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The turning point for regulating the market dates back to 2001 for Turkish banking industry after a major banking crisis in Turkey.

The "Law Amending the Banks Law and Some Other Laws", no. 5020, adopted and enacted by the Turkish Grand National Assembly on 12 December 2003 and published in the Official Gazette on 26.12.2003, mainly contains new provisions for facilitating the collection of receivables from customers and owners of the banks which have become insolvent and have been transferred to the Saving Deposits Insurance Fund or of which banking license has been withdrawn.