13 July 2022

The BRSA Decision dated 07.07.2022 and numbered 10265, which contains regulations stretching the implementation of the Decision in order to facilitate the implementation of the Decision and increase its effectiveness for both banks and companies, regarding the Banking Regulation and Supervision Board (“BRSA”) Decision (“Decision”) dated 24.06.2022 and numbered 10250, which was taken based on Article 93 of the Banking Law No. 5411 and aimed to regulate the use of TRY loans by companies according to their cash and foreign currency (“FX”) positions, was published. You may find attached our Information Note regarding the Decision.

According to this;

  • According to the decision taken by the BRSA, it has been ensured that the information and documents that companies need to submit to banks by having them approved by the independent auditor can also be obtained as certified public accountant (“CPA”).
  • Direct Debit System, Corporate Credit Cards and supply financing are excluded from TRY credit limit.
  • According to the previous decision, it has been made possible for companies that are obliged to provide information and documents during the loan application, to use loans based on their statements. It has been regulated that, after the use of credit, the accuracy of these statements must be submitted to the banks in quarterly calendar periods with the approval of the independent auditor or CPA.
  • In case of hesitation by the banks as to whether the companies are subject to independent audit or not, in order for companies to certify to banks that they are not subject to independent auditing, it has been made possible for independent accountant financial advisors (“IAFA”) to obtain documents confirming these situations, in addition to the documents they will receive from the CPA or independent auditor.
  • It has been decided not to include foreign subsidiaries and affiliates of these companies in the assessment to be made regarding the credit limitations within the scope of this Decision for companies that are obliged to prepare consolidated financial statements, thus exempting the FX assets of the said subsidiaries and affiliates abroad from the calculation within the scope of the limitation.
  • Financial leasing, factoring and financing institutions subject to the Financial Leasing, Factoring, Financing and Savings and Finance Companies Law No. 6361 are included in the scope of the Decision in order to avoid regulatory arbitrage and competitive inequality.
  • Some changes were also made in the items to be included in the FX cash asset accounts of the companies. For example, FX assets given to banks in foreign currency (including gold) in order to obtain TRY on spot within the scope of swap transactions made by companies with banks are included in the scope of cash assets.
  • It has been decided that a new commercial loan in TRY will not be extended, if it is determined that the companies do not deliver the documents that are required to be delivered to banks and other institutions as approved by the IAFA, CPA or independent auditor until the end of the month following the quarterly calendar periods for the loans they will use, or if it is determined that they have made false statements according to these documents even if they have delivered, and as of 30 June 2022, a 500% risk weight will be applied to all commercial cash loans in TRY that will be extended to these companies.


Should you have any queries on the above, please do not hesitate to contact us.

Güner Law Office was established in 1996 and has since grown into one of the major corporate, M&A, banking and finance, energy, TMT and dispute resolution practices in Turkey.


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