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Economist Warns NPLs at 15%, Not 4% Cited By Officials

TURKEY
  • Economist warns Turkey's state-run banks awarded swathes of personal loans under a government guarantee scheme and have failed to collect borrowing that fell into default
  • lending totals TRY 27.9bn, increasing from TRY 21bn in April last year, when 3.66m people applied. Personal loans now at 6.2m
  • Govt has used the Credit Guarantee Fund (KGF) to help boost economic growth via lending to businesses with preferential conditions
  • State-run banks have focused on collecting unpaid commercial loans rather than personal loans with Private banks now cooling issuing loans via the KGF because they were promised that unpaid loans would be covered but were then told to restructure them instead
  • Proportion of bad loans as a percentage of total is running at around 15% in Turkey, not the 4% cited by official sources
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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