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As enacted
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Contents

Part II · Resolution Measures

21. Administrator to prepare a report on the viable resolution options

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

(1)

The Administrator shall, not later than sixty days from the date of his appointment, prepare and submit to the

Central Bank, a detailed report on the licensed bank under his control containing his recommendations as to the most viable resolution options to be implemented in respect of such licensed bank.

(2)

The Central Bank may, having considered the report and the recommendations made by the Administrator under subsection (1), approve or issue one or more directions to the Administrator, the licensed bank, directors or key management personnel, as the case may be, as to the most viable resolution option to be implemented.

(3)

The Administrator may, in the report referred to in subsection (1), recommend that the licensed bank under the control of such Administrator -

(a)

be sold as a going concern;

(b)

be resolved through transfer of selected assets and liabilities, or the establishment of a bridge bank under section 30;

(c)

be resolved through any other resolution power as may be determined by the Central Bank considering the financial position and risk profile of such licensed bank; or

(d)

be wound up.

(4)

The Administrator shall prepare and submit to the

Central Bank such regular reports as may be specified by the

Central Bank in the Order referred to in section 18 on the financial conditions of the licensed bank subject to resolution, and information relating to the exercise, performance and discharge of the powers, duties and functions of the Administrator in the implementation of the resolution measures.

(5)

The Administrator shall be responsible for the organization and maintenance of files, information and documents of the licensed bank subject to resolution, and shall maintain a register containing information relating to all decisions or actions taken on such licensed bank during the period of his administratorship.

Read on from s 22

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