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Şimşek says Turkish capital markets face no systemic risk
After 17 investment funds at the center of an investigation were liquidated, the money of 43,000 participants was transferred to banks. Finance Minister Mehmet Şimşek said there is no systemic risk and pledged tighter rules.
Turkish Finance Minister Mehmet Şimşek said developments around investment funds under investigation pose no systemic risk to capital markets. "There is no need to worry; there is no systemic risk," he told the National Vision in Economy and Finance Summit in Istanbul.
As of Oct. 8, the money of 43,000 participants in 17 funds in ordinary liquidation had been transferred to their banks, with priority given to money market funds and small investors, he said.
Three asset managers
According to a list published by the Communications Directorate, the liquidated funds were set up by A1 Capital Portföy, Bulls Portföy and Pardus Portföy. The process involves seven asset managers in total, three of them in ordinary liquidation.
Şimşek put the total size of the inflated funds at 0.7% of national income, noting that not all of it is a loss, and said he saw no major problem in closed-end funds either.
New law
"We are not downplaying the problem," Şimşek said, adding that anyone involved in manipulation would answer before the law and a new bill on the fund market would go to parliament.
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