Finance companies still facing difficulties: CBSL

Finance companies still facing difficulties: CBSL

Finance companies still facing difficulties: CBSL

Written by Staff Writer

09 Jul, 2020 | 10:53 pm

COLOMBO (News1st): Speaking during the Central Bank’s Monetary Policy Review press, Deputy Governor H. A. Karunaratne said , finance companies experiencing financial difficulties still exist, and the Central Bank is dealing with them strictly.

”It does not mean we are going to close them down. There are some companies that we can consolidate and in some cases we can bring in fresh capital. Also we are also planning to call some companies to merge. These programs are now on. ”

Senior Deputy Governor Dr. P. Nandalal Weerasinghe stressed that the Central Bank’s responsibility is limited to protect the depositors of failed financial institutions. He added, the responsibility of protecting its employees is beyond their purview.

”If you look at what the central bank has done, we had about 55 financial institutions that were experiencing financial difficulties, but after the consolidation, liquidation and cancellation of licenses, we have about 41 now. This process will continue.” Dr. P. Nandalal Weerasinghe said.

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