Small Change

February 02 (LBO) – Sri Lanka’s banks have reported much smaller volumes than previously expected, though state banks are yet to complete their reports, an official said. With only the Bank of Ceylon and People’s Bank yet to report dormant assets, information regarding 545 million rupees worth of assets have been collected, Acting Bank Supervisor, P Samarasiri said.

Officials estimate that the final count may only be about double the volume reported so far.

Earlier Sri Lanka Banks Association estimated that about three billion rupees (30 million US dollars) worth of dormant assets were in commercial and saving banks.

In July last year, the government announced it was taking over of millions of dollars in bank accounts lying dormant or inactive for over 10 years, from August 31.

Sri Lankan banks launched a campaign to make account holders re-activate their accounts, by communicating with the banks, resulting in thousands of customers responding.

Under current laws, property and dormant accounts deemed to have been ‘abandoned’ for over a decade have to be transferred to a special Central Bank account.

The move stirred a hornet’s nest, with