The Monetary Board of the Central Bank of Sri Lanka (CBSL) has decided to extent by another three months from May 15, recent actions taken in connection with the troubled The Finance Company PLC (TFC).
"The Monetary Board of the Central Bank of Sri Lanka (CBSL) initiated a number of regulatory actions, as temporary measures, under the provisions of FBA, on The Finance Company PLC (TFC) with effect from 15th February 2019, with a view to safeguard the interests of the depositors and other stakeholders of the company," the CBSL said in a press release today.
Regulatory measures include suspension of accepting new deposits, withdrawal of deposits and disbursement of loans and advances to facilitate the restructuring process of TFC.
CBSL stated that the Monetary Board decided to extend the said regulatory actions in order to consider the business restructuring proposal submitted by the company and added that interest due on deposits will be paid continuously.