Immediate relief for TFC, ETI depositors | Daily News


President directs Central Bank officials:

Immediate relief for TFC, ETI depositors

Assets owned by the two companies to be acquired:
Committee to review steps taken on failed financial institutions:

President Gotabaya Rajapaksa yesterday ordered Central Bank officials to immediately provide relief to the depositors of collapsed financial institutions The Finance Company (TFC) and Edirisinghe Trust Investments (ETI).

The President informed the Central Bank officials to obtain legal advice over these collapsed financial institutions yesterday itself and do justice to the depositors of the two financial institutions.

He said that a committee comprising the representatives of the Presidential Secretariat, Central Bank, Treasury and the depositors should monitor the steps taken with regard to these two collapsed institutions.

The President was speaking at a meeting to discuss the payment of depositors of these two financial institutions at the Presidential Secretariat yesterday.

A commission has also been appointed to investigate the transactions of the ETI. Central Bank officials briefed the President on the measures taken by the Bank in this regard.

Depositors whose deposits do not exceed Rs. 600,000 will be paid under the first phase. The President insisted that all depositors be paid back, by going even to the extent of acquiring the assets belonging to these two institutions.

Central Bank Governor Professor W.D. Lakshman said that the Bank will look into the charges against these financial institutions and grievances of the public at the next Monetary Board meeting and provide relief to them.

He said that actions would be taken to rectify the shortcomings of the Central Bank while solving issues faced by the public.

The President said that assets belonging to these two collapsed companies would be identified and acquired for the sole purpose of paying back the depositors without going before Courts.

He said that stern action would be taken against those who fail to repay loans obtained from financial institutions. Secretary to the President Dr. P.B. Jayasundera and Finance Ministry Secretary S.R. Attygalle were present.

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