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Turkey : financial system stability assessment

Author: International Monetary Fund. Monetary and Capital Markets Department.; International Monetary Fund. European Department.
Publisher: Washington, D.C. : International Monetary Fund, ©2007.
Series: IMF country report, no. 07/361.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
"Turkey's financial system has strengthened markedly over the last five years. It is likely to continue to develop rapidly and become more integrated internationally, but this process must be carefully managed to preserve soundness. Risk factors and vulnerabilities The financial system does not appear to face major immediate threats, but vulnerabilities remain. This conclusion is supported by the extensive stress  Read more...
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Additional Physical Format: Print version:
Turkey.
Washington, D.C. : International Monetary Fund, ©2007
(OCoLC)182871361
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary Fund. Monetary and Capital Markets Department.; International Monetary Fund. European Department.
ISBN: 1452768900 9781452768908
ISSN:2227-8907
OCLC Number: 437267785
Notes: Caption title from PDF title screen (viewed on Sept. 21, 2009).
"Prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country."
"May 3, 2007."
"November 2007"--Cover.
Description: 1 online resource (79 pages) : illustrations (some color).
Contents: Executive summary --
Main recommendations --
I. BNackground --
II. Resilience and potential vulnerabilities --
III. Financial sector regulation and infrastructure --
IV. Structural issues.
Series Title: IMF country report, no. 07/361.
Responsibility: prepared by the Monetary and Capital Markets and European Depts.

Abstract:

"Turkey's financial system has strengthened markedly over the last five years. It is likely to continue to develop rapidly and become more integrated internationally, but this process must be carefully managed to preserve soundness. Risk factors and vulnerabilities The financial system does not appear to face major immediate threats, but vulnerabilities remain. This conclusion is supported by the extensive stress testing exercise. A number of institutions could be significantly affected by shocks related to the following factors: Macroeconomic volatility, especially because of the large current account deficit. Turkey remains dependent on capital inflows and thus on international investor sentiment. Moreover, continued efforts are still needed to anchor inflation at low levels, and the stock of government debt remains relatively high, albeit declining ; The legacy of macroeconomic and financial market instability. While the credibility of economic management has been strengthened over the past five years, savers and investors' confidence may still be fragile ; Risks from rapid credit expansion into new activities--including housing lending and credit cards--involving new borrowers. Although credit growth has slowed since June 2006, it remains rapid. Competitive pressures (e.g., for housing loans, which may increase following passage of the Mortgage Law) may lower underwriting standards ; Banks bearing large interest rate risk. The risk arises mainly because of duration mismatch between government securities and housing loans on the one hand and customer deposits on the other ; Sovereign risk. Large holdings of public sector debt by banks makes their solvency, profitability, and liquidity highly sensitive to adverse market revaluation of these securities in the event of external shocks or/and internal political uncertainties ; Lending in foreign currency, which still accounts for almost one third of bank loans, exposing banks to foreign currency risk indirectly via credit risk. It appears that restrictions on foreign currency lending to non-exporters are sometimes circumvented, for example, by granting foreign currency loans offshore or indexing loans to foreign currency. Regulation, supervision, and enforcement. Effective regulation, supervision, and supporting infrastructure are needed to reduce the systemic impact of any shock that may impinge upon the financial system. Progress has been made, and the authorities recognize that more efforts are needed. Regulation and supervision by the Banking Regulation and Supervision Agency (BRSA) and the other relevant agencies is much improved. The immediate challenges are to implement fully the new Banking Law (BL) and accompanying regulations, and to ensure that all deviations from regulatory requirements are corrected promptly. Building on the increased legal protection afforded by the new BL, the authorities need to reinforce their reputation for taking decisive action, and should move toward a system of trigger points for supervisory action. ..."

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