Manson Nyamweya

All parliamentary appearances

Entries 561 to 570 of 876.

• 7 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, I want to go through the Report. Prof. Ndung’u was my classmate in the university and he was an intelligent man. I have a basic degree in economics and he has a Ph.D Degree. Are we saying that this man did not understand the meaning of allowing a bank to over borrow severally Kshs148 billion, which went into the Kenyan economy? What is the meaning of that? view
• 7 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, we come to Barclays Bank. In 2010, they borrowed Ksh2.3 billion. In 2011, they borrowed Kshs148 billion. This money was released to the Kenyan economy. We are saying it led to inflation. We are saying it was because of oil. It was printing of money through the CBK. There is no difference between the action of the CBK and the Goldenberg scandal. The difference here is that in Goldenberg the CBK did not function. People were paid money and there was no gold; it was illegal. In this case, people were paid money by the CBK ... view
• 7 Mar 2012 in National Assembly: Yes, Mr. Deputy Speaker, Sir. I will refer you kindly to page 77 of the Report if you have it. I have said that the KCB, through the CBK window borrowing, took Kshs0.96 billion. In 2011, through window borrowing, which means that it did not provide security – the money was not secured. The bank was over trading. The bank had no deposits to balance their books. They went to the CBK to assist them to balance their books. view
• 7 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, what I am saying here is that the law allows the banks to borrow, but that borrowing should be used judiciously by the CBK; in this case it was used in a manner--- The data is here. The bank in 2011 borrowed 148 per cent times higher. Coming to Co-operative Bank in 2010, they borrowed Kshs2.2 billion. In 2011, they borrowed Kshs186 billion. There was something wrong in the banking sector. We need help. view
• 7 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, unfortunately I cannot teach him economics. What I am saying here is--- view
• 7 Mar 2012 in National Assembly: Thank you for that point of information. The money came out into the market. There was a lot of money chasing very few goods in the market. What was the effect of having so much liquidity without balancing assets? view
• 7 Mar 2012 in National Assembly: There will be many people borrowing and importing and in the end, what do we get? Because of overheating the economy by the actions of the Central Bank, the net effect here is that the foreign exchange went up. Another thing that you want to know is who the customers of these banks which were allowed overnight borrowing were. Who benefitted? This Report should be passed so that a proper committee is selected to give clear information as to who caused what and who benefited from what. These overnight borrowing which affected the economy, were they for the banks to ... view
• 7 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, I can explain that. When you go for overnight borrowing, it means that your deposits cannot balance your books. So, it means that at that moment, you do not have cash. That is why you go there. view
• 7 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, the Member has not been given a chance to speak. He is interrupting my time. view
• 7 Mar 2012 in National Assembly: Mr. Deputy Speaker, Sir, the Member is out of order because he wants to contribute and I am on the Floor. view