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As enacted
Contents

Part III · Sri Lanka Deposit Insurance Scheme

50. Powers, duties and functions of the Central Bank relating to the Deposit Insurance Fund

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

(1)

The Central Bank shall manage, administer, and supervise the affairs of the Deposit Insurance Fund subject to the provisions of this Act.

(2)

In managing, administering and supervising the affairs of the Deposit Insurance Fund, the Central Bank shall exercise, perform and discharge the following powers, duties and functions:-

(a)

to formulate policies in relation to the general administration of the Deposit Insurance Fund and such other matters relating thereto;

(b)

to enter into agreements with any international financial institution in the name of the Deposit

Insurance Fund to ensure the effective administration and management of the Deposit

Insurance Fund;

(c)

to accept from the Government or any international financial institution, any grant or aid, or borrowing in the name of the Deposit Insurance Fund, as it may consider necessary;

(d)

to formulate procedures for repaying insured deposits by utilizing the moneys available in the

Deposit Insurance Fund;

(e)

to make investments and enter into any transaction or agreement as may be necessary or desirable for the financial management of the Deposit Insurance

Fund;

(f)

to settle or compromise any claim authorized by the Central Bank by or against the Deposit

Insurance Fund;

(g)

to determine the period within which the compensation shall be paid to depositors under section 44; or

(h)

to do such other things which the Central Bank considers necessary to ensure the effective administration and management of the Deposit

Insurance Fund.

Read on from s 51

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