Statements from Cevdet Yılmaz on Fund Payments and Liquidation Process
Touching upon the liquidation process of troubled funds in capital markets, Vice President Yılmaz emphasized that Treasury resources will not be used for payments.
In his speech at the General Assembly of the Grand National Assembly of Turkey (TBMM), Vice President Cevdet Yılmaz provided comprehensive information regarding the judicial and administrative processes being carried out concerning troubled funds in the capital markets. Stating that there is no general risk in the financial system, Yılmaz expressed that no Treasury resources will be transferred for liquidation payments.
Economic Fundamentals and Risk Status
It was emphasized that developments in the capital markets do not constitute a structural problem covering the general public and do not harbor any systemic risk in the financial system.
It was reported that within the framework of current macroeconomic data, the ratio of the budget deficit to national income stands at 3 percent, while the current account deficit is at 2.6 percent.
Fund Data Within the Scope of Liquidation
It was announced that the 131 funds taken into the liquidation process correspond to 4.6 percent of the total number of funds and 7.7 percent of the portfolio value.
Information was shared that this magnitude constitutes only 2.4 percent of household financial assets.
Judicial Processes and Legal Measures
It was reported that legal proceedings have been initiated against 220 people, including managers of troubled fund companies, and 85 of them are detained.
It was noted that against the laundering of crime revenues, the assets of 63 real persons and 12 legal entities were seized and bank accounts were placed under precautionary measures.
No Treasury Resources Will Be Used
Drawing attention to the fact that there is no state guarantee on mutual funds, it was underlined that payments will not be made with Treasury resources.
It was stated that payments will be realized through fund assets, illicit gain collections, and revenues from the sale of seized assets.
Assigned Banks and Schedule
It was stated that Ziraat Bank and İş Bank have been assigned for process management, with 6 funds under Tera transferred to İş Bank and the rest to Ziraat Bank.
In the process concerning a total of 455,758 investors, it was announced that payments for certain funds will be made on Thursday.