Latest news! The BRSA made a new change to its decision restricting the use of commercial loans.
The regulation restricting the use of TL loans by companies with foreign currency assets has been relaxed.
According to the BRSA statement, the aforementioned new decision includes some changes that facilitate implementation for both banks and businesses, as well as changes that increase the effectiveness of the decision, in general terms compared to the previous decision.
USE OF OPEN CREDIT WITH RETURN
Based on this, the companies falling within the scope of the decision have been approved by the auditing firm and the information and documents to be presented to the banks as approved by the auditors can be obtained.
Under the previous decision, companies obliged to provide information and documents when applying for the loan were allowed to use the loans on the basis of their statements. It has been established that, after the use of the credit, the accuracy of these declarations must be presented to the banks in quarterly calendar periods approved by the auditing firm or by the auditors, thus reducing the documentary burden of the companies.
Furthermore, for the inclusion in the process of public account auditors, it was decided to apply the most up-to-date financial statements (excluding companies with consolidated financial information obligation) that will be used as a basis in the implementation of the resolution, such as the most updated financial statements. submitted to the Revenue Agency, including temporary tax periods, pursuant to the TPL and related legislation.
FOREIGN SUBSIDIARIES AND SUBSIDIARIES EXCLUDED
In case of banks’ hesitation as to whether or not companies are audited, the way for companies to certify banks that they are not audited, in addition to the documents they will receive from statutory auditors or independent auditors, can obtain documents proving such situations also from independent financial advisors.
In order not to jeopardize the normal functioning of commercial life, products such as the direct debit system, corporate credit cards and supplier financing were excluded, in which banks undertake to pay third parties other than credit customers. It was decided not to include the foreign subsidiaries and associates of these companies in the assessment to be made regarding credit limitations in the context of this decision for companies obliged to prepare consolidated financial statements. Therefore, the foreign currency assets of the aforementioned overseas subsidiaries and affiliates were exempted from the calculation as part of the limitation.
Companies whose audit obligations will begin for the first time at the end of 2022 are also exempted from the scope of the decision. By contrast, factoring, financial leasing and financing companies have also been included in the decision in order to avoid regulatory arbitrage and competitive inequalities.
In addition, some changes have been made to the items to be entered in the active foreign currency accounts of the companies in order to increase the effectiveness of the decision. It was aimed at preventing the efficiency of the decision from being reduced through swap transactions carried out by companies with banks.
WRONG DECLARATION PROHIBITION OF CREDIT COMING SOON
This In addition, if it is determined that businesses do not submit documents that must be submitted to banks and other entities by the end of the month following the quarterly calendar periods for the loans they will use, or that they have made false statements according to these documents even if do. It has been decided that a new TL commercial loan in TL cannot be extended to these companies and from 30 June 2022 a risk weight of 500% will be applied to all commercial TL cash loans that are made available to these companies.