CB extends actions taken on troubled TFC

News

The Monetary Board of the Central Bank of Sri Lanka (CB) has decided to extent by another three months from May 15, recent actions taken in connection with the troubled The Finance Company PLC (TFC).

Announcing this decision on Wednesday, the CB said it had initiated a number of regulatory actions, as temporary measures on TFC with effect from February 15, 2019, with a view to safeguard the interests of the depositors and other stakeholders of the company.

“Regulatory measures include suspension of accepting new deposits, withdrawal of deposits and disbursement of loans and advances to facilitate the restructuring process of TFC,” it said adding that the extension was given in order to consider the business restructuring proposal submitted by the company. Interest due on deposits will be paid continuously. - ENDS -

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