Turkey's Banking Regulation and Supervision Agency's
("Agency") has extended certain
regulations for energy sector credits and receivables until 31
December 2016. The regulations address classification,
rearrangement, and repayment of energy sector credits and
The Amending Regulation on Regulation Regarding Procedure and
Principles on Specification of Credits by Banks and Other
Receivables which will be Reserved for These
("Amendment Regulation") was published
in Official Gazette number 29792 on 5 August 2016, entering into
effect of the same date.
Under the Amendment Regulation, the following arrangements will
now apply until 31 December 2016:
Second tier credits and receivables
in the energy sector can be stipulated up to two times under a new
Energy sector credits and other
receivables which are subject to a new agreement can be
re-classified into the first tier, provided 10% of the total credit
balance is re-paid.
Energy sector credits and other
receivables can be stipulated under new agreements into the third,
fourth or fifth tiers.
Any credits or receivable in the
third, fourth or fifth tier, which are used other than in the
energy sector, will also be classified in the same tier.
Credits and other receivables can be
restructured (including default interest) or be subject to a new
repayment schedule up to three times. These arrangement can extend
additional credit where repayment is not possible due to temporary
Please see this link for the full text Amendment
Regulation (only available in Turkish).
Information first published in the
MA | Gazette, a fortnightly legal update newsletter produced by
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