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Law Capping interest rates
Rank: Elder Joined: 12/4/2009 Posts: 10,808 Location: NAIROBI
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HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Are you able to provide evidence of this assertion via a link/reference @Ericsson? Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 7/22/2009 Posts: 7,838
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Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Eating their cake and having it! (And yes, I said it right!) When the rates were introduced, they insisted that even old loans be switched to the new regime (which is illegal if you think about it given that there were existing contracts). Now they want to ignore the reasoning they used then!!?? Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 12/4/2009 Posts: 10,808 Location: NAIROBI
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Fyatu wrote:Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Are you able to provide evidence of this assertion via a link/reference @Ericsson? @Fyatu Hon Sam Atandi @SamuelAtandi Jun 13
Repeal of interest cap law is a progressive proposal. However, its passage must exempt application of new interest rates on existing loan portfolio which should be considered permanently less risky
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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Ericsson wrote:Fyatu wrote:Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Are you able to provide evidence of this assertion via a link/reference @Ericsson? @Fyatu Hon Sam Atandi @SamuelAtandi Jun 13
Repeal of interest cap law is a progressive proposal. However, its passage must exempt application of new interest rates on existing loan portfolio which should be considered permanently less risky
Shukran. Dumb money becomes dumb only when it listens to smart money
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Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya
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Ericsson wrote:Fyatu wrote:Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Are you able to provide evidence of this assertion via a link/reference @Ericsson? @Fyatu Hon Sam Atandi @SamuelAtandi Jun 13
Repeal of interest cap law is a progressive proposal. However, its passage must exempt application of new interest rates on existing loan portfolio which should be considered permanently less risky
Now this is some slight progress.
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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Ericsson wrote:Fyatu wrote:Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Are you able to provide evidence of this assertion via a link/reference @Ericsson? @Fyatu Hon Sam Atandi @SamuelAtandi Jun 13
Repeal of interest cap law is a progressive proposal. However, its passage must exempt application of new interest rates on existing loan portfolio which should be considered permanently less risky
I reiterate that this is a Uhuru Kenyatta sponsored bill tabled in parliament by his proxy Jude Njomo. The rate cap is not going anywhere unless Uhuru Kenyatta leaves state house. Rotich should stop lying to Kenyans that he is making efforts towards a different outcome. Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 6/23/2009 Posts: 14,220 Location: nairobi
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Fyatu wrote:Ericsson wrote:Fyatu wrote:Ericsson wrote:HaMaina wrote:Ngalaka wrote:HaMaina wrote:HaMaina wrote:Fyatu wrote:Uhuru Kenyatta is the man squarely behind the rate cap. You cannot tell me that he does not know that things have slowed down since the cap came to effect.He knows.
The interest rate cap will be repealed when he leaves office post 2022. Hiyo ingine yote ni kelele. True the rate cap has helped us against the greedy loan shark banks, and I'm sure it wount go through parliament. The problem is according to the judgement around February, where a judge actually called it unconstitutional and illegal, and gave parliament a year to correct the law otherwise it would be repealed without any further court appearance(i.e returns to its original state). My issue is we have forgotten about that ruling and our chicken memory governors and mp's will not remember to do anything about the law. I can bet you nnext year the interest rates will most likely increase, and we shall have no one to blame but ourselves for not following up on the ruling. Here is the link. https://www.businessdail...6434-6a9knqz/index.html Hence the proposal by Henry Rotich. Last 2 years budgets there have been similar proposals, this time its there to close our eyes and forget the judgement deadline. MPs are negotiating that for the law to be repealed anyone who took a loan before should continue at the same interest rates. New applicants are the ones to be subjected to the new rates. Are you able to provide evidence of this assertion via a link/reference @Ericsson? @Fyatu Hon Sam Atandi @SamuelAtandi Jun 13
Repeal of interest cap law is a progressive proposal. However, its passage must exempt application of new interest rates on existing loan portfolio which should be considered permanently less risky
I reiterate that this is a Uhuru Kenyatta sponsored bill tabled in parliament by his proxy Jude Njomo. The rate cap is not going anywhere unless Uhuru Kenyatta leaves state house. Rotich should stop lying to Kenyans that he is making efforts towards a different outcome. Meanwhile those claiming that the rate cap has caused recent layoffs need to relearn economics
KQ ABP 4.26
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Rank: Elder Joined: 12/4/2009 Posts: 10,808 Location: NAIROBI
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https://mobile.nation.co...0446-14dvtt8/index.html
Commercial banks will not adjust the interest rates on loans already taken after the law capping interest rates is repealed. In the biggest concession yet to Parliament in a bid to scrap the interest rate capping law, lenders, through the Kenya Bankers Association (KBA), the sector lobby group, offered not to increase interest rates on current loans, as has been the practice in the past. Instead, only new borrowers will pay the new rates in line with their risk profile. “Banks are committed to maintaining the current customers’ loan contracts within the existing contractual framework,” the memorandum signed by KBA Chief Executive Officer Habil Olaka says. The memorandum has been sent to Parliament as part of the submissions for the finance bill, through which the National Treasury seeks to do away with the interest rate capping law. “It is only new loan contracts that will be risk-prized post the repeal of the interest rate capping law,” Mr Olaka added. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 6/23/2009 Posts: 14,220 Location: nairobi
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obiero wrote:obiero wrote:obiero wrote:whiteowl wrote:obiero wrote:obiero wrote:obiero wrote:obiero wrote:obiero wrote:obiero wrote:sparkly wrote:obiero wrote:MaichBlack wrote:Ebenyo wrote:obiero wrote:I told you guys to sell off bank stocks in 2014. Luckily made it out of some major holdings in good time.. but a big percent of your portfolio is still in banks! so, what do you expect to be a fair hair cut on obieros portfolio as a result of kamwanaas house attempt to please Wanjiku. what will be the overall industries' hit in percentage. my fair guess from my lender's perspective (16-14.5)/(16*0.5)*100=18.75% conservetively thieves. COOP & HF will come out strongest in this.. Too little meat to be bitten out from the two. Plus HF has never been strong on deposits being only licensed to have current accounts a few months ago!! HF will have the least interest expense of all listed lenders Hey @Obiero. Bill not signed. And please note I did not put the word 'yet' at the end. Its bound to be signed on Monday 29th Aug 2016 The bankers will visit statehouse with big brown envelop and this story will be forgotten. Smaller banks will fold Here we are... Family fires it's staff https://citizentv.co.ke/...fs-to-cut-costs-143841/
and then Sidian lays off 108 workers http://www.businessdaily...9550-3428588-151f209z/, then Ecobank collapses 9 branches http://www.businessdaily...6506-316lohz/index.html
First Community Bank let go of a quarter of its staff http://www.the-star.co.k...osed-number-of_c1451638
And now BoA closes 12 branches. Sad state of affairs http://www.businessdaily...2926-jp394sz/index.html
Sidian, NBK, Family, HF, NIC struggling.. Small banks shall fold The goose is cooked for NBK NBK has 9 lives,it was supposed to go down even before Dubai bank but its still standing. @whiteowl NBK in its current form and shape cannot survive.. It must be absorbed by a real bank. Smaller banks must close shop unless the caps are reversed http://www.nation.co.ke/...9774-14pykoy/index.html
Boom boom pow. Small banks have nowhere to turn Another one down.. HF is likely to be eaten up by Equity Smaller banks will continue to fold. NBK towel thrown in. The sector is halfway done with the M&A action
KQ ABP 4.26
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