Banking (Special Provisions) Act 2023

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

s 1Short title and date of operation

(1)

This Act may be cited as the Banking (Special

Provisions) Act, No. 17 of 2023.

(2)

The provisions of this Act other than the provisions of this section shall come into operation on such date as the

Minister may appoint by Order published in the Gazette

(in this Act referred to as the “appointed date”).

(3)

The provisions of this section shall come into operation on the date on which the Bill becomes an Act of

Parliament.

s 2Application of the Act

Notwithstanding anything to the contrary in any other written law for the time being in force, provisions of this Act shall apply in the exercise, performance and discharge of the powers, duties and functions relating to the authority vested with the Central Bank to resolve banks licensed under the Banking Act (in this Act referred to as the “licensed banks”).

Part I

Resolution Authority of the Central Bank

Read on from Part I

Part II

Resolution Measures

Read on from Part II

Part III

Sri Lanka Deposit Insurance Scheme

Read on from Part III

Part IV

Financial Sector Crisis Management Committee

Read on from Part IV

Part V

Winding Up of Licensed Bank

Read on from Part V