Flexibility in the loan restriction decision from the BRSA

The Banking Regulation and Supervision Agency (BDDK) has made a new change in its decision that limits the use of commercial loans.

According to the decision, companies will be able to obtain the documents they will give to the banks by having them approved by the independent auditor, with the approval of a certified public accountant.

Companies that are obliged to provide documents in order to use credit will be given credit based on their declarations. The borrowing company will be able to submit documents confirming their statements after 3 months.

According to the statement made by the BRSA, the said new decision includes some changes that facilitate the implementation for both banks and companies, as well as changes that increase the effectiveness of the decision, in general terms compared to the previous decision.

By having the companies within the scope of the decision approved by the independent auditor, the information and documents required to be submitted to the banks can be obtained as approved by the certified public accountants.

Credit on a statement basis
According to the previous decision, it has been made possible for companies that are obliged to provide information and documents during the loan application, to use loans on the basis of their statements.

It was regulated that after the use of credit, the accuracy of these statements should be submitted to the banks in quarterly calendar periods approved by the independent auditors or certified public accountants, thus reducing the document load of the companies.

Due to the inclusion of certified public accountants in the process, it has been decided to apply the most up-to-date financial statements (excluding companies with consolidated financial reporting obligations) that will be the basis for the implementation of the decision, as the most up-to-date financial statements submitted to the tax office, including temporary tax periods, in accordance with the TPL and related regulations.

In case of hesitation by the banks about whether the companies are subject to independent audit or not, the way for companies to certify to banks that they are not subject to independent auditing, in addition to the documents they will receive from certified public accountants or independent auditors, they can also obtain documents proving these situations from certified public accountants.

Excluded
Products such as direct debit system, corporate credit cards and supplier financing, in which banks undertake to pay third parties other than credit customers, were excluded in order not to affect the normal functioning of commercial life.

It has been decided not to include foreign subsidiaries and affiliates of these companies in the assessment to be made regarding the credit limitations within the scope of this decision for companies that are obliged to prepare consolidated financial statements. Thus, foreign currency assets of subsidiaries and affiliates abroad were exempted from the calculation within the scope of the limitation. Companies whose independent audit obligations will begin at the end of 2022 for the first time are also exempted from the scope of the decision.

Factoring, financial leasing and financing companies were included in the decision
. Factoring, financial leasing and financing companies were also included in the decision in order to avoid regulatory arbitrage and competitive inequality.

In addition, some changes were made in the items to be included in the foreign currency cash asset accounts of companies in order to increase the effectiveness of the decision. It was aimed to prevent the reduction of the efficiency of the decision through the swap transactions made by the companies with the banks.

In addition, it is determined that companies do not submit documents that are required to be submitted to banks and other institutions as approved by certified public accountants, certified public accountants or independent auditors until the end of the month following the quarterly calendar periods for the loans they will use, or it is determined that they make false statements according to these documents even if they do. It has been decided that, in case of such a case, a new commercial cash loan in TL will not be extended to the said companies, and as of 30 June 2022, a 500 percent risk weight will be applied to all commercial cash loans in TL made available to these companies.