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Turkey Defies EU Sanctions with New Drilling NAVTEX; Erdogan Speaks in Ankara

TURKEY
  • Turkey issues new NAVTEX for extending the Oruc Reis seismic research vessel to June 15 2021 (past the March deadline for new EU sanctions).
  • Exploration will come alongside two other vessels, Ataman & Cengiz Han - Anadolu Agency.
  • This is a substantial provocation to the EU, given the extended period of exploration, and recent sanctions on firms involved in drilling activities.
  • Fitch says Turkey Banks asset quality expected to decrease
  • Expects NPL ratio to increase to 6%-6.5% at end-2021 but will also consider Stage 2 loans (end-3Q 2020 ratio: 10.5%)
  • and restructured loans when assessing asset quality
  • Erdogan addresses AKP lawmakers (0900GMT) in Ankara
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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