EPF team – victims of political potshots, says Cabraal

EPF team – victims of political potshots, says Cabraal

Written by Bella Dalima

07 Jan, 2014 | 5:58 pm

The Governor of the Central Bank Ajith Nivard Cabraal says that key personnel at the CBSL and the Employees Provident Fund team have been the victims of political potshots.

The Central Bank Governor made this statement at a panel discussion.

A panel discussion on the Central Bank Road-map for 2014, organised by the Ceylon Chamber of Commerce, was held in Colombo on Monday.

Prominent figures from the banking and finance sector and the business community attended the discussion.

Governor of CBSL, Ajith Nivard Cabraal stated that the comparison of the EPF with other managed funds confirmed that the EPF has done better than many of the other privately managed funds and the Central Bank has been able to generate very high returns to the members as a result of the prudent management techniques that have been employed.

Governor of CBSL said; “Sometimes our key personnel as well as our EPF team is rather concerned about some political potshots which have been taken against them, which is very unfair.  These are not in the best interests of the institution or the best interests of the country.”

He added; “No institution can have every single investment going right. If you take a bank, when a bank invests money, there will be some which will go bad. There will be some bad debts as well where nobody pays at all. But does that mean that the bank’s management is at fault? There is a risk element. And that risk element has to be factored in too. And you assess performance based on the entire portfolio.”

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