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Parate execution law to be suspended: Siyambalapitiya

21 February 2024 01:31 pm - 8     - {{hitsCtrl.values.hits}}

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By Ajith Siriwardana and Yohan Perera

Parliament, Feb. 21 (Daily Mirror)- Steps will be taken to suspend the powers of the Parate execution law for a certain period for the purpose of protecting the small and medium-scale entrepreneurs, State Minister of Finance Ranjith Siyambalapitiya said today.

He told Parliament that the Cabinet paper on this will be submitted to the Cabinet next week.

The Minister said Parate execution laws have been introduced for the safety of the banking sector and added that the Cabinet Paper will be submitted to suspend the powers of the law while protecting the safety of the banking sector as well.

He said this while speaking at the adjournment debate moved by the Ipposition on the country’s situation.


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  Comments - 8

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  • L Jaya Wednesday, 21 February 2024 01:51 PM

    The way Siyambalaputya answered nothing new, easy to say Sajith don't understand the Banking laws and processes. He repeats like a parrot when Sajith asked to disclose the names of defaulters. There should be a public register of defaulters so that when such people or companies try to borrow from other banks to check for the credit rating. In the develop world if you go for borrowing direct or thro agents they independently verify the borrowers state of affairs. I think Siyambalapitiya does not know but he protects the big fish who are connected to high ranking politicians.

    Terrence K Wednesday, 21 February 2024 02:19 PM

    By suspending the Parate Execution law the Banks and SME Sector will have to be cautious if there is no secured collateral to the medium and small scale Enterpreneurs, after whetting for due diligence because they will not want to have a portfolio where there are defaulters whose security is weak whilst the process of recovery will only start after filing action in Courts which has a backlog of cases and a protracted period for a decision to be taken which will aggravate the situation and the defaulters will take the upper hand to avoid the repayment of these facilities. State Minister of Finance have you realized when this happens the depositor monies which is utilized for these facilities will have to be paid the interest according to the contractual period. People who do not know head or tail about banking try to chip in and make changes not knowing the repercussions to the genuine customers and the hassle of getting approval for these facilities!!!!!!!!!

    Bushel Wednesday, 21 February 2024 02:45 PM

    Now money depositors wikk be put in to a fix by the lending institutions

    DOT Wednesday, 21 February 2024 03:50 PM

    A good move !

    Foodie Wednesday, 21 February 2024 05:03 PM

    Please do not execute parata.

    No need to pay loans while the parate execution law to be suspended Wednesday, 21 February 2024 08:52 PM

    There are so many businesses who take out loans, more than they can ever pay. The will mean there is no need for them to pay loans while the parate execution law to be suspended. How about for ordinary consumers. Will the banks become heavy handed because the rich businessman refuse to pay, and banks have to get loan income somehow?

    Shanaka Gunaratne Thursday, 22 February 2024 12:24 PM

    The banks must be responsible and ensure the safety of its depositors. Protect the bank and customers must be the priority, if the lone money is not recovered by banks it must ensure the depositors are not victimised or banking system to collapse in the process. The bank must recover its loans and blacklist bad recovery portfolio. Deterrent method must not be removed at any cost . Law is applied equally to all. Central bank must protect the system.

    Parakrama Weerasinghe Thursday, 22 February 2024 12:47 PM

    The banks use depositors money to lend. Now when patate law is not implemented who takes the responsibility to recover the defaulted money? Govt should take steps to protect the hard earned money of depositors also if they plan to abolish or suspend parate law. The general public or the depositors should not suffer. Will finance Ministry take the responsibility to pay the depositors money and the due interest without fail???


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