Anticipated payment schedule clarified in investment fund crisis
Details regarding the payments to be made within October for investment funds in the liquidation process were announced at the General Assembly of the Grand National Assembly of Turkey.
Vice President Cevdet Yılmaz shared the liquidation processes initiated due to the crisis in investment funds and the interim payment schedule with the public during his speech at the General National Assembly of Turkey.
Statement at the General Assembly of the Grand National Assembly of Turkey
Vice President Cevdet Yılmaz provided comprehensive information on behalf of the government regarding the investment fund crisis that has been on the agenda in recent weeks at the General Assembly of the Grand National Assembly of Turkey.
State of Capital Markets
Yılmaz emphasized that despite the problems experienced, there is no systemic risk in the financial markets, and the fundamentals of the economy and the capital market structure are robust.
Treasury Resource and State Guarantee
While it was stated that Treasury resources will not be used for private losses, it was expressed that there is no state guarantee like in the banking system for high-risk hedge funds.
Information on Liquidated Funds
It was announced that there are hundreds of thousands of individual investors in a total of 131 funds slated for liquidation, and Ziraat Bank and İş Bankası have assumed responsibility in the liquidation processes.
Interim Payment and Schedule Details
It was reported that the interim payment to be made offset against the entitlements under the extraordinary liquidation will be a maximum of 1 million lira, and all these payments will be completed within October.