Turkey:
Changes To Prepayment Fee Limits
20 March 2020
Esin Attorney Partnership
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Recent Developments
Article 11 of the Communiqué No. 2020/4 on the Procedures
and Principles Regarding Fees That Banks Can Charge to Corporate
Clients ("Communiqué"), which regulates the
prepayment fee, is amended.
What's New?
- The prepayment fee that banks can charge for the prepayment of
foreign currency and foreign currency indexed loans will increase
by one basis point, compared to prepayment fees for Turkish lira
loans.
- The amendment also abolishes the prohibition to charge
prepayment fees in case of variable interest loans.
Conclusion
The lawmaker is clarifying several points that have been the
center of debate prior to the entry into force of the major items
of the Communiqué.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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