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Bank Industry Risk Analysis: Turkey (Republic of) Oct 06
Standard & Poors, Oct 2006
Abstract
The Turkish banking system successfully averted a severe crisis during 2006. This shows the improved situation of the system following restructuring and five years of transformation and growth. This is underpinned by stronger capitalization, reduced market risk, stronger liquidity, and better loan underwriting systems. Increasing interest rates elsewhere had already made emerging market debt less attractive by mid-2006, which resulted in some investors withdrawing from Turkey. The situation was exacerbated by the loss of confidence in the Turkish lira due to inflationary pressure and political tensions. Similar turbulence had cost the banking system severely five years earlier, leading to deteriorated asset quality, large financing costs, and large foreign-exchange losses, ultimately resulting in 20 bank closures. Despite the recent turbulence, the...
Companies mentioned in this report are: HSBC Bank PLC,BNP Paribas,Fortis Bank S.A./N.V.,UniCredit SpA,T.C. Ziraat Bankasi A.S.,Turkiye Garanti Bankasi A.S.,Turkiye Is Bankasi AS,Turkiye Vakiflar Bankasi TAO,Dexia Bank S.A.,Dogus Holding A.S.,Yapi ve Kredi Bankasi A.S.,OYAK Bank A.S.,HSBC Bank A.S.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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