‘State banks under severe crisis’

Ceylon Bank Employees’ Union (CBEU) President T.G.W. Gunawardena said the banking sector, especially the State banks, has faced a severe crisis with the 2018 Budget proposals.

He said the Government was going to sell 10 per cent shares of six State banks including the Bank of Ceylon (BoC), and the People’s Bank under the budget proposals. “Besides, 19 acts including the Shop and Office Act, and the Land Act are going to be amended as per the budget proposals,” he said.

“Issuing shares is the first step to sell the State banks. Therefore, we will take trade union action against carrying out 2018 Budget proposals in due course,” he said. CBEU Vice President Channa Dissanayake addressing the media said the country was in a difficult economic situation. “The country is affected by a burden of loans obtained by the previous government. “Seventy percent of the GDP has to spend on settling loans and interest. The country has to be satisfied with the balance 30 percent of the GDP,” he said.


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