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Implement alternative proposals - CBEU

by Channa Kasturisinghe

The People's Bank branch of the Ceylon Bank Employees Union (CBEU) yesterday called upon the Government to consider its alternative proposals rather than going ahead with privatisation.

The Union's President E. Somachandra told the Daily News that privatisation is not the only way for bank to solve its financial crisis and the proposals put forward by the Union would secure the interests of the Government and the public.

He warned of a general strike if the Government chose to go ahead with privatisation move. The Government should not underestimate the strength of the public support behind the unions in this matter. He said the union would like to discuss the alternative proposals with the authorities before going ahead with any major trade union action.

The Union has proposed alternative measures to solve the financial crisis of the People's Bank and expressed its opposition to the Government's proposal to sell the bank's assets to the private sector. He said the Union is creating public awareness on the Government's moves and had been successful in getting support of various other trade unions and social groups.

"What we tell the Government is simple and easy to implement. But the Government is not ready to listen to us and is busy looking for potential buyers," Somachandra said.

"The loss of Rs.25 billion of the Bank is due to non performing loans. A major share of these loans were to state institutions while about four individual defaulters are responsible for six billion rupees. It is the direct result of Government influence on the Bank's business," he said .

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