SDIF Starting to Repay Depositors of Bank Asya
As part of Asya Katılım Bankası A.Ş.'s (Bank Asya) ongoing liquidation process, on 2 December 2016 the Savings Deposit Insurance Fund (the SDIF) has announced that it has started to repay the deposits of Bank Asya's customers that are covered under the deposit insurance1. This announcement follows Şakir Ercan Gül's, the Chairman of the SDIF, statement on 5 November 2016 that the customers of Bank Asya will be compensated, which also followed the Banking Regulatory and Supervisory Authority's cancellation of Bank Asya’s banking license on 22 July 2016.
- Each Bank Asya customer will receive up to TRY 100,000.
- Customers will be repaid through Vakıf Katılım Bankası A.Ş., VakıfBank's interest-free banking arm, repayment has started on 5 December 2016.
The SDIF is carrying out necessary steps in relation to the liquidation of Bank Asya, as its banking license was cancelled on 22 July 2016. Pursuant to Article 106 of the Banking Law No. 5411, the SDIF will apply for bankruptcy of Bank Asya following repayment of the insured deposits.
1 SDIF's primary responsibility is to insure deposits. Each deposit is insured up to TRY 100,000.