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Resident deposit holders had on average TRY6.6mn in their bank account.
Turkey’s number of non-resident millionaires last year grew by 5,000 to 28,500, while they collectively had a total of TRY117bn in their accounts.
Of the TRY117bn, some TRY19bn was kept in local currency accounts while TRY97bn was held in foreign exchange deposits. The non-resident millionaires on average had TRY4.4mn in their deposit account.
7.1.4 NPLs
“Let’s be realistic. There are [sunk] loans that we keep afloat,” the banking association head said.
The problem loans burden of Garanti Bank (GARAN) has expanded to TRY70bn, or 22% of the TRY315bn of loans on the lender’s books, from TRY59bn, or 19%, at end-September.
Garanti put local appliances maker Termikel’s oven production plant in Ankara up for sale at an asking price of TRY102mn.
The problem loans burden of Turkey’s Akbank (AKBNK), controlled by local conglomerate Sabanci Holding, declined to 16% of the TRY263bn ($37.3bn) of loans on the books at end-2020, from 17% at end-September 2020 and 20% at end-2019.
The combined debt of Besiktas, Galatasaray, Fenerbahce and Trabzonspor— the Big Four clubs that usually dominate Turkish football—has climbed to Turkish lira (TRY) 14bn (€1.6bn) from only TRY1.8bn in 2012. In 2019, the four clubs reported a combined loss of TRY714mn.
Private schools are the latest Turkish assets in fire sale.
On February 12, BloombergHT reported that local airlines were still awaiting a promised TRY20bn in financial support from the government while Corendon Air and Onur Air had entirely ceased domestic flights on an indefinite basis.
The total debt of some 5mn Turkish university students owed to the state- owned General Directorate of Loans and Dormitories (KYK) climbed to TRY5.5bn (€645mn).
Istanbul Airport utilised just a quarter of its 90-mn passenger capacity in 2020, while Istanbul’s second airport, Sabiha Gokcen, run by Malaysia Airports Holdings, saw a 52% fall in passenger volume. Five airports including Ankara and Izmir managed by Aeroports de Paris suffered a 70% drop.
Fitch views that Global Liman’s bondholders would be affected by an extension of the maturity, reduction in the interest rate, introduction of deferability of interest through payment-in-kind (PIK) provisions and a simultaneous cash tender where existing bondholders may receive less than par value of their notes.
Aydem Yenilenebilir Enerji (renamed from Bereket Enerji) applied to the country's capital markets watchdog for an IPO.
Major debt restructurings by Turkish borrowers
Borrower
Owner
Amount
Maturity
Banks
Mar-21
Global Liman (GPH)
Global Yatirim holding
$250mn
2024
eurobond due Nov 14, 2021
Feb-21
Airport operators
Kalyon, Cengiz, Mapa, Limak, Aeroports de Paris, Malaysia Airports
-
2024
Government
28 TURKEY Country Report March 2021 www.intellinews.com