The Finance makes good recovery

Ramani Kangaraarachchi

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 change.

“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 money”.

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 depositors.

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.