National Treasury and Planning Cabinet Secretary nominee Njuguna Ndung’u has said that no bank collapsed during his tenure as the Central Bank of Kenya Governor.
While speaking on Tuesday during the vetting process of CS nominees, Ndung’u stated that there were problems at the time, that needed fixing.
Ndung’u elaborated that part of the interventions they brought in required that banks merge to avoid closure and that is what happened.
“During my time there was no bank that collapsed. I was CBK governor between March 2007 to the beginning of March 2015. That does not mean that there were no problems, but you must make sure that you bring in and develop new interventions to save the market and that’s what we did,” Ndung’u responded to the Vetting committee.
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Furthermore, Ndung’u said there were several mergers which were all geared towards preventing the downfall of the banks because market situations change. As such he said, some projects in the marketplace may change, hence the regulator must know what to do.
Additionally, Ndung’u noted that his role as a regulator was to try and understand the market, help develop it, regulate, and protect it.
“Those three dimensions are very important for a regulator and that is what I did for most of the time I was there.” He stated.