Sener: Management And Control Of Imar Bankasi Have Been Transferred To S.D.I.F.

SENER: ''MANAGEMENT AND CONTROL OF IMAR BANKASI HAVE BEEN TRANSFERRED TO SDIF, BUT TRANSFER OF THIS BANK'S PARTNERSHIP RIGHTS TO SDIF IS OUT OF QUESTION''

ANKARA - State Minister and Deputy Prime Minister Abdullatif Sener said on Friday that management and control of Imar Bankasi, a private bank owned by Uzan family, had been transferred to the Savings Deposits Insurance Fund (SDIF) as of the same day under the decision of the Banking Regulation and Supervision Agency (BRSA), but transfer of this bank's partnership rights to the SDIF was out of question.
Speaking to reporters, Sener evaluated the BRSA's decision to revoke Imar Bankasi's banking license and seizure of control and management of this bank by the SDIF.
Recalling that the first paragraph of Article 16 of the Banks Law said, ''if a bank's banking license is revoked, its management and control are transferred to the SDIF'', Sener said, ''under this, Imar Bankasi's management and control have been transferred to the fund. However, transfer of the bank's partnership rights to the fund is out of question.''
Noting that this situation meant that several procedures would be made in next stage, Sener said that the SDIF would take measures to protect rights of depositors and other creditors.
Stressing that under Article 17 of the Banks Law, court might take precautionary measure or precautionary sequestration on properties, rights and receivables of the bank's executive board members upon the SDIF's demand, Sener said, ''the fund may also directly ask for bankruptcy of the bank on behalf of the depositors by paying the insured deposits at the bank itself or by through another bank.''
''The SDIF has such an authority. If decision on bankruptcy is taken, the fund shuts the bank under principle of the Sequestration and Bankruptcy Law,'' he said.
''If decision on bankruptcy is not taken, liquidation of the bank is made under Article 18 of the Banks Law, and the BRSA closely follows and controls the liquidation,'' he said.
''The SDIF did not take over the bank together with its shares. However, the process of liquidation of the bank through payment of insured deposits has already started,'' Sener explained.
Stressing that depositors would never suffer any loss, Sener said the rights of depositors would be protected.
The BRSA said early the same day that it had revoked Imar Bankasi's banking license, and the management and control of Imar Bankasi had been transferred to the SDIF as the bank had failed to fulfill banking responsibilities, posing a threat to the stability of the banking system.
UZAN HOLDING: ''DEPOSITS ARE COMPLETELY UNDER STATE GUARANTEE''
Uzan Holding said on Friday that deposits drawn from Imar Bankasi in a short period after seizure of Cukurova and Kepez electricity companies, had increased hundreds of trillions Turkish lira (TL), adding, ''rapid continuation of drawing of deposits has made repayment of billions U.S. dollars of money which form the bank's deposits impossible.''
Releasing a statement, Uzan Holding said that the negative effect of 'seizure of the holding's Cukurova and Kepez electricity generation and distribution companies, and lastly Imar Bankasi that had nearly 1.2 quadrillion TL of annual income, after Berke Dam which was financed by the holding and included an investment of 1 billion U.S. dollars, 11 hydroelectric power plants and a distribution network that had more than 65 thousand title deeds' on the public opinion caused tens of thousands of Imar Bankasi depositors to panic.
Noting that depositors had started an act of drawing their deposits at the bank as if they were competing with each other, the holding said, ''consequently, within a short time since evasion of Cukurova and Kepez, the total deposits that have been drawn from Imar Bankasi has increased over to hundreds of trillions TL. Rapid continuation of drawing of deposits has made repayment of billions U.S. dollars of money which form the bank's deposits impossible. Actually, there is not a bank in this world that can repay its whole deposits instantly.''
''In the light of these developments, Imar Bankasi has officially applied to the Banking Regulation and Supervision Agency (BRSA) and requested it to launch an initiative at the government to end invasion of Cukurova and Kepez and release its collateral money at the Central Bank because seizure of incomes of Cukurova and Kepez meant seizure of Imar Bankasi's incomes due to debts of these companies to the bank,'' it said.
''However, the BRSA could not find a solution regarding our application. By way of response to our application, it has decided to transfer the bank to the Savings Deposits Insurance Fund. As a result of this, deposits of Imar Bankasi's depositors are completely under state guarantee,'' it added.
(MS-AÖ) 04.07.2003