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140 Pages«<136137138139140>
Law Capping interest rates
newfarer
#2741 Posted : Thursday, March 14, 2019 8:08:59 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,135
Location: Uganda
bad news to me. korti bandia...how much were the judges paid ..kinoti haji some work for you there.hope someone will appeal against this ruling.
punda amecheka
murchr
#2742 Posted : Thursday, March 14, 2019 8:15:19 PM
Rank: Elder


Joined: 2/26/2012
Posts: 14,369
newfarer wrote:
bad news to me. korti bandia...how much were the judges paid ..kinoti haji some work for you there


Shouldn't be bad news, unless you opt to be a beggar all your life

"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
newfarer
#2743 Posted : Thursday, March 14, 2019 8:18:03 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,135
Location: Uganda
murchr wrote:
newfarer wrote:
bad news to me. korti bandia...how much were the judges paid ..kinoti haji some work for you there


Shouldn't be bad news, unless you opt to be a beggar all your life


given free hand in setting the rates, the greedy banks will make many beggars.what happens if MPs don't pass the amendments in the 12 months? will it automatically become effective without backing laws
punda amecheka
hardwood
#2744 Posted : Thursday, March 14, 2019 9:46:27 PM
Rank: Elder


Joined: 7/28/2015
Posts: 8,654
Omtata to appeal...
alma1
#2745 Posted : Thursday, March 14, 2019 10:04:35 PM
Rank: Elder


Joined: 9/19/2015
Posts: 2,385
Location: hapo
Let Omtata appeal if he wishes.

I am against any government caps on anything. I think you have seen my issue with farmers. But at the same time I still believe gov't should never ever be involved in pricing.

Even this issue of matatu pricing. I am totally against it.

Let the banks set their rates.

Thus far the CBK and gov't have been using the banks as their punch boys. Listen. Interest rates go up or down depending on gov't policy.

Since Kenyan gov't policy is either raira charo nefa mbe, Kibaki tosha and such nonsense we get lazy policy makers.

I really hate Kenyan banks. But I don't believe that gov't pricing has ever helped any economy. After all, who told you to seek a loan from Stanchart? Ni mamayako?


That's my view and I ain't changing it.
Thieves are not good people. Tumeelewana?
murchr
#2746 Posted : Thursday, March 14, 2019 10:18:02 PM
Rank: Elder


Joined: 2/26/2012
Posts: 14,369
alma1 wrote:
Let Omtata appeal if he wishes.

I am against any government caps on anything. I think you have seen my issue with farmers. But at the same time I still believe gov't should never ever be involved in pricing.

Even this issue of matatu pricing. I am totally against it.

Let the banks set their rates.

Thus far the CBK and gov't have been using the banks as their punch boys. Listen. Interest rates go up or down depending on gov't policy.

Since Kenyan gov't policy is either raira charo nefa mbe, Kibaki tosha and such nonsense we get lazy policy makers.

I really hate Kenyan banks. But I don't believe that gov't pricing has ever helped any economy. After all, who told you to seek a loan from Stanchart? Ni mamayako?


That's my view and I ain't changing it.


On those rare occasions when we agree. Laughing out loudly

The economy thrives where there's minimal govt regulation. I was really shocked by Macharia's statement about regulating Matatu fares! Ha!....Let the industry regulate its self. With little getting into Ma3s, competition might finally set that straight. Another option is those BRT buses he was bringing from SA - (thought they were to arrive in Feb) if they are cheaper than mats the price will normalize. Arm twisting management rarely works in a "free business" environment


"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
alma1
#2747 Posted : Thursday, March 14, 2019 11:43:32 PM
Rank: Elder


Joined: 9/19/2015
Posts: 2,385
Location: hapo
murchr wrote:
alma1 wrote:
Let Omtata appeal if he wishes.

I am against any government caps on anything. I think you have seen my issue with farmers. But at the same time I still believe gov't should never ever be involved in pricing.

Even this issue of matatu pricing. I am totally against it.

Let the banks set their rates.

Thus far the CBK and gov't have been using the banks as their punch boys. Listen. Interest rates go up or down depending on gov't policy.

Since Kenyan gov't policy is either raira charo nefa mbe, Kibaki tosha and such nonsense we get lazy policy makers.

I really hate Kenyan banks. But I don't believe that gov't pricing has ever helped any economy. After all, who told you to seek a loan from Stanchart? Ni mamayako?


That's my view and I ain't changing it.


On those rare occasions when we agree. Laughing out loudly

The economy thrives where there's minimal govt regulation. I was really shocked by Macharia's statement about regulating Matatu fares! Ha!....Let the industry regulate its self. With little getting into Ma3s, competition might finally set that straight. Another option is those BRT buses he was bringing from SA - (thought they were to arrive in Feb) if they are cheaper than mats the price will normalize. Arm twisting management rarely works in a "free business" environment




You will surprised. Agree with 80% of you and 60% hardwood.

