Below is the full announcement issued by Central Bank of Sril anka
Bank Supervision Department
2008-12-29Press Release
Measures Taken to Ensure the Stability of Seylan Bank PLC and the Financial System
The attention of the Monetary Board has been drawn to the recent events in the Ceylinco Group and the difficulties being encountered by Seylan Bank PLC with regard to deposit withdrawals and ensuing liquidity problems. The difficulties of Seylan Bank PLC presented a potential danger to the stability of the financial system. Therefore, the Monetary Board is of the view that immediate measures require to be taken to stabilise the financial system. In that context, the Monetary Board has determined, under Section 30(1) of the Monetary Law Act No.58 of 1949, to do the following, with immediate effect:
(a) to discontinue the services of all current directors of Seylan Bank PLC;
(b) to appoint Bank of Ceylon to carry on the business of Seylan Bank PLC;
(c) to request Bank of Ceylon to appoint the new Board of Directors of Seylan Bank PLC;
(d) to continue with the services of the present CEO and all current employees of Seylan Bank PLC, without any interruption.
Seylan Bank PLC will be open for usual business with customers on 30/12/2008.
The Monetary Board of the Central Bank wishes to inform the public that they should continue with their normal financial transactions with Seylan Bank PLC and that the Monetary Board assures the public of the safety of deposits and the stability of the financial system.
Monday, December 29, 2008
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