Govt. says no plans to privatise People’s Bank

Thursday, 24 July 2014 00:00 - - {{hitsCtrl.values.hits}}

Minister of International Monetary Cooperation and Deputy Minister of Finance and Planning Dr. Sarath Amunugama on Tuesday denied any attempt to privatise People’s Bank and go for a public share issue. In response to a question for oral answer raised by UNP MP Tissa Attanayake, the Minister stated that a recent Cabinet paper had approved the amendment to the People’s Bank Act No. 29 of 1961. “The amendments will allow us to increase the share capital to Rs. 50 billion from what is mentioned as Rs. 1 billion when the bank was initiated over 50 years ago,” the Minister said. Rejecting Opposition charges in relation to bank losses and a possible collapse, Dr. Amunugama said: “People’s Bank is not in a crisis. It has recorded a profit before tax of Rs. 10.3 billion for FY 2013, confirming the financial stability of the bank. People’s Bank holds the second largest asset base among all local banks. The Treasury has infused Rs. 7.15 billion into People’s Bank and this infusion is listed as a capital pending allotment. We will use a part of it as the share capital.”

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