Financial committee discusses setting up national rating agency

Published 01.02.2019 00:00
Updated 01.02.2019 00:52

Turkey's Financial Stability and Development Committee (FİKKO) held its third meeting on Jan. 29, chaired by Treasury and Finance Minister Berat Albayrak.

The committee replaced the Financial Stability Committee (FİK) in line with the New Economic Program (NEP), which was announced last September.

According to a statement by the Treasury and Finance Ministry, the meeting addressed the developments in global financial markets and their impact on the financial sector and the real economy and the measures being taken within this framework.

The meeting also discussed the process of establishing a national rating agency.

The recent developments in pre-arranged bankruptcies, restructuring processes and measures to be taken to prevent misconduct of the pre-arranged bankruptcy mechanism were discussed.

Among other things, the details of the processes related to joint ATM and joint card projects actualized by public banks for the purpose of saving and effective operations were also evaluated.

The statement also noted that the process of deepening capital markets, introducing new products, the institutionalization of securitization and establishing a "mortgage financing institution" which is important for lending institutions to access long-term financing, was also addressed.

The meeting was attended by representatives from the Ministry of Treasury and Finance, the Central Bank of the Republic of Turkey (CBRT), the Banking Regulation and Supervision Agency (BDDK), the Capital Markets Board (SPK) and the general manager of the Borsa Istanbul Stock Exchange (BIST) and the chairman of the Banks Association of Turkey (TBB).

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