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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Govt. directs all banks to suspend recovery of SME loans up to Rs.300 mn

Govt. directs all banks to suspend recovery of SME loans up to Rs.300 mn

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kalu351


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
[size=33]Govt. directs all banks to suspend recovery of SME loans up to Rs.300 mn[/size]



20 December 2019 08:28 pm - 0      - 1344

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President Gotabaya Rajapaksa and the Prime Minister Mahinda Rajapaksa who is also the Minister of Finance have issued directives to Chairmen and CEOs of all banks to suspend recovery of loans obtained by the SME sector up to Rs 300 million.

The Finance Ministry said in a statement that the Government had taken a decision to take up new initiative to revive SMEs of which outstanding debt not exceeding Rs 300 million in each entity since recently announced tax reform initiatives provide substantial savings to all banks including the Central Bank of Sri Lanka.

 The Government expects the banks to use part of such savings to revive the SME sector on a priority basis. 

The directives from the President and the Prime Minister also incorporates redresses to small and medium scale paddy millers as well since the government expect them to re-energise their milling operation to improve the competitiveness in the market and expects their capacities to be active in 2019/20 Maha season 

This concessionary action will be followed by a comprehensive package coupled with already announced tax concessions designed by the Ministry of Finance, economy and Policy development and the Central Bank of Sri Lanka which will support both the lender and the borrowers especially the SME sector.





This is a suspension not a write off of loans - Will this effect banking shares  ?

Since the directive meant for only Banks will LOFC -CLC -BIL -CFVF -NIFL -BFN AND ALL OTHER FINANCE COMPANIES WILL BE BENEFITED  ?? 

Teller

Teller
Moderator
Moderator
These are not practical even tactical.


_________________




Teller said is said..

mahasona2

mahasona2
Manager - Equity Analytics
Manager - Equity Analytics
@Teller wrote:These are not practical even tactical.
 Expecting selling pressure from banking stocks this monday and after are you ??
 am holding 5-7 banking counters what you think we should sell off and get on to other counters ?

let me know

Hope123


Manager - Equity Analytics
Manager - Equity Analytics
If so, what sectors going to be benefited from this relief? How about Hotels and Plantation?

Kaish86


Manager - Equity Analytics
Manager - Equity Analytics
I told dont hold bank shares their future is negative. Bank tax cut will offset these moratorium. All reliefs are to sectors via the bank but no one to look after banks, arent they also affected on 21/4

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics
@mahasona2 wrote:
@Teller wrote:These are not practical even tactical.
 Expecting selling pressure from banking stocks this monday and after are you ??
 am holding 5-7 banking counters what you think we should sell off and get on to other counters ?

let me 

Banks profitability are not affected but cash flow. But there is few positive sides AND ALSO TAX CUTS. These reactivated loans are like new loans so its like new Business. Ultimately No major effect for banks. Need not to panic.. Bank shares are very much undervalued currently.. So there is no further low they can move.. maybe slightly on Monday, but will re-adjust soon..

4Corners


Senior Equity Analytic
Senior Equity Analytic
@NANDANA2012 wrote:
@mahasona2 wrote:
@Teller wrote:These are not practical even tactical.
 Expecting selling pressure from banking stocks this monday and after are you ??
 am holding 5-7 banking counters what you think we should sell off and get on to other counters ?

let me 

Banks profitability are not affected but cash flow. But there is few positive sides AND ALSO TAX CUTS. These reactivated loans are like new loans so its like new Business. Ultimately No major effect for banks. Need not to panic.. Bank shares are very much undervalued currently.. So there is no further low they can move.. maybe slightly on Monday, but will re-adjust soon..
buy buy only ABL....

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
Ok now gota started playing crazy. saving SME by killing banks. stupid strategy

4Corners


Senior Equity Analytic
Senior Equity Analytic
@ThilinaM wrote:Ok now gota started playing crazy. saving SME by killing banks. stupid strategy
its better than 
Mahabanku mankollaya

ThilinaM

ThilinaM
Vice President - Equity Analytics
Vice President - Equity Analytics
RPs have taken money from arjun aloysias  thats y they do not punish that issue

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