Author: lbostgadmin
Lending Long-term
The Central Bank plans to issue a 10-year bond issue in January, as part of its efforts to build a long-term yield curve.Officials from the banks Public Debt Dept.said around Rs. 1 bn will be offered at the initial issue.rn rnThe bond is likely to carry a coupon of about 10 percent, though market players […]
Long-Term Borrowings
The government is planning to issue its first long term bonds next month on the back of low risk interest rates.A ten-year government bond will be auctioned early next month in a move that will almost double the length of the government risk free yield curve.rn rnThe public debt department of the Central Bank is […]
Down the Drain
Central Bank today directed its banking supervision department to liquidate Pramuka, after cancelling its licence. An attempt to revive the suspended bank was put down by the Central Bank as it involved channelling Rs. 600 million of taxpayers money into the venture.rn rnThe Central Bank says the request was dropped as the directors and shareholders […]
Skills Development
The John Keells Groups IT training arm has put together Global Executive Programme for the working professionals who are aspiring to reach great heights in their careers. The John Keells Global Executive Program or JKGEP, is a two-year programme in Information Technology, allows participants to obtain the BTEC HND in Computing which leads to the […]
Home Builders
The Treasury on Wednesday gave a Rs. 3 bn subsidy to local banks, to kick-start the low-middle income-housing segment.Of the Rs. 3 bn loan package, the Treasury is offering up to Rs. 1 bn through the Housing Development Finance Corporation or HDFC. rn rnFurther Rs. 1.5 bn will be channelled through the commercial banks while […]
Local Tie
Sampath and Bank of Ceylon signed a memorandum of understanding to link their automatic teller machines locally, a top official said.The deal will create a combined network of more that 150 machines which almost double the amount of ATMs that customers in each bank can now access.rn rnThough customers of banks that use the Cirrus […]
Caught Out
As regulators continued to probe deeper in to the Pramuka Bank irregularities, a senior bank official was caught red-handed by Central Bank officials on Wednesday allegedly trying to take some vital documents out of the banks premises.Regulators ranging from the Central Bank, the Criminal Investigation Dept, Bribery Commission and Labour Commission are presently combing through […]
Merging Skills
Treasury officials are looking at merging the present Skills Development Fund Ltd with the upcoming Human Resource Endowment Fund that is to be set up next year.The Skills Development was set up over two years ago, as a pilot project to provide human resource training for employers.rn rnIncorporated as a public limited liability company in […]
Colour Guide
In what could lead the way to a common directory for subscribers from all networks, Sri Lanka Telecom today launched its in-house compiled provincial directory – The Rainbow Pages. rnrnProposals in the recent draft interconnection framework calls for a common phone index, initiated by SLT. rn rnAlso proposed is a common online directory database available […]
Close Watch
The governments 20 percent stake in Commercial Bank held through Sri Lanka Insurance Corp. has caught the interest of the International Finance CorpA fact-finding team from the IFCs Washington office were in Colombo recently to carry out due diligence work. Their findings are expected to be presented to the IFC Board sometime next month, Treasury […]
Letting Lose
Peoples Leasing Company is scouting for a strategic partner as its parent company is keen to reduce its holding in the company.Formed as a fully owned subsidiary of Peoples Bank in 1995, PLC was initially intended to help the banks customers.rn rnIn 2001, Peoples Bank infused a further Rs. 40 mn into the company to […]
Adding Muscle
The Central Bank tightened its hold over licensed specialized banks after the latest amendment to the Monetary Law Act was passed in Parliament.One clause gives the Central Bank power to appoint a liquidator and oversee the liquidation of a licensed specialized bank.rn rnNow Central Bank has virtually the same control over licensed specialized banks as […]