In a media statement yesterday, the Sri Lanka Banks’ Association (SLBA), , emphasised that the suspension of parate execution would not preserve a mortgaged asset of a defaulter. Reason being, the banks would continue to exercise mortgage action through the courts of law.

“The process requires each individual case to be put to the banks’ boards of directors and the publication of notices in the media. It is not a process that can be implemented at the whim of any bank officer.

The ‘parate’ execution provision is only one option available to the banks in the debt recovery process, that mitigates the impact of the delays in the process,” the SLBA said