Bank issue drags on
By Quintus Perera
The Central Bank said last week that while their main concern is
to safeguard Pramuka Bank depositors, the process of liquidating
the bank would be used only as a last resort. A spokesperson for
the Bank added that they were hoping to restructure the failed bank
and were awaiting viable proposals.
Gamage, President, Pramuka Stakeholder's Association told The Sunday
Times FT that another Pramuka depositor, L S Perera of Pagoda Road,
Nugegoda has died following a heart failure raising the number of
deaths to four, so far. It was unclear whether the man had died
due to natural causes or whether it was linked to concerns over
issue was also raised in parliament on Wednesday when Commerce Minister
Ravi Karunanayake, speaking during the debate of the adjournment
motion on the privatization process of the People's Bank, said,
"the Central Bank Governor should take the responsibility for
the Pramuka Bank (collapse). He should have resigned. The Pramuka
Bank should be resurrected and depositors protected."
also submitted their own restructuring proposal on September 17
to the Central Bank. K C Vignarajah, Chairman, Depositors' Association
Restructuring Committee, said under the proposal there are viable
plans to raise Rs. 700 million and a scheme of incentives to depositors
who may like to be involved in the collection of dues. Such depositors
would receive a 3 percent commission from any monies they collect.
proposal also offers incentives for bank employees to cut overheads.
Gamage said there are more than 9,000 depositors who are members
of the association out of the 15,000 Pramuka depositors. Those interested
in joining the association could send in their applications to 29A,
Ananda Balika Mawatha, Pitakotte, Kotte or contact him on telephone