Regulatory Alerts2014-12-02 | Deposit Insurance and Liquidity Support SchemeSri Lanka Deposit Insurance and Liquidity Support Scheme Regulations
The Monetary Board of the Central Bank of Sri Lanka issued these regulations to amend the 2010 Deposit Insurance Scheme Regulations by replacing paragraph 9.6 with a new cap limiting depositor compensation to Rs. 300,000 or its foreign currency equivalent. This revision ensures that total insured deposits remain subject to a maximum payout threshold, regardless of prior calculations. The amended regulations officially come into force on 1 January 2015.
The Gazette of the Democratic Socialist Republic of Sri Lanka EXTRAORDINARY No.1891/11 - TUESDAY DECEMBER 02,2014 (Published by Authority)
PART I : SECTION (I)
GENERAL Central Bank of Sri Lanka Notices
THE MONETARY LAW ACT REGULATIONS made by the Monetary Board under Section 32E ofthe Monetary Law Act, (Chapter 422).
NIVNNO A.lrru Lnslrn CasRAar-Chairman Monetary Board Colombo, 28 November 2014.
Sri Lanka Deposit Insurance and Liquidity Support Scheme Regulations Amendment to the Sri Lanka Deposit Insurance Scheme Regulations, No. I of 2010
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citation These Regulations shall be cited as Sri Lanka Deposit Insurance and Liquidity Support Scheme l. citation Regulations, No. 1 of 2014.
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Amendment to the principal regulation 2.1 Sri Lanka Deposit Insurance Scheme Regulations, No. 1 of 2010 published in Gazette ExtraordinaryNo. 1673/11 of 28 September,2010 is hereby amended as follows :-
2.2 In regulation 9 thereof by the repeal of paragraph 9.6 of that regulation and the substitution of the following paragraph :
"9.6 The amount of compensation payable to a depositor shall be limited to the total insured deposits computed as above, subject to a maximum of Rs. 300,000 or its equivalent in the case of foreign currency deposits, if such amount exceeds Rs. 300,000."
- Effective date 3.1 This amendment shall come into effect from 01 January 2015.
12-s67 PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING, SRI LANKA, This Gazette Extraordinary can be downloaded from www.documents.gov.lk