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    No financial crisis in People’s Bank – Minister Amunugama Featured

    June 05, 2014

    Senior Minister of International Monetary Corporation and Deputy Finance Minister Dr Sarath Amunugama told Parliament today there was no financial crisis in the People’s Bank which had been making huge profits in the recent years.

    The Minister responding to a question raised by UNP National List MP Tissa Attanayake said the People’ Bank had earned Rs. 2262 million Profit Before Tax (PBT) during the first quarter of 2014.

    Dr Amunugama said there was no financial crisis whatsoever as alleged by some opposition politicians. There was a decrease in the growth of loans as the bank could not recover some of the loans granted during the period of 1991-1995 as indicated in the COPE report of 2012. But this had not caused any crisis.

    The bank had granted loans amounting to Rs. 5518 million during the period from 1991-1995. There had been no securities and the Bank is in the process of recovering them. Thanks to the process of recovery, the amount to be recovered had come down to Rs. 5052 million. Negotiations are conducted and legal action being instituted to recover the outstanding loans, the minister added.

    Special Reporter

    Last modified on Thursday, 05 June 2014 19:08

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