IMPORTANT COVID-19 DECISION FROM BRSA 02 June 2020
BRSA, has extended until 15 September 2020 the day of application for all deposits, participation funds, bailments and receivables which are barred by prescription as of 2019, which are at banks.
Banking Regulation And Supervision Agency (“BRSA”), with its decision dated 29.05.2020 and numbered 9040 ("Decision") published on Official Gazette dated 02.06.2020 and numbered 31143, has extended until 15 September 2020 the day of application for all deposits, participation funds, bailments and receivables which are barred by prescription as of 2019, which are at banks and are not requested by rightful owners or their heirs.
In accordance with Article 62 of Banking Law No. 5411, deposits, participation funds, bailments and receivables which are not sought within ten years starting from the date of rightful owners’ request, transaction or any written instruction, are subject to prescription. Also, all deposits, participation funds, bailments and receivables which are barred by prescription, shall be registered as revenue to Saving Deposit Insurance Fund (“Fund”) following the announcement, if the bank does not reach the rightful owner.
In accordance with Sub-Article 3 of Article 8 of the Regulation on Procedures and Principles Regarding Acceptance and Withdrawal Of deposits, participation funds and Deposits, Participation Funds, Bailments and Receivables Barred by Prescription, all deposits, participation funds, bailments and receivables which are barred by prescription and proclaimed, shall be transferred to accounts of the Fund with its interests and bonus until end of June, if these are not sought by rightful owner or their heirs until fifteenth day of June.
Therefore, the BRSA, by taking into consideration of social and economic effects of COVID-19, has extended by 3 (three) months the day of application for all deposits, participation funds, bailments and receivables which are barred by prescription as of 2019, are at banks and are not requested by rightful owners or their heirs. In this direction, deadline of transferring said amounts with its interest and bonus to the Fund has extended until 30 September 2020.
For your kind attention.
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