Action to be taken against opportunist banks recalling loans

Banking Regulation and Supervision Agency (BDDK) President Mehmet Ali Akben said bank officials will take all necessary measures against any unfair implementations in the banking sector, which is being inclined to recall loans after President Recep Tayyip Erdoğan called on banks to reduce interest rates to stimulate the growth.

Akben called on people to inform the agency of any complaints regarding misconduct, instructing people to call the BDDK's hotline to give the names of the offending banks. He said the BDDK will research every claim and take the necessary steps against the offending banks, adding, "We can never allow banks to turn the recalling of loans into opportunism with ulterior motives due to the current market conditions."

On Thursday Erdoğan said: "When interest rates fall and loan opportunities are broadened, a new era will begin for our country, for investors and for banks. I would like to announce that banks which recall loans based on fabricated excuses, let alone provide loans, in this transitional period in our country have chosen to take sides."