Jude L. Kangethe Njomo

All parliamentary appearances

Entries 121 to 130 of 525.

• 11 Sep 2019 in National Assembly: Hon. Deputy Speaker, this has been necessitated by a ruling of the High Court of Kenya that was done a few months ago. This was as a result of a case that was presented to court by a Mr. Boniface Oduor and the respondents in this case were the Attorney General, the Kenya Bankers Association, the Central Bank of Kenya and the Parliament of Kenya. The courts found it necessary to invite the Kenya Consumer Federation to be part of the respondents to represent Kenyans. view
• 11 Sep 2019 in National Assembly: Hon. Deputy Speaker, I would like to remind the Members that before this happened, in 2016, we had, as a House, debated the Banking Act (Amendment) Bill of 2016 and passed it. It was later assented to by the President. This was necessitated by the high interest rates that banks were charging. There was a lot of conversation between business people, Parliament and banks to try and come to a sensible rate of interest that banks were charging, but it never happened. So, it was found necessary to legislate on this so as to safeguard Kenyans from the high interest ... view
• 11 Sep 2019 in National Assembly: Maybe the microphone has a problem, but I have no problem with my voice. I can even address the House without the aid of the public address system. view
• 11 Sep 2019 in National Assembly: Thank you. The Hon. Member has to believe in what he is not seeing. Hon. Deputy Speaker, it was necessary for this House to pass a law to protect wananchi from the excessive interest rates charged by banks. Therefore, this law was debated for a long time in this House, there was a lot of public support and it was passed. Immediately it was passed, a gentleman by the name Mr. Owuor went to court in 2016. This case has been going on since then until last year when a ruling was made. Many prayers were done concerning this particular ... view
• 11 Sep 2019 in National Assembly: The High Court ruled that Section 33B(1) and (2) of the Banking Act were unconstitutional for being vague, ambiguous, imprecise and indefinite. Fortunately, the declaration was suspended for 12 months. This House was given 12 months within which to debate and make corrections to the vague sections found by the court. If we are unable to correct this within the 12 months ending in March next year, automatically, this law will be suspended. view
• 11 Sep 2019 in National Assembly: On Section 33B(3), the High Court declared that the penal provisions were unconstitutional and null and void for being discriminatory contrary to Articles 27 and 29 of the Constitution and an infringement of fair hearing under Article 50 of the Constitution. This means that the bank officials were going to be penalised if they charged excess of four per cent above The electronic version of the Official Hansard Report is for information purposes only. Acertified version of this Report can be obtained from the Hansard Editor. view
• 11 Sep 2019 in National Assembly: the Central Bank of Kenya (CBK) rate, while the borrower was not going to be penalised. The Court found this to be unfair and discriminatory and therefore needs to be corrected. view
• 11 Sep 2019 in National Assembly: I would like to refresh the memory of the Members on the provisions of Section 33B(1), (2) and (3). 33B. Powers of Central Bank to enforce interest ceilings view
• 11 Sep 2019 in National Assembly: “(1) A bank or financial institution shall set the maximum interest rate chargeable for a credit facility in Kenya at no more than four per cent, the Central Bank Rate set and published by the Central Bank of Kenya. view
• 11 Sep 2019 in National Assembly: (2) A person shall not enter into an agreement or arrangement to borrow or lend directly or indirectly at an interest rate in excess of the prescribed law. view