Wazua
»
Investor
»
Economy
»
Law Capping interest rates
Rank: Member Joined: 9/29/2010 Posts: 679 Location: nairobi
|
streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution
|
|
|
Rank: Elder Joined: 7/26/2007 Posts: 6,514
|
kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution All old loans will be repaid and refinanced at new rates...banks are trying to delay the inevitable. Business opportunities are like buses,there's always another one coming
|
|
|
Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
|
KulaRaha wrote:kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution All old loans will be repaid and refinanced at new rates...banks are trying to delay the inevitable. Refinancing request declined... Unless you can provide double the security and also double your income used to service the loan. Mark 12:29
Deuteronomy 4:16
|
|
|
Rank: Elder Joined: 7/26/2007 Posts: 6,514
|
guru267 wrote:KulaRaha wrote:kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution All old loans will be repaid and refinanced at new rates...banks are trying to delay the inevitable. Refinancing request declined... Unless you can provide double the security and also double your income used to service the loan. Really? The way some guys are desperate for business like kina Sindian and co....... Business opportunities are like buses,there's always another one coming
|
|
|
Rank: Elder Joined: 11/27/2007 Posts: 3,604
|
KulaRaha wrote:kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution All old loans will be repaid and refinanced at new rates...banks are trying to delay the inevitable. This law cannot be applied retrospectively. That is what killed the Donde Bill African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
|
|
|
Rank: Member Joined: 9/3/2015 Posts: 118 Location: Nairobi
|
Sober wrote:KulaRaha wrote:kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution All old loans will be repaid and refinanced at new rates...banks are trying to delay the inevitable. This law cannot be applied retrospectively. That is what killed the Donde Bill Quick question: the other day,when interest rates on government bills rose to the 20s,didnt banks give notice to charge more interest? Now that the rates are down,why don't I sue my bank for not revising interest rates downwards as they revised them upward before? Educate me wazuans.
|
|
|
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
|
kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution Court of Appeal stated in the decision of *Benjoh Amalgamated Limited & another v Kenya Commercial Bank Limited [2014] eKLR* "A constitution looks forward and backward, vertically and horizontally, as it seeks to re-engineer the social order. In this way, a constitution may and does embody retrospective provisions or provisions with retrospective ingredients. However, in interpreting the constitution to determine whether it countenances retrospective application of any of its provisions, a court of law must pay due regard to the language of the constitution. If the words used in a particular provision are forward looking and do not contain even a whiff of retrospectivity, the court ought not to import it into the language of the constitution. Such caution is even more necessary if the importation of restrospectivity would have the effect of divesting an individual of their rights which had legitimately become vested before the commencement of the constitution.” Dated and delivered at Nairobi this 20th day of June 2014. *G. B. M. KARIUKI SC* *D. K. MUSINGA* *W. OUKO* JUDGES OF APPEAL possunt quia posse videntur
|
|
|
Rank: Veteran Joined: 8/28/2015 Posts: 1,247
|
Musimo wrote:Sober wrote:KulaRaha wrote:kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution All old loans will be repaid and refinanced at new rates...banks are trying to delay the inevitable. This law cannot be applied retrospectively. That is what killed the Donde Bill Quick question: the other day,when interest rates on government bills rose to the 20s,didnt banks give notice to charge more interest? Now that the rates are down,why don't I sue my bank for not revising interest rates downwards as they revised them upward before? Educate me wazuans. You were only informed of the adjustments based on kbr+R. kbr has not changed, only R has been normalised by capping it for new loans. You could renegotiate the rate R with your lender, or get a Shylock finance you for say two months clear the principal, delist from cbr and acquire a new loan at kbr+4% to enjoy the new rates. choices have consequences though.  ,Behold, a sower went forth to sow;....
|
|
|
Rank: Elder Joined: 12/7/2012 Posts: 11,935
|
maka wrote:kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution Court of Appeal stated in the decision of *Benjoh Amalgamated Limited & another v Kenya Commercial Bank Limited [2014] eKLR* "A constitution looks forward and backward, vertically and horizontally, as it seeks to re-engineer the social order. In this way, a constitution may and does embody retrospective provisions or provisions with retrospective ingredients. However, in interpreting the constitution to determine whether it countenances retrospective application of any of its provisions, a court of law must pay due regard to the language of the constitution. If the words used in a particular provision are forward looking and do not contain even a whiff of retrospectivity, the court ought not to import it into the language of the constitution. Such caution is even more necessary if the importation of restrospectivity would have the effect of divesting an individual of their rights which had legitimately become vested before the commencement of the constitution.” Dated and delivered at Nairobi this 20th day of June 2014. *G. B. M. KARIUKI SC* *D. K. MUSINGA* *W. OUKO* JUDGES OF APPEAL So, what does this say in laywoman language  In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
|
|
|
Rank: Veteran Joined: 8/28/2015 Posts: 1,247
|
Angelica _ann wrote:maka wrote:kizee1 wrote:streetwise wrote:The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,, can the law apply retrospectively? isn't that against the constitution Court of Appeal stated in the decision of *Benjoh Amalgamated Limited & another v Kenya Commercial Bank Limited [2014] eKLR* "A constitution looks forward and backward, vertically and horizontally, as it seeks to re-engineer the social order. In this way, a constitution may and does embody retrospective provisions or provisions with retrospective ingredients. However, in interpreting the constitution to determine whether it countenances retrospective application of any of its provisions, a court of law must pay due regard to the language of the constitution. If the words used in a particular provision are forward looking and do not contain even a whiff of retrospectivity, the court ought not to import it into the language of the constitution. Such caution is even more necessary if the importation of restrospectivity would have the effect of divesting an individual of their rights which had legitimately become vested before the commencement of the constitution.” Dated and delivered at Nairobi this 20th day of June 2014. *G. B. M. KARIUKI SC* *D. K. MUSINGA* *W. OUKO* JUDGES OF APPEAL So, what does this say in laywoman language banks are legal entities like u n me. you can not compel them to make losses on past commitments because of ur recently acquired wisdom. at best part performance would suffice willingly. ie payoff, renegotiate or naturally the contract remains in full force. who will u be benefiting in looking backwards and who would u be reinvesting their rights in so doing. the bank or the borrower? but you have the liberty to legally divorce if you found a sweeter gachungwa as long as the other spouse consents. ,Behold, a sower went forth to sow;....
|
|
|
Wazua
»
Investor
»
Economy
»
Law Capping interest rates
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|