Banking (Amendment) Act 2024 · As enacted
13. Amendment of section 19 of the principal enactment
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Section 19 of the principal enactment is hereby amended as follows:-
in paragraph (b) of subsection (1) thereof, by the substitution for the words “and with the concurrence of the Minister, determine, from time to time.” of the words “determine, from time to time.”;
by the repeal of paragraph (d) of subsection (3)
thereof, and the substitution therefor of the following:-
“(d) Where any licensed commercial bank is required by such variation to augment its equity capital, it shall upon application to the Central
Bank, be afforded a period of twelve months, or such other period as may be granted by the Central
Bank, in which to comply with that requirement.”;
by the repeal of paragraph (b) of subsection (7)
thereof, and the substitution therefor of the following:-
“(b) Any variation in the capital adequacy ratio referred to in paragraph (a) shall be communicated to every licensed commercial bank by the Central
Bank in writing, provided that every licensed commercial bank which is required by such variation to augment its capital, shall be afforded a period of twelve months or such other period as may be granted by the Central Bank, in which to comply with such requirement.”;
by the addition, immediately after subsection (9)
thereof, of the following:-
“(10) The Central Bank may require a licensed commercial bank to maintain additional capital as the Central Bank may consider appropriate having regard to the specific risks emanating from the business of such licensed commercial bank.”.