Second Plan

May 27, 2014 (LBO) - Sri Lanka's Central Bank, said it had given a liquidity facility to The Finance Company, and has also changed the board under a new restructuring plan. Chairman M P Jayawardena and C Rosa had said they were not available re-appointment, the statement said.

The Finance was a member of Sri Lanka's Ceylinco group that the regulator is re-structuring. It is one of several finance firms that that faced liquidity trouble in 2009. The Central Bank is also trying to reduce the total number of finance companies in the system.

The central bank has given "a long term facility from the Sri Lanka Deposit Insurance and Liquidity Support Scheme with immediate effect," and had issued "directions for the future conduct of the business under a new restructuring plan," the regulator said in a statement.

S H A M Abeyratne, PhD, has been named Chairman and S Rajapaksha, FCA, Deputy Chairman.

A P Lekamge, MBA (Managing Director, T Senthilverl, (Non-Executive Director), R Ahukorala, MBA, Non-Executive Director, T B Ekanayake, Attorney at Law & Notary Public,Executive Director and R D Abeywickrama, ACA, Executive Director.