Central Bank extends regulatory action on The Finance Company for another three months

May 15, 2019 (LBO) – Sri Lanka’s Central Bank has decided to extend the regulatory action currently in place on The Finance Company for another three months, in order to consider the business restructuring proposal submitted by the company.

Monetary Board of the Central Bank initiated a number of regulatory actions, as temporary measures, on The Finance Company with effect from 15th February 2019, with a view to safeguard the interests of the depositors and other stakeholders of the company.

Regulatory measures include suspension of accepting new deposits, withdrawal of deposits and disbursement of loans and advances to facilitate the restructuring process of The Finance Company.

The Central Bank, however, said the interest due on deposits will be paid continuously.