Moody's Warns CBRT's Weak Reserve Position, Governance Poses Risks to Banks

LOCAL NEWS

• Moody's says CBRT's weak reserve position, governance and lack of investor confidence will affect Turkish banks' market access
  • making funding more costly and only available in short duration and ending the unlimited access enjoyed at the start of the year.
  • Warns this will hurt banks' bottom line with lower loan growth damaging profitability
• Erdogan says the EU cannot maintain its existence "strongly" without Turkey's support & Contribution.
  • Noting the primary obstacle the bloc faces is a lack of strategic patience and vision and should review its decision-making mechanisms.
  • Says Turkey would do its part to help in this process in its aim to become an EU member
• Turkish Cypriot President says EU bias on Cyprus is "alarming" and harms efforts to reach a solution. Says Greece is using its EU membership as a threat & blackmailing tactic
• CHP Leader say the party will give the cold shoulder to any country/firm seeking to be involved in the $9.2-$15bn canal Istanbul project.
  • Notes the project poses severe earthquake risks and is broadly opposed by locals (38.5% for vs 45.4% against)