Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka financial sector regulators sign a MoU with Central Bank for consolidated risk-based supervision
Fri, Jan 4, 2019, 08:37 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 04, Colombo: The Central Bank of Sri Lanka (CBSL) has entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Regulatory Commission of Sri Lanka (IRCSL) on 31 December 2018, to conduct effective consolidated risk-based supervision and for CBSL to be the lead supervisor in this regard.

Consolidated supervision is an essential tool for supervising financial groups. It involves assessment of group-wide risks that may emanate from relationships among members of a corporate group operating across different financial sub-sectors, the Central Bank said in a statement.

Group-wide consolidated supervision of such institutions is necessary in order to evaluate and assess contagion and reputation risks posed by such entities to the financial system and to contain systemic risk.

In the presence of Dr. Indrajit Coomaraswamy, Governor of CBSL, representatives of the three regulators, viz, Mr. H A Karunaratne, Deputy Governor of CBSL, Mr. Vajira Wijegunawardane, Director General of SEC and Mrs. Damayanthi Fernando, Director General of IRCSL signed the MoU on consolidated risk-based supervision on behalf of the respective institutions.

 

ColomboPage - Recent 10 Stories ::
Minister orders special investigation into the fire at Kalamatiya Fisheries Harbor
-- [10 minutes ago]
World Bank approves $ 310 mn loan for Sri Lanka to strengthen its climate resilience
-- [1 hour and 53 minutes ago]
People's Bank will not be privatized - Minister of Finance Mangala Samaraweera
-- [2 hours ago]
Sri Lanka's former President Chandrika Kumaratunga awarded 2019 Common Ground Award
-- [3 hours ago]
Amnesty International expresses shock over Sri Lanka President's signing death warrants of convicted prisoners
-- [3 hours ago]
Sri Lanka to make railways an essential service
-- [5 hours ago]
Brandix, Fonterra & JKH launch FastTrack Summer Internship Programme to inspire young talent
-- [5 hours ago]
Sri Lanka President says he signed death warrants for four convicted drug traffickers
-- [6 hours ago]
Racist allegations force charity in Sri Lanka to suspend providing food for poor
-- [6 hours ago]
Agreement with Hungary to obtain Euro 52 mn financial assitance to build flyovers at Kohuwela and Getambe
-- [7 hours ago]

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.