ANKARA (CIHAN) - The unlimited guarantee on banking deposits is being removed today. The deposit guarantee will be limited with 50 billion Turkish Lira (TL).
The guarantee was put into practice last year but will be removed as of today.
With this change, 36 percent of savings deposits will no longer be guaranteed. The Turkish Banking Regulatory and Supervision Agency (BDDK) had stated that a total 104.2 quadrillion TL in savings deposits were covered as of June 11, 2004, but this number will now decrease to the 66.7 quadrillion TL.
Coverage will be extended to any one individual for all his accounts in one bank. If the total account value for one person in one bank exceeds 50 billion TL, only the first 50 billion TL in deposits will be guaranteed. Accounts in separate banks will be covered separately.