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May 12, 2017 www.intellinews.com I Page 25
bne:Banker Turkey to bring
defunct lender Emlak back to life
The Turkish government has prepared a bill to revive the now non- operational Emlak Bank, Sabah reported on May 12.
In 2001, as part of efforts to shake up the country’s troubled bank- ing industry, the authorities revoked the licence of Emlak. Since then, the bank has been in the process of liquidation.
When it was operational during the 1990s, Emlak Bank was mainly focused on funding housing projects.
“We won’t privatise Emlak, and the lender won’t focus on
a specific sector,” Finance Minister Naci Agbal said on May 11. “The bank’s board will draw up a road map and present its plans to the government,” he added, without elaborating.
The International Bank of Azerbaijan (IBA), the country’s biggest lender, failed to make a scheduled payment on a $100mn loan to Rubrika Finance Company on May 10, the bank said in a press release.
The failure to meet the payment deadline comes amidst a deci- sion to restructure IBA’s debt and swap its junior and senior foreign currency obligations for sovereign ones, the statement added. As a result, the bank has suspended all foreign debt payments with the exception of trade finance facilities.
“Although the suspension of principal and interest payments is re- grettable, IBA considers it a necessary step to ensure a successful outcome of the restructuring process which is in the best interests of all its stakeholders,” the lender said in the statement.
The National Bank of Slovakia is expected to tighten regulations to stem consumer loans, analysts suggested in comments published on May 11.
The Slovak authorities moved in January to head off worries that the current conditions of cheap money and fierce market com- petition could lead to a rise in bad mortgage loans down the line. So far this year, the banking regulator has focused on monitoring just the growing volume of mortgages. However, it has now begun to look again at consumer loans also, Hospodarske Noviny daily reports.
Biggest Azerbaijani lender IBA misses loan payment, faces foreign debt restructuring
Slovak watchdog reportedly eyeing clampdown on consumer loans