ANKARA
The takeover of Bank Asya by the Turkish Savings Deposit Insurance Fund is a technical procedure and the implementation of banking regulations, Economy Minister Nihat Zeybekci said on Wednesday.
Speaking at a press conference, Zeybekci said that the decision of Turkey's Banking Regulation and Supervision Agency was based on facts, not on speculation.
“This is the result of regulations governing the banking sector in Turkey. There is no need to interpret it. It had to be done, no matter who made the decision,” Zeybekci said.
“The result has been the reduction of speculation in Turkey’s financial markets -- this was addressed and a more secure financial environment ensured.”
Deputy Prime Minister Numan Kurtulmus said that there is no political motivation behind the decision over Bank Asya.
“If only the bank had fulfilled the technical requirements, ensured transparency and presented the partnership structure of the bank clearly and on time this would not have happened,” Kurtulmus said.
“It has been clear since the start that this would happen,” he added.
On Tuesday, the Savings Deposit Insurance Fund, the agency responsible for resolving failed banks, appointed a new chief executive officer and board of directors, the bank said in a filing with the Istanbul Stock Exchange. The bank is affiliated with U.S.-based preacher Fethullah Gulen's Hizmet movement, which is accused of forming an illegal "parallel state" organization in Turkey.
