Sri Lanka News Updates with Discussions

none other than the agents of PODDU AMMAN!-chennai

These doctors, that you discussed my condition with are they your vet surgeons

Page 53 ..check it out..lolzz..

Of course and the only time you meet the vet is when you take your family to them

The widening fallout on Sri Lanka's inter bank markets of petroleum derivatives suspended by court took a new turn this week with state-run People's Bank going to court against privately owned Commercial Bank.

People's Bank won a restraining order from Colombo Commercial High Court against Commercial Bank stopping the private bank from taking over 15 million dollars or any other assets of the People's Bank, state run The Daily News reported.
The souring of longstanding relationships in the inter bank market started after state-run People's Bank suspended payments to Commercial Bank on a petroleum derivative re-sold to state-run Ceylon Petroleum Corporation.

Late last year, Sri Lanka's Supreme Court halted payments by Ceylon Petroleum Corporation to Citibank, Standard Chartered, Deutsche Bank, People's Bank and Commercial Bank on oil derivatives which had gone against the utility.

People's Bank, in addition to directly selling derivatives bought from a foreign counterparty, also re-sold a contract bought through Commercial Bank. The state-bank then suspended payments to Commercial Bank.

Other banks involved in oil derivatives continued to pay their counterparties. The banks were not party to the Supreme Court case.

The Daily News reported that People's Bank had entered into an oil derivative known as a target redemption forward, based on WTI crude prices for 25,000 barrels on August 15, 2008.

The contract had a lower limit strike price of 89 US dollars a barrel and upper limit strike price of 94 US dollars a barrel.

If crude rose above 94 dollars, People's Bank had to pay CPC up to a maximum of 5 US dollars a barrel a month. The money would have come from Commercial Bank.
If crude prices fell, CPC had to pay People's Bank the difference. That money would have been paid to Commercial Bank, which would in turn have been used to settle a foreign counterparty.

The High Court order prevented Commercial Bank from appropriating assets of People's Bank in its possession, after the state bank stopped paying Commercial Bank on the derivatives.

The Daily News said People's Bank had told court that each day there were a large number of transaction with Commercial Bank, and various sums were due from Commercial to People's.

Aani, Eelamaya, Thalaiwar, Berty and others who is badmouthing VeluPulle now are doing that only AFTER

why do you wanna point out that you have as on and open yourself up like this?

we are for federal solution /regional autonomy .

if the deputy commanders feel things went out of hands it is high time they should come up with new strategy (including retirement of VP) to win the IC and india support .