said in 1999 when he contributed to the Donde Bill. A number of senior Government officials were then in the Opposition. They include the current President, Hon. Mwai Kibaki, hon, Ngilu, the current Minister for Water and Irrigation, and hon. Anyang’-Nyong’o. I want to quote His Excellency the President, whose statement attracted strong applause. His Excellency the President, who was then the Leader of the Official Opposition, said:- “This country has become a country ... view
• 1 Mar 2012 in National Assembly: Mr. Temporary Deputy Speaker, Sir, that is why His Excellency the President, who was then the Leader of the Official Opposition, in his own wisdom, routed for the in duplum rule just to control the interest rates. Members of this House then decided to pass the Bill. Later on, that Bill went through so many controversial stages. Eventually, it did not see the light of day. However, that sent a very strong message to the banking sector, that, indeed, the elected representatives of this House were aware of what was happening. view
• 1 Mar 2012 in National Assembly: We should look at the role that the Central Bank of Kenya (CBK), as the regulator, ought to have played. One of the things that you realise is that there was a policy of inaction by the CBK. This contributed to the creation of opportunities for arbitrary malpractice by banks. This also contributed to failure to detect and arrest the speculative activities of some of the key financial institutions. Mr. Temporary Deputy Speaker, Sir, this also brought about some sort of communication breakdown between the key financial institutions and the regulator. There was also ineffectiveness of the Monetary Policy Committee, ... view
• 1 Mar 2012 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I want to urge my friend to wait for what we are going to say. I was saying that a number of banks enjoyed visiting the discount window. The discount window offered an interest rate below the inter-bank rate and Treasury Bills rate. I want to demonstrate to hon. Members that this was what happened. I want to ask--- view
• 1 Mar 2012 in National Assembly: Mr. Temporary Deputy Speaker, Sir, I need your protection because I think there is an attempt to make sure that my time is eaten up so that I say very few things. I want to ask my respected friend, hon. Nderitu Muriithi, to hold his horses and I am sure that he will get a chance to contribute. I was saying that a number of banks, because of the inaction of the leadership of the Central Bank of Kenya (CBK) got free money and engaged in arbitrage, speculative activities and hording and I will demonstrate this. The interbank exchange rate ... view
• 1 Mar 2012 in National Assembly: This is official, it is from the CBK. The Governor may not know but we got it officially from the CBK. I will read it. This indicates two things; either the financial market was very much insolvent or fluid to the extent that some of these big banks were going through financial strains, duress or somebody had allowed them or handed them over the key to our savings. view