TURKISH COMPETITION AUTHORITY GRANTED EXEMPTION TO FINANCIAL RECONSTRUCTING FRAMEWORK AGREEMENT

27/02/2020

Turkish Competition Authority (TCA) granted individual exemption to Financial Reconstructing Framework Agreement (Agreement) signed between financial institution. The Agreement targets companies with debts less than 25 million Turkish Lira to banks and other financial institution operating in Turkey. The Agreement was notified to TCA by the Banks Association of Turkey (BAT)

The Agreement raised competition law concerns in the commercial credit services market as parameters such as; maturity, grace period, installment frequency, interest rate, currency, collateral, additional extension, debt removal/reduction, participation performance, revision of the payment plan and non-cash loans are jointly determined.

TCA took into consideration following arguments as the grounds for the exemption:

• The agreement will assist firms with financial hardship to stay active, create added value and competition in the market,
• The agreement will make it possible for firms with financial hardship to pay their debts and will increase the tax collection.

As a result, the Competition Authority granted e two-year exemption to Financial Reconstructing Framework Agreement.

(“TCA Decision – 07.11.2019, 19-38/564-233”)

 

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