Regulatory Alerts2024-10-07 | Banking Act Direction No. 07 of 2024Accommodation to Directors and Related Companies
The Central Bank of Sri Lanka has revoked the March 2005 amendment to its directions governing accommodation extended to directors and related companies. This revocation implements the October 2024 Gazette Order issued under Sections 47 and 76K of the Banking Act. The updated framework establishes current regulatory requirements for director-related lending and credit facilities, replacing the previously superseded guidelines.
CENTRAL BANK OF SRI LANKA
07 October 2024 | BANKING ACT DIRECTIONS | No. 07 of 2024
DIRECTIONS UNDER SECTION 76J (1) OF THE BANKING ACT NO. 30 OF 1988, AS AMENDED
ACCOMMODATION TO DIRECTORS AND RELATED COMPANIES
With the issuance of the Gazette No. 2404/33 dated 03.10.2024 on the Order published under Sections 47(4), 47(11B) and 76K of the Banking Act No. 30 of 1988, as amended, Amendment to the Directions under 76J (1) on Accommodation to Directors and Related Companies dated 17 March 2005 is hereby revoked.
(Signature)
Dr. P Nandalal Weerasinghe Chairman of the Governing Board and Governor of the Central Bank of Sri Lanka