No banking secrets to be allowed

ISTANBUL - Hürriyet

Banking regulator BDDK’s chairman Mukim Öztekin speaks at a panel. AA photo

Turkey’s banking regulator, BDDK, and the Competition Board have signed a deal requiring the board to inform the BDDK of its investigations into financial bodies before giving information to the related banks or the public.

The protocol, which was signed by the parties last week to increase security and cooperation, came after several media stories on a Competition Board probe into leading banks in the country over interest rate-fixing claims.

The board is preparing to listen to 12 banks on the issue soon. The claims include harmonizing the interest rates implemented on credit card use.

With the protocol the parties will be authorized to demand data on finance sector companies or their customers, but will use the data only for the aims listed.

The board and the BDDK will be able to consult each other over the current legal regulations and upcoming shifts. These consultancy notes will also kept confidential from the public until a final decision is made.

The vice presidents of the two bodies will also meet in every January, along with unscheduled meetings at various levels during the year.

Both bodies will share complaints with each other.