The Hon. (Dr.) Anil Jayantha - Minister of Labour and Deputy Minister of Economic Development

¶ 01 Mr. Presiding Member, the answers to Hon. Roshan Akmeemana’s questions are as follows:

¶ 02 1. Under the provisions of the Act, only banks and non-bank financial institutions registered with the Central Bank of Sri Lanka are entitled to provide and use credit information through the Bureau. All data exchange activities with the Bureau are conducted under standards and procedures that ensure accuracy and continuity of data. However, cooperative societies, Samurdhi Banks and rural banks are not regulated by the Central Bank. Therefore, their activities are governed under separate statutes.

¶ 03 2 and 3. Quantitative information is required to provide detailed answers, particularly as two specific institutions have been referred to. Accordingly, we request reasonable time and will provide comprehensive responses to the Hon. Member in due course.

¶ 04 4. Section 18 of the Credit Information Bureau of Sri Lanka Act, No. 18 of 1990 envisages audit by the Auditor General. For reasons at some later stage, the Auditor General’s office appears to have ceased that function. However, by letter dated 12 August 2024 from the Deputy Solicitor General to the Secretary-General of the National Procurement Commission, guidance has been given that CRIB should be treated as a state institution. Accordingly, by letter No. PED/S/CRIB/6/11 dated 2025.06.18, the Secretary to the Treasury instructed the Chairman of CRIB, with copy to the Auditor General, that CRIB shall comply with the Financial Management Act, No. 24 of 2024, and circulars and guidelines issued by the Department of State Enterprises and the General Treasury. In addition, a management audit was carried out on 2025.04.21, and the audit report on financial management, procurement management and overall management of CRIB has been submitted to the Director General in charge of institutional affairs of the Ministry of Finance, Planning and Economic Development.

¶ 05 That report sets out the audit of CRIB’s financial administration, procurement management and management. It also clearly outlines the authority, background and scope and, in terms of section 7(a) of the Act, sets out CRIB’s functions. Among these are providing, upon request, relevant credit and financial information of members (banks and financial institutions) to the relevant persons and entities, and matters relating to credit ratings, and the overall management of how credit information is provided. This is a management audit report which I am tabling for the use of the House.

¶ 06 Furthermore, with respect to CRIB’s information services, maintaining confidentiality on the one hand and ensuring accountability on the other are both essential.

¶ 07 [Report laid on the Table.] Placed in the Library.

¶ 08 ii. The Ministry of Finance, Planning and Economic Development has on previous occasions also indicated that CRIB should act as a state institution. This underscores the need for a close relationship between CRIB and the Ministry of Finance and the importance of ensuring state fiscal discipline.

¶ 09 5. CRIB is an institution that should fall within the scope of the Committee on Public Enterprises. In line with that requirement, it can be summoned before COPE. These aspects are also referred to, to some extent, in the audit report I mentioned. Its mandate includes accountability, confidentiality of information, and the mitigation of risks in lending and borrowing—safeguarding financial management discipline. Therefore, CRIB performs a special function as a state institution.

¶ 10 As to questions 2 and 3, detailed answers will be provided in due course.

¶ 11 Thank you.