Fund Coordination Board to Convene to Evaluate Developments
At tomorrow's meeting chaired by Vice President Cevdet Yılmaz, the current process will be discussed and new measures will be implemented if deemed necessary.
Vice President Cevdet Yılmaz announced that the Fund Coordination Board meeting, where the latest situation in the fund markets will be addressed, will be held, and stated that additional measures will be taken if necessary.
Details of the Board Meeting
Vice President Cevdet Yılmaz answered journalists' questions at the Grand National Assembly of Turkey (TBMM) reception and announced that the Fund Coordination Board, established following developments in fund markets, will convene.
Yılmaz stated that the board meeting, which he chairs, will be held in the morning hours and the current process will be evaluated in all its aspects.
Measures Taken and Institutional Work
Cevdet Yılmaz stated that additional measures could be implemented if needed during the meeting, and that relevant institutions are taking concrete steps in coordination within their areas of responsibility.
Reminding of significant decisions previously taken by the Banking Regulation and Supervision Agency (BDDK) and the Capital Markets Board (SPK), Yılmaz noted that special accounts have been opened under the Savings Deposit Insurance Fund (TMSF) for each problematic fund in order to refund unfair gains.
Systemic Risk Assessment
Yılmaz stated that judicial processes are being carried out effectively and the State Supervisory Council has also actively begun its work.
Emphasizing that the fundamentals of the economy and the structure of capital markets are extremely robust, Yılmaz underlined that the problems arising in a limited section of the fund market do not constitute a systemic risk.