Page 48 - TURKRptSept19

8.1.3 Deposits
Turkish residents’ FX deposits hit a fresh record of $187bn as of August 16. Real persons’ FX deposits slightly declined to $117.3bn as of August 16 from a record high of $117.5bn as of August 9. Legal persons’ FX deposits stood at $70bn as of August 16.
8.1.4 NPLs
Reports suggest Turkish companies have requested that banks restructure at least $30bn of loans.
S&P’s lead Turkey analyst Maxim Rybnikov said in August that the combined level of problem loans, including both NPLs and restructured loans, was expected to rise to about 20% for the system as a whole.
The non-performing loans (NPL)/total loans ratio rose to 4.36% in June, up from 4.18% in May and 3.03% a year ago.
A verbal agreement was reached in provisional talks with banks on restructuring a €1.02bn loan secured for the Galataport project, Husnu Akhan, deputy chairman of Dogus Group, said on August 26. The 14-year loan was obtained from Yapi Kredi, Garanti, Isbank, Ziraat, TSKB and QNB Finansbank.
The Galataport venture is in talks with six local lenders to start principal repayments on a €1.02bn loan taken out in 2016 in 2022 instead of 2020,
48 TURKEY Country Report September 2019 www.intellinews.com