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Sri Lanka mulls giving more relief to finance company depositors: Minister

ECONOMYNEXT – A meeting of Central Bank and Treasury officials have been called to look for ways to provide more relief to depositors of failed finance companies, amid a Coronavirus crisis, Information Minister Bandula Gunewardene said.

“In this Coronvirus crisis, it has come to the notice of President Gotabaya Rajapaksa that depositors of failed finance companies were in more difficulties than others,” Minister Gunewardene told a weekly cabinet news briefing.

President’s Secretary P B Jaysundera had called for a report on the issue from Central Bank Governor W D Lakshman on failed finance companies including EAP group and others, he said.

The report had said that depositors of some companies were in court and the central bank could not intervene.

Finance Minister Mahinda Rajapaksa had called for central bank officials from the department that is supervising finance companies and the Treasury to see what relief can be given, Minister Gunewardene said.

Earlier in May the central bank said it was liquidating The Finance Company and depositors up to 600,000 rupees will be paid by a deposit insurance scheme.

Other could get some more if there is a balance from liquidation proceeds. (Colombo/May28/2020)

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  1. Finance companies fail simply due to Central Bank Officials not taking timely action.. So first thing is to punish them. Instead Govt punish public.. (using tax money)

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