11 Sep 2012 in National Assembly:
On a point of order, Mr. Temporary Deputy Speaker, Sir. The Member is misleading this House by suggesting that in the amendments that I am proposing, I am making the chairman the chief executive. It is very clear at Section 4(iii), which states that the governor shall be the chief executive officer of the bank. So, the governor will be the chief executive officer. We are not making the chairman the chief executive officer. In fact, in 2(a), it says that the chairperson shall be appointed by the President through a transparent and competitive manner. The chairman will only be ...
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6 Sep 2012 in National Assembly:
Mr. Speaker, Sir, I would like to start with the latter part of the Question and confirm that Kenya is a sovereign country. We are independent. We do not act on behalf of, or for any foreign power, be it big or small.
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6 Sep 2012 in National Assembly:
On the second aspect, I have today written to the Governor of the Central Bank of Kenya (CBK) as follows---
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6 Sep 2012 in National Assembly:
Mr. Speaker, Sir, I wish to confirm to this august House that I am under no pressure from any foreign power or donor. What I am doing is what I think is right. Today, I wrote to the Governor of the CBK, on the matter. I would like to read out the letter, so that hon. Members can know exactly what I am saying. My letter to the Governor says:- “Prof. Njuguna Ndung’u, CBS, Governor of Central Bank of Kenya
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6 Sep 2012 in National Assembly:
Dear Mr. Governor,
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6 Sep 2012 in National Assembly:
Mr. Speaker, Sir, this House will appreciate that I have no powers to order the CBK to reopen the bank. If I had such powers, today, I would have ordered or instructed the CBK to reopen Charterhouse Bank. As the hon. Member has rightly pointed out, the Constitution does not allow me to give directions to the CBK. However, it does not mean that Parliament is powerless. I have brought the resolutions of this House to the attention of the CBK. I do not
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6 Sep 2012 in National Assembly:
Mr. Speaker, Sir, I wish to put it on record that my heart cries when I look at the plight of the depositors and all the other people concerned with the bank. My heart cries to them. I think it will be important to point out to hon. Kabogo that when my predecessor took whatever action he took, the new Constitution had not been enacted. So, under the old Constitution there was power but under the new Constitution there is no such power. Basically Article 231 in the new Constitution was actually to cure those defects. Now, under the new ...
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6 Sep 2012 in National Assembly:
Mr. Speaker, Sir, as I said, I have today written this letter to the CBK and it was under personal delivery. So, I have evidence that the Governor has received my letter, including the report of the Committee. So, I would say that as of now the Governor is aware of the resolutions of the House. I am not sure whether he was aware before, and that is why the Speaker ordered that these documents be actually sent from this House to the Governor, so that he cannot claim ignorance. So, I would say that now that he is aware ...
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6 Sep 2012 in National Assembly:
Mr. Speaker, Sir, as I said, I intend to follow the rule of the law which, by Article 231, I have no mandate to instruct or direct the CBK. We must live within the new Constitution. These are some of the provisions that you find in almost all the independent constitutions; the aim was to insulate independent commissions from being directed or micro- managed by the Executive. That is the real reason. However, I am saying that I do not believe that this House is powerless. It is not powerless. This House has other mechanisms and I wish it enforces ...
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6 Sep 2012 in National Assembly:
Mr. Speaker, Sir, we are not talking about renewal, non-renewal or cancellation of licences. We are talking of re-opening of a bank. It has nothing to do with licences. If, for example, it is opened and because bank licences expire at the end of December, they apply and the CBK does not renew their licence, then, obviously, they can appeal to me and I will consider the appeal favourably. As I said, I agree with the recommendations of the
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