ARTICLE
4 October 2019

Savings Deposit Insurance Extended

EA
Esin Attorney Partnership

Contributor

Esin Attorney Partnership, a member firm of Baker & McKenzie International, has long been a leading provider of legal services in the Turkish market. We have a total of nearly 140 staff, including over 90 lawyers, serving some of the largest Turkish and multinational corporations. Our clients benefit from on-the-ground assistance that reflects a deep understanding of the country's legal, regulatory and commercial practices, while also having access to the full-service, international and foreign law advice of the world's leading global law firm. We help our clients capture and optimize opportunities in Turkey's dynamic market, including the key growth areas of mergers and acquisitions, infrastructure development, private equity and real estate. In addition, we are one of the few firms that can offer services in areas such as compliance, tax, employment, and competition law — vital for companies doing business in Turkey.
The Amendment entered into force upon its publication in the Official Gazette No. 30899 dated September 25, 2019.
Turkey Insurance

Recent Developments

The Savings Deposit Insurance Fund (the "SDIF") amended the Regulation on Deposits and Participation Funds Subject to Insurance and Premiums Collected by The Savings Deposit Insurance Fund (the "Amendment").

The Amendment entered into force upon its publication in the Official Gazette No. 30899 dated September 25, 2019.

What's New?

  • Before the Amendment, the SDIF provided insurance for up to TRY 100,000 for deposit and participation accounts. The Amendment increased the SDIF insurance to TRY 150,000.
  • Pursuant to the Amendment, SDIF disclosures regarding insured accounts will be exhibited in writing or displayed on digital platforms in branch offices.

Conclusion

The Amendment incentivizes the collection of deposits in banks by increasing the insurance ceiling for deposit and participation accounts.

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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