More than 19,000 depositors receive compensation over failed TFC

So far 19,279 depositors of the failed The Finance Co (TFC) have obtained – under the direction of the Central Bank (CB) - their compensation payments from the People’s Bank as of July 12.

Accordingly Rs. 5,175,336,249.68 (approximately Rs.5.175 billion) has been paid to such depositors, the CB said in a media release on Monday.
The compensation payments to TFC depositors of The Finance Company PLC (TFc) under the Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) subject to a maximum amount of Rs.600,000 per depositor began on June 7 through 63 branches of the People’s Bank island-wide. 
The funds required for making compensations to approximately 147,000 depositors whose eligibility has been confirmed by TFC have already been allocated from the SLDILSS. 
“However, it is observed that a considerable number of depositors have not yet been obtained their compensation payments. Therefore, the Central Bank hereby informs all the depositors whose eligibility has been confirmed by The Finance Company PLC, who have not yet collected their compensations to obtain the said payments from the People’s Bank,” the release said (BS).