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Law Capping interest rates
Rank: Veteran Joined: 7/3/2007 Posts: 1,634
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Realtreaty wrote:Kenya Bank Cap = Brexit Sad Sad d'oh! d'oh!
I feel we screwed ourselves.
Majority of bank users are not borrowers but investors
Uhuru protected these minority borrowers and forgot majority investors who have lost loads of investment. How much has the govt lost in the process?
I do not know where to start in cleaning my house.
When banks are infected the the virus spreads to other investment arms like Industrial, Agric, commercial etc
Now its time Banks closed most of the offices thereby affecting the boom in housing.
A balance must be sorted out soonest.
If firms are getting cheaper loan, why would a company like Ketepa Kenya sell its third grade tea at that high cost? Why would property in land be such speculative and costly
Everything will be coming down, even Education
I can see Salaries dropping.
Remember, Kenyans should not expect Salary reviews next year, in fact be ready for redundancies. You fellows are not doing your case any good with all this scaremongering "The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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Rank: Member Joined: 9/29/2010 Posts: 679 Location: nairobi
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IoN GoK issues a 10yr bond paying a coupon at 15.039%, faced with 2 lenders who would you lend to given this scenario?
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Rank: Veteran Joined: 8/16/2009 Posts: 994
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Chaka wrote:Impunity wrote:Spikes wrote:Spikes wrote:Impunity wrote:Gatheuzi wrote:Forwarded as received; KCB MPESA wrote:Dear Customer, KCB M-PESA Soft loan is now Available at 0.5% interest as from Ksh50,000 to 250,000 if intrested Call or text: 0780006999 for more information. Many small timers already left out!  Is it 0.5% pm or per day? Under current abattoir conditions it should be pm. I have not received KCB SMS so far. Me-three. LOL...Truecaller says that 0780006999,belongs to one 'Mwizi Sugu Conman'? Nice catch. I could have ended calling the guy and only God knows what could have followed. Looking keenly at the original message it appears to have been sent from +254 713 873166 (Ruth-as per tru caller) last night. I have blocked and reported. Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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kizee1 wrote:IoN GoK issues a 10yr bond paying a coupon at 15.039%, faced with 2 lenders who would you lend to given this scenario? Jubilee gaament mos def! To think of it, the mwananchi-caring gaament aks jubilee should prevent banks from massively investing into treasury bills and bonds, or atleast restrict them to individual account holders amount which is 20 million. They should know people these banks. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Elder Joined: 7/22/2009 Posts: 7,451
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Impunity wrote:kizee1 wrote:IoN GoK issues a 10yr bond paying a coupon at 15.039%, faced with 2 lenders who would you lend to given this scenario? Jubilee gaament mos def! To think of it, the mwananchi-caring gaament aks jubilee should prevent banks from massively investing into treasury bills and bonds, or atleast restrict them to individual account holders amount which is 20 million. They should know people these banks. Do you "individual account holders" have enough money to loan this debt hungry government??? Am sure Kefake cannot believe what he is seeing! These fellows are borrowing like debt is free money!! Let the country be auctioned as we watch. Kukopa harusi... 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: 1/21/2010 Posts: 6,675 Location: Nairobi
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FRM2011 wrote:Realtreaty wrote:Kenya Bank Cap = Brexit Sad Sad d'oh! d'oh!
I feel we screwed ourselves.
Majority of bank users are not borrowers but investors
Uhuru protected these minority borrowers and forgot majority investors who have lost loads of investment. How much has the govt lost in the process?
I do not know where to start in cleaning my house.
When banks are infected the the virus spreads to other investment arms like Industrial, Agric, commercial etc
Now its time Banks closed most of the offices thereby affecting the boom in housing.
A balance must be sorted out soonest.
If firms are getting cheaper loan, why would a company like Ketepa Kenya sell its third grade tea at that high cost? Why would property in land be such speculative and costly
Everything will be coming down, even Education
I can see Salaries dropping.
Remember, Kenyans should not expect Salary reviews next year, in fact be ready for redundancies. Seriously ?? Back to reality. Co-op bank went on the offensive from Saturday by offering to buy loans from other banks. When customers started asking for loan statements from their banks to move to co-op, it was each man for himself. I have just received a message from KCB informing they have officially reduced their rates for new loans. They aren't waiting for the Gazette notice. And get this, they are waiting for CBK to advise on how to handle existing loans. The two largest banks in kenya have implemented the law. Does it matter what sidian does ? Let's drop the scare-mongering. It was never going to work and am glad some of us have been Sat by as much from kitabo. It is the "experts" who have been warning us of a major credit squeeze that we should be worried about. Have you or any one of those unsecured borrowers you know tried to apply for these loans at 14.5% p.a?? Coop was merely pulling a PR stunt that clearly got Wanjiku excited but the only ones who will get credit committee approval for their loan applications at 14.5% p.a. are only those who meet certain criteria. Mark 12:29
Deuteronomy 4:16
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Now KCB security free loan at 14 Percent.
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Rank: Member Joined: 5/4/2015 Posts: 241 Location: Kahno
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@Barclays_Kenya: We have with immediate effect reduced the interest rates applicable for all new loans to 14.5% p.a in line with the new law. 1/2
@Barclays_Kenya: Equally, we have increased interest rates applicable on new Zidisha savings accounts & new term deposits to a minimum rate of 7.35% p.a. 2/2
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Rank: Elder Joined: 3/2/2009 Posts: 26,325 Location: Masada
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kimanimsc wrote:@Barclays_Kenya: We have with immediate effect reduced the interest rates applicable for all new loans to 14.5% p.a in line with the new law. 1/2
@Barclays_Kenya: Equally, we have increased interest rates applicable on new Zidisha savings accounts & new term deposits to a minimum rate of 7.35% p.a. 2/2 Coop and Simba did not mention anything on this, what are they waiting? Postponing pain for nothing, they would rather act now and move on.  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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The banks are in denial, they need to include in their announcement the words , for exiting and new loans.
watch this space,,,
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Rank: Member Joined: 9/29/2010 Posts: 679 Location: nairobi
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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
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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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
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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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
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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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
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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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'
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Rank: Member Joined: 9/3/2015 Posts: 118 Location: Nairobi
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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.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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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
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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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;....
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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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
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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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;....
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