The Regulation on Banks’ Equities (Regulation), published in the Official Gazette dated 5 September 2013 was enacted as of 1 January 2014. Sub-clause (b) of the eighth clause within the Article 9 of the Regulation is as follows: “Article 9-(1) Items provided below are considered as deduction items during the calculation of core capital. ……. (8) Items provided below should be deducted from the total of core capital and secondary capital reached following the implementation of all previous clause terms within this article. a) Loans extended contrary to the terms of articles 50 and 51 of the Law, b) Net book values real estate that banks were forced to obtain in return for their receivables and that they had to divest as per the same article but could not be sold out within five years as of the date of acquisition, ….” Through the Regulation Regarding Amendments to the Regulation on Banks’ Equities published in the Official Gazette dated 11 July 2017, the (b) clause provided above has been repealed. The provision within the Regulation indicating that “deducting the amounts exceeding the limits within the first clause of the Article 57 of the Banking Law and net values of commodities and real estate that banks were forced to obtain in return for their receivables and that they had to divest as per the same article but could not be sold out within three years as of the date of acquisition” has been repealed. Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.
Best Regards,
Kuzey YMM ve Bağımsız Denetim A.Ş.
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