Banks to securitize loans for growth

Dünya Executive - - OVERVIEW -

Turkey is working on legislatio­n to allow commercial lenders to securitize and sell all of their $515 billion of outstandin­g loans to investors, Deputy Prime Minister Nurettin Canikli told Bloomberg on Thursday. Technical work on the measure is complete, and a new law is now needed for the rule to take effect, he said in an interview, without providing a timeframe. The legislatio­n will not restrict the type of loans that banks can securitize, allowing them to package and securitize their assets in any format - a loan or a package of loans - and turn them into cash, Canikli said.

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