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Law Capping interest rates
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newfarer
#851 Posted : Wednesday, August 31, 2016 6:29:47 AM
Rank: Elder

Joined: 3/19/2010
Posts: 3,505
Location: Uganda
Ericsson wrote:
@newfarer
on the contrary those 15% deposit rates bank were advertising to give are gone.
Banks will also increase insurance premiums on their loans as part of the hidden costs

The new law requires all costs on loans be disclosed. Run but can't hide. No more immoral chest thumping billions in profits for banks in a country of millions of paupers
punda amecheka
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  | | Edit by user: Wednesday, August 31, 2016 6:32 AM | Reason: Not specified
Ericsson
#852 Posted : Wednesday, August 31, 2016 6:52:16 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,811
Location: NAIROBI
Obiero loaded additional coop bank shares during the bloodbath
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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guru267
#853 Posted : Wednesday, August 31, 2016 7:57:26 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
newfarer wrote:
The issue of qualifications is an old story no bank would give you a loan if it has doubts that you will not pay. Since immemorial. That 7% on deposits is the game changer to me as bank by law will have to pay. Billions in profits is just immoral



Now what kind of socialist communist crap is this??
Mark 12:29
Deuteronomy 4:16
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quicksand
#854 Posted : Wednesday, August 31, 2016 9:10:35 AM
Rank: Veteran

Joined: 7/5/2010
Posts: 2,061
Location: Nairobi
Meeeh ...
The sky is not going to fall.
Interconnect rates got controlled,..then call rates dived from the 30s to 8 to 3 bob ..Telcos didn't die ..OK some did, but they weren't fit for purpose anyway.
Fuel pricing regulation came and went....Kenya is still here.
And now banks have to eat this law.
Guess what? There will be some shocks, some corners will get the hair dryer treatment ...and then life will continue.
I am bored to tears by all this scare mongering. I have been denied loans by some banks, then given loans by other banks...one bank's snobbery did not stop me from accomplishing what I intended.
Stop theorizing and get busy. That's the spirit. Some banks are waking to this new reality and aligning their business, who are you to keep drumming it to our ears about some far-fetched apocalypse?
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  | | Edit by user: Wednesday, August 31, 2016 9:13 AM | Reason: Not specified
penkon
#855 Posted : Wednesday, August 31, 2016 9:18:13 AM
Rank: New-farer

Joined: 3/12/2014
Posts: 96
quicksand wrote:
Meeeh ...
The sky is not going to fall.
Interconnect rates got controlled,..then call rates dived from the 30s to 8 to 3 bob ..Telcos didn't die ..OK some did, but they weren't fit for purpose anyway.
Fuel pricing regulation came and went....Kenya is still here.
And now banks have to eat this law.
Guess what? There will be some shocks, some corners will get the hair dryer treatment ...and then life will continue.
I am bored to tears by all this scare mongering. I have been denied loans by some banks, then given loans by other banks...one bank's snobbery did not stop me from accomplishing what I intended.
Stop theorizing and get busy. That's the spirit. Some banks are waking to this new reality and aligning their business, who are you to keep drumming it to our ears about some far-fetched apocalypse?


Applause Applause
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Ericsson
#856 Posted : Wednesday, August 31, 2016 9:20:01 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,811
Location: NAIROBI
@newfarer
Billions in profits will still be made.
I was looking at citibank kenya half year results.
Interest on government securities is more than twice interest on loans and advances.
Customer deposits is sh.62bn,
loans and advances to customers sh.31bn
investment in government securities sh.42bn
Profit before tax is at ksh.3bn
Number of branches in kenya is 2; one in Nairobi and the other in mombasa.
Banks will still rake in billions so long as GOK is borrowing aimlessly
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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penkon
#857 Posted : Wednesday, August 31, 2016 11:02:19 AM
Rank: New-farer

Joined: 3/12/2014
Posts: 96
muandiwambeu wrote:
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 smile

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.


'CFC Stanbic has becomes one of the first bank to cut rates for existing loans following the move by President Uhuru Kenyatta to sign the Bill capping interest rates on bank loans into law.:d/ ' Applause Applause
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  | | Edit by user: Wednesday, August 31, 2016 11:03 AM | Reason: Not specified
obiero
#858 Posted : Wednesday, August 31, 2016 11:18:52 AM
Rank: Elder

Joined: 6/23/2009
Posts: 14,253
Location: nairobi
penkon wrote:
muandiwambeu wrote:
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 smile

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.


'CFC Stanbic has becomes one of the first bank to cut rates for existing loans following the move by President Uhuru Kenyatta to sign the Bill capping interest rates on bank loans into law.:d/ ' Applause Applause

That move is daring but not supported by wisdom

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obiero
#859 Posted : Wednesday, August 31, 2016 11:20:35 AM
Rank: Elder

Joined: 6/23/2009
Posts: 14,253
Location: nairobi
Ericsson wrote:
Obiero loaded additional coop bank shares during the bloodbath

I am 10% up just 1 day later smile

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Spikes
#860 Posted : Wednesday, August 31, 2016 11:35:01 AM
Rank: Elder

Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
obiero wrote:
Ericsson wrote:
Obiero loaded additional coop bank shares during the bloodbath

I am 10% up just 1 day later smile



Savvy investor, if we average your yesterday's buy price kes 10/ and your kes 23/- price you entered several months ago, you are at loss territory. Unless you hold longterm it will be very difficult for you to break even COOP Bank. Sisemi kwa ubaya lakini.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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  | | Edit by user: Wednesday, August 31, 2016 11:36 AM | Reason: Not specified
303 Pages«<8485868788>»
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