NEWS FROM TÜRKİYE

Radikal – Ersin Ozince, Chairman of the Board of the TBB (Banks Association of Türkiye), declared the total size of assets of the deposit banks along with development and investment banks reached TRY 612 billion (468 billion dollars) as of the end of March. Ozince said that ratio of total size of the assets in banking system to Gross Domestic Product (GDP) increased 6 pct compared to 2002 reaching 68 pct and there had been significant improvements in main balance sheet items. Ozince reported that banking sector completed 2007 positively on the basis of main indicators and the sector followed a good route in the first half of 2008. He said, despite international turbulences, banking sector maintained its growth and its resistance against the foreign shocks increased. Announcing the results of the report titled “Our Banks 2007” that was prepared to be submitted to the TBB in its 51st General Assembly, Ersin Ozince reported that ratio of credits to GDP was 19% in 2002 and this ratio reached 34% as of March and ratio of securities declined 5% and regressing to 20%. Ozince also reported that credit stock grew owing to the decline in the borrowing requirements of public sector and thus, banks funded the private sector and supported economic growth. He also stated that the increase in credit stock was on the rise in 2008 and this increase rate was 37% as of April 2008.