BRSA Announcement on Its Twitter Account Regarding the Use of Loans

Regarding the application of our Decision No. 10250 of 24.06.2022, the Agency has received complaints that some banks are requesting independent audit reports from all their commercial customers, regardless of whether they are subject to independent audit.

As also stated in the Agency's announcement of 26 June 2022, banks must request information and documents approved by an independent auditor and current audited financial statements only from loan customers that meet all 3 conditions set out in that announcement at the same time. For customers not covered by our announcement, it is important that business continues in the ordinary course of economic activity and that no additional information/documents are requested from customers for loan allocation where not required under our Decision.

Moreover, as stated in our announcement of 26 June, even loan customers without an independent audit report may be extended loans on the basis of their declarations alone, provided that they submit audited information, documents and financial statements one month later. On the other hand, it has been observed that there are misunderstandings that loans that may be extended, limited to the position gap, to customers that fall within the loan restriction conditions of the Decision but cannot use FC loans, and that document their net FC short position for the 3-month period following the loan application date, must also have a maturity of only 3 months.

In this context, it was considered useful to state that such loans may be extended with a maturity longer than 3 months, provided that they are limited to the amount of the position gap in the 3-month period.

Related tweet: https://twitter.com/BDDKResmi/status/1541458918400040960?t=tu87WaL7MN0ALXdfwK2doQ&s=19

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