I just don't like how you go about making your points. Getting boogeymen is not something I like.

I am a conservative liberal. I believe in status quo until I hear a point by point rebutall. That's why as much as I don't like gay people, I found out that hating them only makes my freedom to go with my maid worse.

Kapish..

Lakini, I'm hating these conservatives who are now in gov't. They are bad for our economy. As in the only alternative I have is David Ndii and he's also wrong.

We don't have economists in these stupid mpigs we voted in. Just look at the Brexit debate. If it was in Kenya Raila would have been on one side and Ruto on one side and you would have been f***ed either way. These guys are looking at sentences. Sentences. Coz at least their mpigs employ a wise man or woman and not gashungwas and gashugwalets.

Murchr

I really don't know what you do. But you guys have to get your shit in order and stop following Itumbi. He's just a diploma guy who can't write in grammar unless he uses a software.

We are in serious territory so it's time to get serious people.

A gov't that continuously ads regulation is the reason we have Trump. Every day a tax.

Forget and forget this war against corruption. No one is is above this as long as you are being taxed for bread and fuel.

I just had a viceroy...Hope NSIS has noted my comment. Who cares. I never lie and not paid. Just get good people who can think. I love the new Education CS for example.
Thieves are not good people. Tumeelewana?
tom_boy
#2748 Posted : Friday, March 15, 2019 7:52:36 AM
Rank: Member


Joined: 2/20/2007
Posts: 677
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
newfarer
#2749 Posted : Friday, March 15, 2019 7:57:17 AM
Rank: Elder


Joined: 3/19/2010
Posts: 3,135
Location: Uganda
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?
punda amecheka
FRM2011
#2750 Posted : Friday, March 15, 2019 9:17:22 AM
Rank: Elder


Joined: 11/5/2010
Posts: 2,273
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.
Obi 1 Kanobi
#2751 Posted : Friday, March 15, 2019 9:25:16 AM
Rank: Elder


Joined: 7/23/2008
Posts: 3,003
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Ditto, last year banking as an industry made record profits. And yes, if you are credit worthy, banks are still begging you to borrow, for example they are constantly sending me new borrowing options and products to choose from.

What the rate cap does is it allows for predictability of interest charges.

By the way, the capping of rates is not govt price fixing, its simply a regulation, banks can still compete and lend at CBR+1, or2, or3, or4, but no they won't, we no they are greedy and would rather lend at +4. I am yet to hear of any customer who is getting a lower than CBR+4 because of his good credit ratings
"The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
FRM2011
#2752 Posted : Friday, March 15, 2019 9:34:43 AM
Rank: Elder


Joined: 11/5/2010
Posts: 2,273
Obi 1 Kanobi wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Ditto, last year banking as an industry made record profits. And yes, if you are credit worthy, banks are still begging you to borrow, for example they are constantly sending me new borrowing options and products to choose from.

What the rate cap does is it allows for predictability of interest charges.

By the way, the capping of rates is not govt price fixing, its simply a regulation, banks can still compete and lend at CBR+1, or2, or3, or4, but no they won't, we no they are greedy and would rather lend at +4. I am yet to hear of any customer who is getting a lower than CBR+4 because of his good credit ratings


Boss, when we talk about an economy growing, we are not referring to personal loans for salaried people. Jeez !!!! Tell me any bank offering loans to the key sectors. Manufacturing, Real estate. Just one.

For the second year in a row, the country has recorded the lowest cement consumption since 2003. We call it a recession but you wouldn't know sitting in your employer's office holding the remote for the AC. Its tiring being a Kenyan.
snifadog
#2753 Posted : Friday, March 15, 2019 9:42:18 AM
Rank: Member


Joined: 6/6/2016
Posts: 113
Location: Nairobi
FRM2011 wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.


If this trucking business was so good and flourishing, why didn't the banks continue to finance it even after the caps? something doesn't add up. Perhaps it was all along a poor business being propped up by availability of credit

AndyC
#2754 Posted : Friday, March 15, 2019 9:44:11 AM
Rank: Member


Joined: 4/21/2015
Posts: 101
FRM2011 wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.


There is the SGR factor here, no?
FRM2011
#2755 Posted : Friday, March 15, 2019 9:55:50 AM
Rank: Elder


Joined: 11/5/2010
Posts: 2,273
snifadog wrote:
FRM2011 wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.


If this trucking business was so good and flourishing, why didn't the banks continue to finance it even after the caps? something doesn't add up. Perhaps it was all along a poor business being propped up by availability of credit



The banks stopped financing SMEs in general because our crooked and greedy government is borrowing from the same banks at 13%. Why would a bank bother employing credit analysts to process customer applications while a corrupt govt wants the same money. 100% risk free.
jmbada
#2756 Posted : Friday, March 15, 2019 9:57:33 AM
Rank: Member


Joined: 1/1/2011
Posts: 365
Angelica _ann wrote:
Ericsson wrote:
AndyC wrote:
jmbada wrote:
The first big bank to break ranks....Stanchart offering to buy out loans at 11.5%


Link?

