Takasbank Denies TPP and TEFAS Claims
Takasbank has denied allegations that financing was provided from its own resources to specific individuals or entities through TPP and TEFAS.
Istanbul Settlement and Custody Bank (Takasbank) released a statement addressing recent claims in social media and some media outlets, rejecting allegations that financing was provided to certain individuals or entities from its own resources and stating that transactions are conducted within the framework of organized market rules.
In the statement issued by Takasbank, it was emphasized that the Takasbank Money Market (TPP) is an organized money market operated by the bank, but the bank does not take part as a lender or borrower in this market. It was stated that transactions are carried out through a system where members do not see each other, and therefore it is not possible to direct any institution's resources to a specific borrower. Additionally, it was noted that it is technically and operationally impossible for the Unemployment Insurance Fund to provide special financing to a specific investment fund through TPP.
It was conveyed that all borrowings in TPP are made against collateral, with approximately 84 percent of the total collateral consisting of bank guarantee letters. It was stated that the share of equities in total collateral is below 1.5 percent, and equities with unusually rising prices are not accepted as collateral. Against a transaction volume of approximately 240 billion liras, there is 450 billion liras of collateral in the market, no default has been experienced to date, and no institution providing resources has suffered losses.
Addressing claims regarding the TEFAS transactions of Tera Portföy Birinci Serbest Fon (TLY), it was stated that the fund started trading on TEFAS on July 7, 2025, and was closed to purchase transactions on August 1, 2025, upon notification that changes were made in the prospectus without Capital Markets Board (CMB) approval. Following CMB approval, the fund was reopened to purchase transactions on August 12, 2025, and it was clarified that claims of the fund trading without approval for 11 months do not reflect the truth. It was reported that the administrative fine imposed by the CMB on the fund founder stemmed from the unapproved amendment made to the prospectus in 2025.
Stating that the markets continue to operate normally, Takasbank announced that full support is being provided to the investigations conducted by authorized institutions and that legal rights are reserved against those who knowingly continue to spread untrue information.