John Mbadi Ng'ong'o

All parliamentary appearances

Entries 5561 to 5570 of 7480.

• 6 Mar 2012 in National Assembly: On a point of order, Mr. Deputy Speaker, Sir. view
• 6 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, our rules are very clear that if you have an interest in a matter, you declare it. Could Mr. Nyammo confirm to this House whether he brought down a financial institution which is still under receivership with taxpayers’ money before he continues talking? view
• 6 Mar 2012 in National Assembly: On a point of order, Mr. Deputy Speaker, Sir. I think this House is entitled to the truth; if the Minister has made an allegation, we need proof. The CBK is on record as penalizing some banks. Could he prove to us today that before these banks accessed the discount window they had already borrowed money from other banks, and that they had exploited all the other avenues that he is alluding to? As an example, can he deal with the Kenya Commercial Bank (KCB)? view
• 6 Mar 2012 in National Assembly: Thank you, Mr. Deputy Speaker, Sir. I want to support this Report. Sometime in June, last year, I rose on a point of order to seek for a Ministerial Statement from the then Minister for Finance asking why the shilling was depreciating. At that time, the shilling was exchanging at Kshs80.4. The following month, the Government tried to dodge my statement and the following month in July, hon. Njoroge Baiya pursued the same and asked for a statement. The Minister refused to respond to that statement until later in September. That alone can indicate to the whole world that something ... view
• 6 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, the reason why I say that the Governor cannot be removed from blame is because, one, when this issue became so big, what did the Governor do knowing very well how fluid the financial market is? He said: “There is nothing we can do.” The he said: “Banks are to blame.” Later he said: “Now we can do something.” That is clearly an indication of someone who has no capacity and, if he has, then he refused to exercise that capacity to control and stabilize the money market. view
• 6 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, it is important for this House to realize one thing; that Kenyans suffered and continue to suffer because of the depreciation of the Kenya Shilling. The people we represent are looking at us and asking--- Many of them send us text messages asking: “Mheshimiwa, what are you doing about this Shilling losing value everyday?” If we can sit in this House after tasking a very strong Committee to go and investigate and report back to us, to trash the Report because we want to protect an individual who has protected the bank cartels and people who ... view
• 6 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, I want to come to the discount window. The Acting Minister for Finance has talked to us as if this House has people who do not understand any basics in finance. But I want to remind him that even though he was at one time a legal secretary in a bank, that does not make him an expert in finance. There are people who have studied finance and understand it and so, you should listen to us when we talk. The reason why the Central Bank of Kenya (CBK) is the lender of last resort is ... view
• 6 Mar 2012 in National Assembly: Please, let me contribute bwana ! view
• 6 Mar 2012 in National Assembly: Thank you, Mr. Deputy Speaker, Sir. The reason why the CBK is the lender of the resort is to stop commercial banks from misusing that discount window. That was done with the express knowledge that we will be putting responsible and knowledgeable people to manage CBK. If those people can allow, in a specific one financial year, this discount window to be misused--- For what reason were they borrowing the money? The Minister was saying that one would be poor as a banker to borrow that money and buy Treasury Bills or lend to other banks. Then we ask: “Why ... view
• 6 Mar 2012 in National Assembly: Mr. Speaker, Sir, the Minister said that he opposed the Report. He did not say he wanted it amended. He said he opposed and opposing the Report is rubbishing it. Mr. Deputy Speaker, Sir, I want to take hon. Members to page 48 through to page 53, just mentioning a few submissions. There are contributions from various professionals. On page 50, there are submissions from the forex dealers. One of the observations is that there was a loose monetary policy. view