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ARTICLE · 25 MARCH 2020

BRSA Takes COVID-19 Precautions For Credit Defaults

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The 90 days default period for loans to be classified as non-performing loans (NPL) is now 180 days.

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Erdi Yildirim
Erdi Yildirim
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Recent Developments

The Banking Regulatory and Supervisory Authority ("BRSA") has taken certain measures regarding the COVID-19 outbreak with its decision dated March 17, 2020 and no. 8948.

Precautions

  • The 90 days default period for loans to be classified as non-performing loans (NPL) is now 180 days.
  • For loans that continue to be classified in the second category in spite of the 90-day default, banks will continue to set aside provisions in accordance with their own risk models used in the calculation of expected loan loss under TFRS 9.
  • Banks will no longer be required to classify, as a category 3 loan, the loans restructured and classified as performing loans following the restructuring and where the principal and/or interest payments have been overdue for more than 30 days within the one-year monitoring period or restructured once again within this period.

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