Sri Lanka central bank seeks panel for troubled bank resolutions

Sri Lanka’s central bank has called for expressions of interest from qualified parties to serve on a panel of administrators that could be appointed during the resolution of troubled licensed banks and finance companies.

The Central Bank of Sri Lanka (CBSL) said the panel would be established for the purpose of resolving licensed banks and licensed finance companies under the Banking (Special Provisions) Act No. 17 of 2023.

In a notice issued through its Deposit Insurance and Resolution Department, the central bank invited EoIs from prospective administrators, who could be appointed as part of interventions involving regulated financial institutions.

The move is part of the regulatory framework introduced under the Banking (Special Provisions) Act, which provides authorities with tools to address financial institutions facing serious difficulties and safeguard financial system stability.

EoIs must be submitted to the Director of the Deposit Insurance and Resolution Department at the Central Bank of Sri Lanka, No. 30 Janadhipathi Mawatha, Colombo 1, by 1500 hours on November 25.

Details are available through its tender portal and from the Deposit Insurance and Resolution Department, CBSL said.

Source : Economy Next