Category: Banking and Finance

A Compensation Fund for contributors who suffer financial loss resulting from fraud, theft, misappropriation or negligence of monies, will also be set up, from a cess being charged on the industry.rn rnEmployees will also have the option of switching funds, to ensure they get the best return for their retirement nest egg, according to a […]

LankaClear, the cheque clearing arm of the Central Bank, plans to set up ten regional centres to speed up payments and settlement systems.Known as lquote cheque image clearing and truncation, the system clears cheques faster by electronically capturing a cheques image and cuts lead times from ten to two days.rn rnThe main features of image […]

Pan Asia Banks shareholders have come through and injected Rs. 100 mn into the bank to top up its capital.The bank called up the balance two rupees due from each Rs.10 share recently, as part of an overall strategy to raise its capital and eventually seek a listing on the Colombo Stock Exchange next year, […]

According to the draft new law, the authority will have wide ranging powers to audit, investigate and inspect tax files.rn rnThe proposed Sri Lanka Revenue Authority (SLRA) can open, operate and close bank accounts of wilful defaulters. The authority can also acquire and dispose any movable or immovable property to recover monies due to the […]

Naming these institutions is part of the banks efforts to warn depositors not to part with their funds in un-regulated institutions.rn rnEarlier in 2003 the Central Bank for the first time in history, named 27 companies for mobilising public funds without regulatory approval.rn rnHowever, the latest warning follows an examination of the Jana-Shri Financial Corp., […]

Fitch Ratings Lanka re-confirmed its SLAA+ national rating on John Keells Holdings Ltd. senior debt following the conglomerates recent acquisition spree.SL AA+ rating denotes a very low expectation of credit risk. It indicates very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.rn rnAfter picking up a […]

Central Bank Deputy Governor W. A. Wijewardene told LBR that the credit rating would be in place early next year with bank funding for the whole process.rn rnThe first steps have been taken to find a lquote rating advisory dblquote .rn rnThe ldblquote rating advisory dblquote which will probably be an investment bank, will advice […]

The local credit information agency is trying to add value to its services with donor help.Credit Information Bureau says that World Bank help is on offer to improve its product offering which is presently limited to basic credit information.rn rnThe bureau will also go on line offering their clients quicker access to information.rn rnldblquote They […]

Peoples Bank restructuring committee has hired consultants PricewaterhouseCoopers to draw up an information memorandum for the bank.The consultants will put together key information, which will form the basis for prospective investors to make their bids for the bank.rn rnThe process will take around six months to complete. rn rnA World Bank funded consultant B D […]

The Securities and Exchange Commission of Sri Lanka (SEC) will join 170 other international securities commission to combat cross border securities fraud. An announcement on Tuesday said that the SEC had been accepted as a signatory to the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding concerning consultation, cooperation and exchange of information.rn […]

The Bank of Ceylon is fine-tuning its loan book to boost private sector lending and limit its exposure to state owned entities. Loan growth for the first six months dipped marginally by 0.6 percent to Rs. 134.49 mn. Officials say the appetite for credit has been below political expectations, but within banking norms, considering the […]

Cabinet Spokesperson Prof., G L Peiris says the government expects nearly US$ 1 billion of the US$ 4.5 billion in aid pledged at the June Tokyo conference to flow into the Sri Lankan economy before end 2004.The increased aid follow has prompted policy makers to increase the allocation to key sectors roads and rural electricity. […]