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Sri Lanka to have 'fit and proper' tests for non-bank lenders
21 Jul, 2011 13:42:49
By Ishara M Gamage
July 21, 2011 (LBO ) - Sri Lanka will introduce 'fit and proper' tests for senior executives of non-bank lenders, following on from similar rules for commercial banks, deputy central bank governor Dharma Dheerasinghe said.
He said the Monetary Board, the regulator's top decision making body, has already approved the rules for registered finance companies.

In commercial banks, officers in general management, chief financial officer, chief risk officer, chief internal auditor, heads of treasury, legal and information technology are covered by the rules.

The central bank has already taken action on two occasions at commercial banks, according to other regulatory officials.

Fit and proper rules are also expected to be imposed on leasing companies in the future. The measures are aimed at improving financial discipline in deposit taking institutions, officials said.

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5. Rukshan Jul 23
Dear Somapala, 1) Everyone, no matter how brilliant, makes mistakes.
2) By having truly qualified people and not thugs / thieves / political henchmen, you can minimize the genuine mistakes.

3) In the more open and enlightened countries, people who make mistakes accept their responsibility for the mistakes and resigns / sent home / punished.

Clearly our miracle island fails in this regard. That is why some categorize it as a failed state - I personally agree that Sri Lanka is a failed state (that is my opinion).

4. Somapala Jul 23
Singaporeans are no better, they also stink after they go to the toilets.

Take the case of, GIC(Government of Singapore Investment Corp) run by PHD holders, invested 11 billion Swiss Francs in 2007 to buy a 6..41% stake in UBS(Switzerland) at a rate of Sfr 47.7 per share. Today's price, Sfr. 14.31. Unwise decision, PHD holder or not.

Ex-Mentor Minister Lee Kuan Yew said the investment is for decades, for his great, great, great grandchildren. Let's pray and hope UBS is still around by that time.

Check the link below,

3. Rohan Silva Jul 22
True, that's what Singapore does. To be an MP, one needs to be a PHD or a former CEO of a large corporate with a proven track record. No room for kasippu karayas, harak horas and office bearers of the Ponna Samajaya!

As it is Banking & Finance is one of the best managed sectors in SL - but the rules are welcome.

2. mulani Jul 22
Can we have fit and proper test for senior Central Bank officials first, including the Monetary Board members
1. Bun Key Choon Jul 22
Can we have fit and proper test for senior govt. positions and parliament?

Maybe the country would not have lost billions in the hedging fiasco or the Hambantota Cricket Stadium