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DFCC BANKBANK Have Ceased to Exist Because They Have Become Financially Not Viable

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DFCC BANKBANK Have Ceased to Exist Because They Have Become Financially Not Viable 41110 Sri Lanka THE WOLDBANK The DFCC, Sri Lanka’s pioneer Development Finance Institution (DFI), completed 50 years of successful operations in 2006. Many similar Public Disclosure Authorized Public Disclosure Authorized institutions established in other parts of the world, most notably following World War II, DFCCDFCC BANKBANK have ceased to exist because they have become financially not viable. The DFCC is one among a small number of DFIs that not only has ONE AMONG THE continued to remain viable, but also has been successful in transforming itself into a SUCCESSFUL FEW multi-product and robust financial institution in a changing international and local environment. Why and how did the DFCC succeed when Public Disclosure Authorized Public Disclosure Authorized other similar institutions failed? What did it do that others did not, and what did it do differently? What was unique in its structure or SRI LANKA-DFCCBANK:ONEAMONGTHESUCCESSFULFEW governance framework that may have enabled it to withstand more effectively the varied political and other pressures it may have been subjected to as a development-oriented institution that worked closely with the government? This study attempts to answer those questions, with a view toward learning from this experience. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The World Bank 73/5, Galle Road Colombo 03 Sri Lanka Telephone - 94 11 5561329 Finance and Private Sector Development Unit Facsimile - 94 11 2440357 South Asia Region www.worldbank.org/lk ISBN : 978-955-8908-26-6 The World Bank THE DFCC BANK One Among the Successful Few July 2007 Finance and Private Sector Development Unit South Asia Region World Bank 2007 The International Bank for Reconstruction and Development/ The World Bank 1818 H Street Washington, DC20433 Telephone; 202-473-1000 Internet: www.worldbank.org E-Mail : [email protected] Published by The World Bank Colombo Office 73/5, Galle Road Colombo 03 Sri Lanka Internet: www.worldbank.org/lk This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgement on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development/ The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA, Telephone 978-750-8400, Fax 978-750-4470, www.copyright.com All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington DC 20433 USA, Fax: 202-522-2422, e-mail [email protected] ISBN : 978-955-8908-26-6 Design & Produced by Ari Investments Limited 19, St. Joseph Road Nugegoda Sri Lanka ii Table of Contents Forward by the World Bank..................................................................................................................v Forward by the DFCC Bank.................................................................................................................vi Acknowledgements...............................................................................................................................vii Acronyms and Abbreviations ..............................................................................................................viii Executive Summary.................................................................................................................................1 Introduction.............................................................................................................................................5 Chapter 1: Conception, Birth, and Growth.....................................................................................7 Negotiations with the World Bank................................................................................8 Unique Structure ..........................................................................................................10 The Act of Parliament ..................................................................................................10 Capital Structure...........................................................................................................11 The Board of Directors................................................................................................11 The Appointment of Auditors .....................................................................................12 Commercial Operations...............................................................................................12 1956–1965 ........................................................................................................12 1965–1970 ........................................................................................................13 1970–1977 ........................................................................................................14 1977–1994 ........................................................................................................15 1994–2000 ........................................................................................................18 2001–2005 ........................................................................................................19 Chapter 2: The Governance Framework.......................................................................................23 Importance of Governance .........................................................................................23 Definition......................................................................................................................24 The Government: A Stakeholder.................................................................................24 Incorporation of Governance Principles ....................................................................25 The Dilemma................................................................................................................26 The Role of Multilateral Institutions............................................................................29 How Effective Are Checks and Balances? ..................................................................29 Chapter 3: Development vs. Profitability ......................................................................................31 What Is Development?.................................................................................................31 How Much Profit? ........................................................................................................32 DFCC Assistance ..........................................................................................................33 Objectives That Cannot Be Changed by Shareholders ..............................................34 Record of Profit Earned ...............................................................................................35 Dividends Declared .....................................................................................................35 iii Chapter 4: Lessons from 50 Years of Experience .........................................................................39 The Importance of the Governance Framework........................................................39 The Role of the World Bank........................................................................................39 Ownership Pattern.......................................................................................................40 Operational Independence and Professionalism .......................................................40 Competition Always Helps ..........................................................................................41 Quality of Leadership .................................................................................................43 Organizational Culture.................................................................................................43 Development or Profit?................................................................................................44 Government Support ...................................................................................................45 Diversification ..............................................................................................................46 The Future of Development Banking.........................................................................47 Annex 1: DFCC Financial Record................................................................................................49 Table A-1 Return on Equity, Return on Assets, and
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