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ARTICLE · 23 NOVEMBER 2005

Memorandum Regarding Banking Act (Law No. 5411) Part 1

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The Banking Act abolishing and replacing Banks Act (Law No. 4389) (as amended by Laws No. 4491, 4672, 4743, 4842 and 5020) came into force upon publication thereof in the Official Gazette dated November 01, 2005

TurkeyFinance and Banking
Vural Günal
Vural Günal

I. SUBJECT

The Banking Act abolishing and replacing Banks Act (Law No. 4389) (as amended by Laws No. 4491, 4672, 4743, 4842 and 5020) came into force upon publication thereof in the Official Gazette dated November 01, 2005.

The new Banking Act is consisted of 171 articles and 23 temporary articles; and Articles 90 and 91 shall become effective within 2 months following the promulgation of the Banking Act while Paragraphs (B – C – D and E) of its Article 168 shall become effective on 01.01.2006.

This study aims to summarize some of the important provisions of the Banking Act.

II. LAW PROVISIONS

1. PURPOSE AND CONTENT

Banking Act’s purpose is establishment of confidence and stability in financial markets, and ensuring efficient operation of the credit system, and protection of the rights and interests of the savers.

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