Regulatory Alerts2017-09-19 | Banking Act Determination No. 2 of 2017Annual Licence Fee of Licensed Commercial and Specialised Banks
The Monetary Board of the Central Bank of Sri Lanka has mandated that all licensed commercial and specialised banks pay their 2018 annual licence fee based on total assets as of the end of 2017. The tiered fee structure ranges from Rs. 2.2 million for banks with under Rs. 25 billion in assets to Rs. 30 million for those exceeding Rs. 750 billion, with payments due by January 31, 2018. This determination supersedes the previous 1989 regulation, establishing updated fee brackets that directly correlate licence costs to institutional asset size.
lf September 2017 MONETARY BOARD CENTRAL BANK OF SRI LANKA BANKING ACT DETERMINATION No.02 of 2017 ANNUAL LICENCE FEE OF LICENSED COMMERCIAL BANKS AND LICENSED SPECIALISED BANKS Determination made by the Monetary Board of the Central Bank of Sri Lanka under Sections 8 and 76D(6) of the Banking Act, No. 30 of 1988, as amended. In terms of Sections 8(1) and 76D(6) of the Banking Act, the Monetary Board has determined that every licensed commercial bank and licensed specialised bank shall pay the licence fee in respect of the calendar year 2018 to the Central Bank of Sri Lanka on or before 31't day of January of2018, based on the total assets ofsuch bank as at end of2017, as set out in the table below. Total Assets as at the end of 2017 (Rs. Bn) Licence Fee (Rs. Mn) Above 750 30.0 Above 500 to 750 25.0 Above 200 to 500 22.0 Above 125 to 200 16.5 Above 75 to 125 11.0 25 to 75 5.5 Less than 25 2.2 Paragraph No. 01 of the Banking Act Determination Banking Act on licence fee to be paid with effect from issued with respect to Section 8 of the 01.01.1989 is hereby revoked. tleJ^"r--T Dr. Indrajit Coomaraswamy Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka