Central Bank of Sri Lanka yesterday said there are eight distressed finance companies in the country under its off-site and on-site supervision.

“The Central Bank continued to closely monitor the performance of the eight distressed companies through off-site and on-site supervision and regular meetings with director boards and senior management,” the Central Bank said. The Bank further said revival plans of distressed companies continued to be in full swing “Under the business revival plans approved by the Monetary Board, managing agents were appointed and balance sheets restructured by converting a portion of deposits to non-voting shares while fresh capital was infused by new investors, in majority of the distressed companies.” As at end of September 30, there were 47 Licensed Finance Companies (LFCs) and 12 Specialized License Companies (LFCs).