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As enacted
Contents

Part I · Resolution Authority of the Central Bank

5. Exercise, performance and discharge of resolution authority by the Central Bank

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

(1)

In the exercise, performance and discharge of the powers, duties and functions relating to its resolution authority, the Central Bank shall take into consideration, the structure, scale, complexity, interconnectedness with other institutions, and the risk profile of the licensed bank subject to resolution.

(2)

The Central Bank shall have the power to require any person to provide any information necessary for the Central

Bank to decide upon and formulate resolution measures, including updates and supplements of information relating to the resolution plan, and information collected through on-site examinations.

(3)

Any licensed bank, regulatory or supervisory authority, or such other person on whom any Order, regulation, direction, determination, guideline or instruction has been issued or a request has been made by the Central Bank under this Act, shall comply with such Order, regulation, direction, determination, guideline or instruction or request forthwith or not later than the time period specified therein.

(4)

Every regulatory and supervisory department of the

Central Bank shall extend cooperation to the Department established under section 4 to expeditiously facilitate the relevant regulatory or supervisory approvals required to implement the resolution measures prepared under this Act.

Read on from s 6

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