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Desperate CEB goes to NSB for Rs. 10 b
View(s):The cash-strapped Ceylon Electricity Board (CEB) has secured a Rs. 10 billion facility from the National Savings Bank (NSB) on December 31 to overcome an urgent cash-flow crisis, NSB union officials said. The facility has been obtained either as a loan or a bond and it is the first time the NSB has given such a facility to the CEB. “Our understanding is that the CEB may have overdrawn its facility from the two main state commercial banks and then requested the NSB to fill in the gap,” one official said.
An NSB management official said the bank did not give overdrafts but loans were provided. He declined to comment on whether the CEB had been given a facility or not.