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As enacted
EnglishSinhala සිංහල, official PDF on documents.gov.lkTamil தமிழ், official PDF on documents.gov.lk
Contents

Part I · Resolution Authority of the Central Bank

15. Financial Stability Fund

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

In order to achieve the objectives of resolution specified in section 8 and to ensure the effective implementation of resolution measures provided for in sections 30, 31, 32, 33 and 34, the Central Bank shall establish a Financial Stability Fund under this Act.

(2)

The Financial Stability Fund shall be managed separately from other assets of, and the assets managed by, the Central Bank.

(3)

The Central Bank shall have the power to-

(a)

manage, administer, and supervise the Financial

Stability Fund, subject to the provisions of this Act;

(b)

formulate policies in relation to the general administration of the Financial Stability Fund;

(c)

invest and enter into any transaction or agreement as may be necessary or desirable for the financial management of the Financial Stability Fund; and

(d)

contribute to financing of resolutions of licensed banks, without prejudice to the provisions of subsection (3) of section 51.

(4)

The following shall be credited to the Financial

Stability Fund:–

(a)

budgetary allocations provided by the Government;

(b)

contributions from the Government;

(c)

grants or loans provided by international financial institutions;

(d)

investment income and gains deriving from and out of the investments of the moneys of the

Financial Stability Fund;

(e)

contributions from licensed banks as the Central

Bank may consider necessary, for the purposes of subsection (5) of section 33; and

(f)

any income from any other source as may be approved by the Minister.

Read on from s 16

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

Schedules