It is my pleasure to join you at this monthly luncheon and I thank you for inviting me. 2. This Luncheon has an important timing: First, it comes after the visit of the American Vice President to this country, an important visit for Kenya. Second, it comes soon after the Minister for Finance put forward the budget proposals and policies to achieve them.
Since in the absence of a calibrated methodology it would be difficult to allow banks to use the countercyclical provisions built up under PCR freely and there were certain design issues too, it was decided to freeze the PCR with reference to the gross NPA position in banks as on September 30, 2010.