Halkbank

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HALKB

Wealth fund ‘subject to thorough and strict audit’

The Turkey Wealth Fund (TWF) is subject to very strict and thorough audit, Vice President Fuat Oktay has said.

Replying to opposition criticism about the debt ratio of the fund during a parliamentary debate on the 2021 budget, Oktay said on Dec. 16 that claims that the TWF is not being audited are wrong.

Turkey's Wealth Fund to raise state lenders' core capital

The Turkish Wealth Fund (TWF) announced late on May 11 that it will raise the core capital of three state lenders.

"To strengthen capital structures and support the adequacy of Ziraat Bank, Halkbank and VakıfBank, we have launched the necessary works to raise core capitals by a total of 21 billion Turkish liras [some $3 billion]," the TWF said in a statement.

New help for virus-hit firms from Turkey Wealth Fund

Under the new legislation, the (TWF) will now be able to buy or to become partners with companies facing difficulty due to the coronavirus pandemic.

Turkey's Parliament on April 16 passed the bill prepared by the ruling Justice and Development (AK) Party to cushion the virus' impact on economic and social life.

Turkish banking authority reiterates call for flexibility

Turkish state-owned lenders have created an extra credit volume of 27.5 billion Turkish Liras (about $4 billion) in the last 10 days, the head of the country's banking watchdog has said, criticizing the private banks for the contraction of their credit pool some 5 billion liras ($737.2 million) in the same period.

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