The Finance makes good recovery
The Finance Company (TFC) will reach breakeven point by September
this year. The company has been able to re-build confidence of customers
which has resulted in an increase of monthly deposits upto Rs 100
million. Deputy Finance Minister Dr Sarath Amunugama who was the chief
guest at the 70th anniversary celebrations of TFC said that during the
last 70 years financial institutes worldwide have undergone a tremendous
“But Sri Lanka was able to prevent a total collapse of financial
institutes as a result of making right decisions at the right time with
regard to troubled financial institutes”, he said.
The TFC which was in trouble two years ago is now well on the
recovery path and will reach breakeven point in September as a result of
Government coming forward with rescue packages, taking regulatory
measures and re-building confidence of depositors.
It is the duty of the Government and the regulatory bodies to treat
depositors with great respect, Dr. Amunugama said.
He said that a growing economy needs risks to be taken and banks
should be liberalized. “Financial institutes should support SMEs and
supervision and surveillance are required when dealing with public
The Finance Company CEO Kamal Yatawara said there had been both ups
and downs in the history of 70 years. However, despite huge challenges
the bank has sustained in the industry. The increase of monthly deposit
income up to Rs 100 million is a testimony of the people for that.
He said the company is reviewing today and going in the right
direction with the help of the Government, all stakeholders and
But it is necessary to progress fast and restore the status back in
place. Good governance should prevail, then it is possible to place the
company in a strong position.