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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Business leader urges the parliament to examine the S&P report on the local banking industry

Business leader urges the parliament to examine the S&P report on the local banking industry

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Former Chairman of the Ceylon Chamber of Commerce and prominent business leader, Chandra Jayaratne urges the Parliament to examine the latest report released by the Standard & Poor’s on Sri Lank’s Banking sector.

Jayaratne in a letter sent to parliamentary group leaders of respective political parties request them to take the matter up in the ‘Public Petitions Committee’ of the of parliament and then inform the general public, regarding the actual risks attached to the regulated bank’s and the financial sector.

Jayaratne in his letter sent to parliamentary group leaders also says, “Public Petitions Committee of the Sri Lanka Parliament to take immediate steps to examine the veracity or other wise of the aforesaid Standard & Poor Report and the contradictory Report of the Central Bank”.

Subsequently, he wants them to advice on the strategies and steps the citizens must take in mitigating their risks in dealing with the said Banks and Financial Institutions.

Jayaratne’s request comes, following the recent report released by the S&P which stated that the local banking industry reflects a “very high risk” assessment of economic resilience and credit risk in the economy, and a “high risk” assessment of economic imbalances.

However, the Central Bank of Sri Lanka denied the report saying it is factually incorrect, illogically analyzed, and is highly contradictory.
http://www.news360.lk/business-finance/news-sri-lanka-24-06-2012-business-leader-urges-the-parliament-to-examine-the-sp-report-on-the-local-banking-industry-67541

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