"Regulation on Banks' Credit Transactions," prepared by the Banking Regulation and Supervision Agency (BDDK) it was published in the Official Gazette and entered into force. The Regulation includes various regulations aiming to tighten the supervision of banks' credit processes.
Account status documents are now mandatory for loans over TRY 5 million
Pursuant to the Regulation, it has become mandatory for banks to obtain account status certificates from customers for cash and non-cash loans over TL 5 million. Previously, this practice was valid for loan requests not exceeding TL 2 million. Except for consumer loans, for loans above the threshold amount of TL 5 million, account status documents will continue to be obtained within 9 months following the accounting period each year.
Credit rating is mandatory
It has become mandatory for banks to obtain credit ratings in order to measure the risks they will be exposed to due to their loans. The credit rating given by an authorized institution for loans within the scope to be determined by the BDDK will be taken at the loan allocation stage.
Collateral ratios to be determined by the BDDK
According to the Regulation, loan collateral ratios for housing collateralized loans and vehicle loans will be determined by the BDDK in consultation with the Presidency of Strategy and Budget and the Ministry of Treasury and Finance. In determining the value of second-hand passenger cars, the casco value will be taken as the basis.
Loan authorization arrangement
With the new regulation, those authorized to extend credit will not be able to take part in the evaluation and decision-making stages regarding credit transactions to which they, their spouses and children under their custody or other real and legal persons constituting a risk group are parties. However, this rule will not apply to the bank's general manager or members of the board of directors who are included in the bank's risk group only due to their positions.
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