Takasbank Denies Financing Allegations: No Funds Provided

Takasbank announced that allegations regarding the provision of financing from institutional resources to specific individuals and organizations through the Takasbank Money Market (TMM) do not reflect the truth, and that the institution does not act as a lender or borrower in the market.

Issuing a public announcement regarding claims circulating on social media and various media outlets, Takasbank provided information on the operational structure of the TMM, collateral conditions, the operations of the Unemployment Insurance Fund, and the TRY fund processes on the Turkey Electronic Fund Trading Platform (TEFAS). The statement emphasized that the institution is a financial infrastructure entity fulfilling duties assigned by law and regulations.

Takasbank stated that it does not take part as a borrower or lender in the TMM, that orders are matched in a structure where parties cannot see each other, and therefore no institution's resources can be directed to a specific borrower. It was reported that the market includes banks, factoring, financial leasing, consumer finance companies, brokerage firms, insurance and pension companies, and funds.

It was reported that all borrowings in the TMM are collateralized, with approximately 84% of the collateral consisting of letters of guarantee from large-scale banks. It was noted that the share of equities in total collateral is below 1.5%, all consist of current BIST30 shares, and shares with unusual price increases are not accepted as collateral. Information was shared that against transactions totaling approximately 240 billion TL, there is approximately 450 billion TL in collateral.

It was stated that the Unemployment Insurance Fund is not a direct TMM member, can conduct transactions through a brokerage firm, and that it is technically impossible for it to specifically fund another fund. Takasbank reported that no defaults have occurred in the market to date and the system continues its normal operations.