Tough Terms and conditions


C&P here!!!


How do I C&P in Wazua?
wukan
#2757 Posted : Friday, March 15, 2019 10:00:36 AM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,084
snifadog wrote:
FRM2011 wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.


If this trucking business was so good and flourishing, why didn't the banks continue to finance it even after the caps? something doesn't add up. Perhaps it was all along a poor business being propped up by availability of credit



Everything is propped up by availability of credit. Even GoK was begging wanjiku for credit on M-Akiba. Money=Debt that's how the modern economy works.

On the High court decision it was a hollow victory. On the critical issue of monetary policy the court was not convinced interest rates is a function of monetary policy(d'oh! d'oh! ) essentially said it can be run on whims of politicians so parliament should straighten up the language in the law to remove vagueness and equally punish banks and customers who want to borrow outside of the law. All in all it was a very dumb decision not worth discussion on wazua
FRM2011
#2758 Posted : Friday, March 15, 2019 10:01:03 AM
Rank: Elder


Joined: 11/5/2010
Posts: 2,273
AndyC wrote:
FRM2011 wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.


There is the SGR factor here, no?


The SGR capacity is 800 TEUs per day. The Mombasa port handles over 1M TEUs annually. Quick maths tell you SGR can only handle < 20% of cargo. And this only after the government forced importers to use SGR. Left to market forces, SGR would be left with less than 5% of the market.

BTW, after SGR brings containers to the Nairobi ICD, trucks have to make the final delivery to the customer's doorstep. From Embakasi to Industrial area costs 20K. The truck will consume < 5K on fuel. The trip will take less than 1 hour. To thika its 30K.
tom_boy
#2759 Posted : Friday, March 15, 2019 10:39:23 AM
Rank: Member


Joined: 2/20/2007
Posts: 677
FRM2011 wrote:
snifadog wrote:
FRM2011 wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.


If this trucking business was so good and flourishing, why didn't the banks continue to finance it even after the caps? something doesn't add up. Perhaps it was all along a poor business being propped up by availability of credit



The banks stopped financing SMEs in general because our crooked and greedy government is borrowing from the same banks at 13%. Why would a bank bother employing credit analysts to process customer applications while a corrupt govt wants the same money. 100% risk free.


I have never found anyone to explain to me, in simple language that my simple mind can understand, how on earth does someone who was servicing loans on time at 20% interest suddenly become a poor credit risk at 13% interest.
Even senior bankers cannot explain this phenomenon.
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
Monk
#2760 Posted : Friday, March 15, 2019 11:07:41 AM
Rank: Member


Joined: 7/1/2009
Posts: 78
tom_boy wrote:
FRM2011 wrote:
snifadog wrote:
FRM2011 wrote:
newfarer wrote:
tom_boy wrote:
Interest rate caps should stay. So far I have not seen any tangible effect of the caps. Banks are still making super profits. Credit worthy people are still getting loans. Shida iko wapi?

me too .if you are creditwothy you should not have problem with the cap..I have seen banks beg me to take loan with them. shida iko wapi?


Allow me to give you a situation on a specific industry. I know a thing or two about long-distance trucking. 5 years ago, banks were falling over themselves to finance customers in this industry.

The trailer part of these trucks are locally built. At some point around 2013, Bhachu & Randon who are the market leaders had a 4-months waiting period for orders. Smaller players expanded to fill in the gap. Load trailers, Ocean trailers, Hans trailers, Trans-trailers, TTL, Supa trailers e.t.c. These were employing 1,000s of artisans to fabricate the bodies.

Since the rate capping, only Stanbic and NIC are willing to finance trucks and they cherry-pick the very best customers. Equity, KCB, coop, Barclays and Stanchart don't even look at asset finance applications after the rate cap. As financing dried, these body-builders retrenched massively. Today, you can walk into Bhachu and they start working on your order tomorrow. Business is that bad.

No other president would have signed this bill. Even Moi, daft and crooked as he was, refused to sign. Only Uhuru could.


If this trucking business was so good and flourishing, why didn't the banks continue to finance it even after the caps? something doesn't add up. Perhaps it was all along a poor business being propped up by availability of credit



The banks stopped financing SMEs in general because our crooked and greedy government is borrowing from the same banks at 13%. Why would a bank bother employing credit analysts to process customer applications while a corrupt govt wants the same money. 100% risk free.


I have never found anyone to explain to me, in simple language that my simple mind can understand, how on earth does someone who was servicing loans on time at 20% interest suddenly become a poor credit risk at 13% interest.
Even senior bankers cannot explain this phenomenon.


@tom_boy in an era of high staff turnover in banks and other organizations, you the customer becomes a demographic, not an individual. Relationships and history cease to matter. At least that's what I've observed with Stock Brokers, Insurance Companies, Banks, Telcos etc.
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