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Tuesday, 7 December 2010

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'Bank directors must adhere to governance rules'

Directors of the licensed banks have a significant role to play in repositioning the banking industry towards the high growth path, Central Bank Governor Ajith Nivard Cabraal said.


Central Bank

Delivering the key note address at the Bank Directors Symposium held yesterday he said directors should strictly adhere to mandatory corporate governance rules and provide clear strategic policy direction and strategic leadership covering all core activities of banks for the senior management.

"Sri Lanka possesses a resilient and a vibrant banking sector which accounts for a massive portion of 60 percent of the financial system and we need to move forward and the good news is our trends have been in the right direction," he said.

The total assets stands at Rs 3.4 trillion, lending at Rs 1.8 trillion and deposits at Rs 2.5 trillion at present with a network of 5,789 banking outlets spread throughout the country.

These banks provide efficient payment and settlement facilities contributing to the overall financial system stability. "The integrated risk management framework must be put in place and clear standards must be laid down to fix staff accountability.

Prosperity will be achieved only with strong commitment, intense dedication, careful planning and effective implementation," the Governor said.

Referring to some of the ways of meeting the challenges ahead he explained that banks have to look for new investment opportunities, strike an appropriate balance between innovation and stability.

RK

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