Excerpts from a memorial address given by Joan de Zilva Moonesinghe, Former Central Bank director of bank supervision, and presently consultant to the Government of Brunei on bank supervision and regulation
I had the honour and pleasure of working with Lakshman Kannangara for most of my 40 years at the Central Bank.
He was in every sense a gentleman. There can be no one at the Central Bank who ever heard a harsh word from him. His fine qualities endeared him to all who worked with him.
He was an affectionate father and husband, and a gentleman with a noble heart. Nothing in his long and distinguished professional life cast a shadow on his character.
With his sharp intellect, Oxford education and mastery of the English language, he projected his views without hurting the sensibilities of those around him.
He was gentle and religious. In an interview with journalist Roshan Peiris, he said that religion was the great solace of his life.
His career at the Central Bank spanned 36 years. He belonged to that generation of gentleman bankers who played by the rules of established banking practice.
Some of Mr. Kannangara’s biggest contributions to banking were in the area of bank supervision and regulation. The Banking Act, the legal framework for the banking system that dominates our financial system, was the outcome of 10 years of Mr. Kannangara’s hard work.
Many Central Bank officers cut their teeth in central banking under Mr. Kannangara’s guidance.
He was the architect of the Foreign Currency Banking Units (FCBUs) or offshore banking units (OSBUs). The objective at the time was to make Sri Lanka an offshore banking hub. He was quite excited about this initiative, and travelled widely in the region to familiarise himself with best practices.
One of his landmark decisions as director of bank supervision was to turn down an application from the infamous Bank of Credit & Commerce International (BCCI) for a licence to operate in Sri Lanka. His decision was overturned by those in power at the time. The wisdom of his decision was proved when the BCCI collapsed many years later.
Many of the Central Bank’s landmark decisions bear Mr. Lakshman Kannangara’s indelible stamp.
Mr. Kannangara insisted on the highest standards of English for the bank’s annual report. The quality of writing in the Central Bank’s annual report is on par with the best in the world.
Mr. Kannangara was the first of the Central Bank’s directors of bank supervision to be chosen by the Commonwealth Secretariat in the UK for an advisory assignment abroad.
He very generously threw his gracious home open to the staff of the bank supervision department for our annual get-togethers. Mr. and Mrs. Kannangara’s generosity and hospitality saved the department considerable expenses.
Mr. Kannangara also served as Sri Lanka’s alternate director at the International Monetary Fund (IMF), in Washington DC. This was more in the line of a diplomatic assignment, for which Mr. Kannangara was perfectly suited.
In retirement, he was happily occupied for many years as a director of the Union Bank, and as an advisor to the Central Bank, training young recruits.
The late Mr. Kannangara was a man of integrity, wisdom and compassion.
May his soul rest in peace. |
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