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05 January, 2016 09:10 AM Source: Financial Times - Sri Lanka
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In an unprecedented move the Central Bank yesterday took over troubled primary dealer Entrust Securities and appointed National Savings Bank (NSB) as the management agent.

Central Bank Gove-rnor Arjuna Mahendran told the that NSB will oversee the management of Entrust Securities until further notice.
The Central Bank had given the company three months’ notice from 11 November 2015 to assemble a viable and credible restructuring program. Since the deadline, which expired on Monday, was not met, authorities initiated measures to take over the company, the Governor told reporters. 

“Our main objective here is to make sure there is no panic amongst the public and investors where the Government securities market is concerned,” he told a media briefing held yesterday at the Central Bank.

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