Governance Of Central Bank Boards
By W.A Wijewardena -
August 19, 2013 |
Principles Of Central Banking 2: Governance of central bank boards
Dr. W.A. Wijewardena
Trust of people comes from good governance of bank boards
In the principles of central banking 1 published two weeks ago, it was pointed out that central banks have been brought into existence by societies and not by governments or politicians with a single objective to attain. That objective is to preserve the value of the money which a central bank is mandated to issue for use by society’s members.
It was mentioned that the value of money has to be preserved because any erosion of the value means that people would be losing the value of their wealth and therefore, it amounts to a betrayal of the trust which they have placed in central banks.
This trust, it was further mentioned, is built not by the state ownership of central banks or the laws by which they have been established, but by the professionalism, integrity and adherence to good governance by those who run central banks. Of those who run central banks, the most important category is the board that manages central banks on behalf of societies.
By W.A Wijewardena -
Dr. W.A. Wijewardena
Work on Packer’s gaming centre commences
- Monday, 19 August 2013 06:29
Investment Promotion Minister Lakshman Yapa Abeywardena said that work on Packer's US$ 350 million project to set up an integrated resort which includes a 400-room hotel with gaming facilities will commence as planned on the land initially assigned for it on D.R. Wijewardena Mawatha, Colombo after the government has given its green light to it.
Abeywardena has noted that although there were discussions to shift the project from the site opposite Lake House on D.R. Wijewardena Mawatha to another location down the road, it has finally been decided to continue with the project at the initially identified land.
However, the Minister has pointed out that there has been a change to the initial project plan, which is to construct two towers.
“Earlier the plan was to set up one structure, but now, the agreement was changed to set up two towers. This would not disrupt the view of the Beira Lake,” Abeywardena has observed.
The attempt to relocate Packer’s project was made due to proposals on developing the Beria Lake and surrounding areas by the Urban Development Authority (UDA).
It was then proposed that construction on the land opposite Lake House on D.R. Wijewardena Mawatha should be in the form of two towers and not one structure, since the construction of two towers would not obstruct the view of the Lake.
Following the government’s move to relocate the project, Packer sent his representatives to Sri Lanka to hold discussions with the government. The discussions have ended successfully with the project getting the green light with a change to its original design.
Packer’s Crown Limited together with local partner Rank Holdings have formed a project company called Lake Leisure Holdings (Pvt) Ltd to set up the mixed development project on D.R. Wijewardena Mawatha.
Packer’s project has been granted tax holidays amounting to billions of rupees.
However, the Minister has pointed out that there has been a change to the initial project plan, which is to construct two towers.
“Earlier the plan was to set up one structure, but now, the agreement was changed to set up two towers. This would not disrupt the view of the Beira Lake,” Abeywardena has observed.
The attempt to relocate Packer’s project was made due to proposals on developing the Beria Lake and surrounding areas by the Urban Development Authority (UDA).
It was then proposed that construction on the land opposite Lake House on D.R. Wijewardena Mawatha should be in the form of two towers and not one structure, since the construction of two towers would not obstruct the view of the Lake.
Following the government’s move to relocate the project, Packer sent his representatives to Sri Lanka to hold discussions with the government. The discussions have ended successfully with the project getting the green light with a change to its original design.
Packer’s Crown Limited together with local partner Rank Holdings have formed a project company called Lake Leisure Holdings (Pvt) Ltd to set up the mixed development project on D.R. Wijewardena Mawatha.
Packer’s project has been granted tax holidays amounting to billions of rupees.
