Sener: Payments Will Start in Three Weeks

Deputy Prime Minister Abdullatif Sener said that reimbursements to the deposit holders of the Imar Bank could start after three weeks. Sener said that when the bank proved unable to meet its responsibilities to deposit holders in the second half of June 2003 the bank administration resigned altogether and then they, together with the shareholders of the bank, refused to give information regarding the bank. Sener said that, this fact, coupled with the distorted recording system the bank employed, delayed the preparation of payment plan.As to the payment plan, Sener said, “A demand deposit account will be opened in the Ziraatbank for each Imar Bank deposit holder, who has up to 10 billion dollars deposited in the Imar bank. Those who have more than  10 billion dollars deposited, will be able to draw 10 billion of it  and the rest will be treated as a time deposit account opened in their names in the Ziraatbank. Any amount over 10 billion will be paid in installments up to 36 months. Increase in the Consumer price Index will be taken as base rate for the interest that will be applied on these installments. Necessary legal procedure is expected to be completed by the next week.” Sener said that a Cabinet decision was necessary to make all these payments, whereas a legal arrangement was required so as to repay the state securities sold by the bank.Sener stressed that these payments would not affect pre-determined economic program and stability. Sener also stated that so as to draw lessons, the Imar Bank case would be analyzed by independent experts.