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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » A good move by CBSL

A good move by CBSL

Go down  Message [Page 1 of 1]

1A good move by CBSL Empty A good move by CBSL Fri Jul 26, 2013 3:11 pm

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
Central Bank Places Cap on Penal Interest Rates
charged on Loans and Advances
by Banks, Finance Companies and Leasing Companies

http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20130726eb.pdf

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 26, 2013 (LBO) - Sri Lanka's central bank has capped the penalty interests on defaulted loans of banks to two percent a year and those from leasing and finance companies to three percent a year.

The regulator said at the moment penalty rates on overdue advances range from 2 to 20 percent above the original loan rate in banks and 36 to 48 percent for above loan rate for loans in leasing and finance companies.

The central bank said the current rates were "excessively high."

"…Such rates are an undue burden to overdue borrowers whilst also hindering entrepreneurship development in the country," the Central Bank said in a statement.

"The inability of borrowers to service their loans in the light of such high interest rates also has an adverse impact on the financial position of banks, finance companies and leasing companies, as well as financial system stability."

The central bank said in some case the penalty rates were on the arrears only and at times on the whole loan.
http://www.lankabusinessonline.com/news/sri-lanka-caps-penalty-rate-on-defaulted-bank-loans/310789953

3A good move by CBSL Empty Re: A good move by CBSL Fri Jul 26, 2013 4:14 pm

Chutta


Equity Analytic
Equity Analytic
A kiyanne..Aug 1 wenida idan aduwata loan ekak ganna puluwanda? Very Happy 

4A good move by CBSL Empty Re: A good move by CBSL Fri Jul 26, 2013 4:19 pm

Arena


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Onna kiwwa Chutta...............

Only penalty rates are reduced to 3% per year if not mistaken.
earlier LB , LFIV and other finance companies charged around 5% per month. This will definitely effect their interest income for sure. May be a huge impact............But they are smarter than CEB will impose a penalty charge to cove this. tongue



Last edited by Arena on Fri Jul 26, 2013 4:57 pm; edited 1 time in total

5A good move by CBSL Empty Re: A good move by CBSL Fri Jul 26, 2013 4:26 pm

Chutta


Equity Analytic
Equity Analytic
[quote="Arena"]Onna kiwwa Chutta...............

Apoi.. Razz 

6A good move by CBSL Empty Re: A good move by CBSL Fri Jul 26, 2013 6:45 pm

Burpy


Senior Equity Analytic
Senior Equity Analytic
very good
cheers bounce 

7A good move by CBSL Empty Re: A good move by CBSL Tue Jul 30, 2013 9:38 am

Richie


Senior Equity Analytic
Senior Equity Analytic
Entire financial system could be in jeopardy due to haphazard decisions taken by central bank.

8A good move by CBSL Empty Re: A good move by CBSL Tue Jul 30, 2013 10:03 am

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
What is the difference in reduction of penalty for traffic offense and reduction
of penalty for loan defaulters

In case of traffic offense number of cases will increase

In case of loan defaulters what will happen

Usual central bank "ECONOMIC" decision after 2005

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