Cabinet nod to table Banks (Special Provisions) Bill in Parliament

In a bid to strengthen the bank resolution framework on a priority basis, the Cabinet nod has been granted to table the draft Banks (Special Provisions) Bill in Parliament for approval.
President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, sought the approval of the Cabinet of Ministers to publish the draft Banks (Special Provisions) Bill in the government gazette and consequently table it in Parliament for approval.
The Attorney General has already cleared the draft bill prepared by the Legal Draftsman.
As the International Monetary Fund and World Bank have highlighted the importance of strengthening the resolution framework to strengthen the financial sector safety nets, the draft Banking (Special Provisions) Act was prepared as a supplement to Banking Act No. 30 of 1988, introducing provisions for resolution of licensed banks, deposit insurance and winding up/liquidation of licensed banks. 

The government plans to present a comprehensive new Banking Act by the end of this year, replacing Banking Act No. 30 of 1988.