Statement on Funds from Cevdet Yılmaz: No Treasury Resources Will Be Used
Vice President Yılmaz stated that there is no systemic risk in the fund investigation and that Treasury resources will not be used.
Evaluating the fund investigation and liquidation process in his speech at the Grand National Assembly of Turkey (TBMM), Vice President Cevdet Yılmaz announced that there is no systemic risk in the financial markets and that no Treasury resources will be transferred for private losses.
No Systemic Risk in Financial Markets
Evaluating the fund investigation and liquidation process in his statements at the TBMM General Assembly, Vice President Cevdet Yılmaz assessed the situation. Stating that the market structure is robust, the official emphasized that the current situation does not pose a risk threatening the general financial system.
Liquidation Process and Fund Ratio
It was announced that the 131 funds in the process of liquidation constitute 4.6 percent of the total number of funds. It was stated that the portfolio value of these funds corresponds to 7.7 percent of the total size, drawing attention to the share of the process in the general market.
No Treasury Resources Will Be Used
It was announced that there is no government guarantee similar to that in the banking sector in high-risk-level free funds. It was stated that Treasury resources will definitely not be used to cover the private losses arising from this process.
Investor and Bank Distribution
There are a total of 455,758 unique individuals in the 131 funds slated for liquidation. Of these individuals, 151,247 are in 125 funds for which Ziraat Bank is responsible for liquidation, and 388,718 are in 6 funds for which İş Bankası is responsible.
Payments to Take Place on Thursday
It was clarified that payments will be made on Thursday to a total of 43,643 investors in 17 funds belonging to three companies. Information was shared that a total of 2,098 people are in the 49 private funds included in this scope.