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Central Bank Governor Dr.Indrajith Coomaraswamy gestures at the media briefing yesterday. Senior Deputy Governor Dr. Nandalal Weerasinghe looks on- Pic by Ruwan walpola Central Bank Governor Dr.Indrajith Coomaraswamy gestures at the media briefing yesterday. Senior Deputy Governor Dr. Nandalal Weerasinghe looks on- Pic by Ruwan walpola
Jan 03, 2018

CB takes over ETI Finance, Swarnamahal Financial

With a view to safeguard the interests of the depositors and ensure stability of the financial system, the Central Bank yesterday appointed a new management panel to oversee beleaguered ETI Finance Ltd. (ETIF) and listed Swarnamahal Financial Services Plc (SFSP).

“I want to reassure the market as well as depositors in ETIF and SFSP that while there is a problem, it is a problem that can be overcome and can be fixed. ETIF at present is illiquid, but it is not insolvent. In fact, it is an asset-rich company and it has not defaulted on any payments as yet. The assets can be used to turn around the company. The Monetary Board has taken certain regulatory actions which restrict the business operations and powers of the current Board of Directors of the two firms and has appointed an expert panel to overcome the situation,” Central Bank Governor Dr. Indrajit Coomaraswamy told journalists yesterday.

He ruled out any systemic risk on account of ETI and SFS liquidity issues or a temporary takeover but the Central Bank action was to minimise any damage.

(Excerpts & pic : ft.lk)

 

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