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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Central Bank introduces a Liquidity Support Scheme for Licensed Finance Companies

Central Bank introduces a Liquidity Support Scheme for Licensed Finance Companies

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VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Central Bank introduces a Liquidity Support Scheme for Licensed Finance Companies

With a view to sustaining financial system stability and enhancing public confidence in the
financial system, the Central Bank of Sri Lanka (CBSL) has decided to implement a Liquidity
Support Scheme (LSS) for any licensed finance company (LFC) that faces liquidity constraints,
thereby enabling such LFC to revive and restructure its operations. The liquidity support would
be provided via the LSS of the Sri Lanka Deposit Insurance Fund (SLDIF), and would be granted on a case by case basis, after an assessment of the liquidity position of the particular LFC, by the CBSL.
In tandem with the LSS, the CBSL may direct the existing shareholders of the LFC to infuse fresh
capital, or invite a strategic investor to assume a strategic stake in the LFC through a new infusion of capital, or in certain instances, direct the depositors to convert a part of their deposit liabilities into ordinary shares.
In order to obtain facilities under the LSS, a LFC will be required to submit an acceptable business
restructuring plan to the CBSL, and also meet the terms and conditions prescribed by the CBSL,
which would include the restriction of transactions with related parties, curtailment of
remuneration and incentive payments to the board of directors and key management personnel,
reduction of administrative costs, furnishing of acceptable collateral, and submission of periodic
reports on the progress of the implementation of the restructuring plan.
The LSS will come into operation with immediate effect.




http://www.cbsl.gov.lk/pics_n_docs/latest_news/press_20130907e.pdf



Last edited by VISA on Sun Sep 08, 2013 5:58 am; edited 1 time in total

hariesha


Vice President - Equity Analytics
Vice President - Equity Analytics
A very good step by CBSL towards defusing the bit of uncertainty prevailed in the sector with the downfall of a certain finance company recently.

Last week when the particular company published the re-structuring plan, lot of people were in doubt. This officially confirms the plan is under the guidance of CBSL and the particular company is the first beneficiary of the LSS.

sriranga

sriranga
Co-Admin
The Central Bank of Sri Lanka yesterday announced a rescue scheme for troubled licensed finance companies, just weeks after it was revealed that Central Investments and Finance PLC (CIFL) is in trouble.

Under this scheme, the CB may direct existing shareholders of a particular licensed finance company to bring in fresh capital, or invite a new investor to take a stake in the company by bringing in new funds, the regulator said yesterday.

It said that in certain instances, the CB might direct depositors to convert a part of their deposits into ordinary shares. This option was recently offered to the 6,000 depositors of CIFL. Under a CBSL-approved restructuring plan, the directors of CIFL were asked to convert 60 per cent of deposits to non-voting shares subject to the consent of depositors. The remaining deposits are to be repaid after a grace period of two years at a five per cent nominal interest rate. This proposal is yet to receive the approval of CIFL depositors.

The CB said its new Liquidity Support Scheme would come into immediate effect. To avail themselves of it, a licensed finance company would be required to submit “an acceptable business restructuring plan to the CB, and also meet the terms and conditions prescribed by the CB”.

These conditions would include stopping of salaries and incentive payments to the board of directors and key management personnel and reduction of administrative costs.
http://www.sundaytimes.lk/130908/news/cbsl-offers-rescue-package-to-cifl-and-others-61453.html

http://sharemarket-srilanka.blogspot.co.uk/

LSE

LSE
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
ද්‍රවශීලතා සහාය යෝජනා ක්‍රමයක් හඳුන්වා දෙයි

බංකොලොත්වී ඇති සෙන්ට්‍රල් ඉන්වෙස්ට්මන්ට්ස් ඇන්ඩ් ෆයිනෑන්ස් සමාගම ඇතුළු අර්බුදයට ගොස් තිබෙන ඇතැම් මූල්‍ය සමාගම් බේරාගනිමින් මහජන විශ්වාසය සහ මූල්‍ය පද්ධතියේ ස්ථාවරත්වය රැක ගැනීම සඳහා ශ්‍රී ලංකා මහ බැංකුව විසින් ලියාපදිංචි මූල්‍ය සමාගම් වෙනුවෙන් ද්‍රවශීලතා සහාය යෝජනා ක්‍රමයක් හඳුන්වා දෙයි.

මේ පිළිබඳව අදහස් දක්වමින් මහ බැංකුව පවසන්නේ මෙම යෝජනා ක්‍රමය යටතේ මූල්‍ය අපහසුතාවයන්ට ලක්ව තිබෙන ඕනෑම ලියාපදිංචි මූල්‍ය සමාගමකට මුදල් ලබාගත හැකි බවත් ද්‍රවශීලතා සහාය මහ බැංකුව කරන තක්සේරුවකින් පසුව ශ්‍රී ලංකා තැන්පතු රක්ෂණ අරමුදලේ ද්‍රවශීලතා සහාය යෝජනා ක්‍රමය හරහා ලබාදෙන බවයි.

මෙම ද්‍රවශීලතා සහාය යෝජනා ක්‍රමයට සාපේක්ෂව අදාළ මූල්‍ය සමාගම්වල දැනට සිටින කොටස් කරුවන් විසින් අළුත් ප්‍රාග්ධනය එම සමාගම් වලට ඇතුළු කරන ලෙසද මහ බැංකුවට දැනුම් දීමට හැකිබව සඳහන්ය.

එසේම, මෙම සමාගම් වලට අළුතින් ප්‍රාග්ධනය ඇතුළු කරන නව ආයෝජකයින්ට ආරාධනා කිරීමට සහ දැනට සිටින තැන්පතු කරුවන්ගේ තැන්පතු වලින් ප්‍රමාණයක් සමාගමේ කොටස් බවට හරවන ලෙස ඉල්ලා සිටීමටද පුළුවන.

http://www.vimasuma.com/new_full_story.php?subcatcode=2&newscode=1126627137

D.G.Dayaratne


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Good decision provided CBSL takes professional decisions with out political
influences

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Does this mean impending bank run?
or is to normal thing to have bust of this nature as it happened in many crisis ( a least two times in visible past)

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Central Bank introduced a new scheme to pay maximum of RS. 200,000 in case a Finance company couldn't pay back depositors fixed deposits from 2012. Will CIFL depositors are the first benifiters of this scheme?
Then small depositors of RS 200,000/- and below would get total invested amount without converting their FD's into shares. Anyone know details of this system?

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Today all finance company's share prices will up??
green Day:alien: 

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