Fund Coordination Board Meeting Ended

The Fund Coordination Board meeting has ended. A statement is expected after the meeting.

YILMAZ HAD ANNOUNCED THE MEETING

Vice President Cevdet Yılmaz answered journalists' questions about the agenda at the Turkish Grand National Assembly Reception held yesterday. In Yılmaz's statements, he said that the Fund Coordination Board, which was established following the developments in the fund markets, will hold the meeting today.

Yılmaz stated that the Fund Coordination Board meeting, which he chairs, will be held in the morning. Yılmaz stated that the current process will be evaluated at the meeting and additional measures can be taken if necessary.

In his previous statement, Yılmaz stated that the road map for the board has been determined and that the relevant institutions have taken concrete steps in coordination in their fields of duty. Stating that important decisions were taken by BRSA and CMB, Yılmaz announced that special accounts were opened for each problematic fund within the SDIF in order to return ill-gotten gains.

Yılmaz stated that the judicial processes are continuing effectively and the State Supervisory Board has started its work. He also stated that the fundamentals of the economy and the structure of the capital markets are sound, and that problems arising in a limited part of the fund market do not pose systemic risks.