Takasbank Rejects Claims Over TPP and TLY Fund Trading
The bank said TPP trades were fully collateralized and outlined when TLY was closed to purchases and reopened on TEFAS.
Key takeaways
- Takasbank said about 450 billion lira in collateral backed roughly 240 billion lira in TPP transactions.
- The bank said equities made up less than 1.5% of TPP collateral.
- TLY was closed to purchases on TEFAS on August 1, 2025, and reopened on August 12.
Takasbank rejected claims about its money market and the TLY fund, saying there had been no defaults in the Takasbank Money Market (TPP). The bank said no institution providing funds to the market had suffered a loss.
The bank said it does not borrow or lend in TPP, where members transact without seeing one another. It reported roughly 240 billion lira in transactions against about 450 billion lira in collateral.
About 84% of the collateral consisted of bank letters of guarantee, according to Takasbank. Equities accounted for less than 1.5%, and the bank said shares with unusually rising prices were not accepted as collateral.
Takasbank said TLY began trading on TEFAS on July 7, 2025, but was closed to purchases on August 1 after the regulator notified the bank of a prospectus change made without approval. Following approval, the fund reopened for purchases on August 12. The bank said claims that the fund traded for 11 months without approval were inaccurate.
The bank also said the Unemployment Insurance Fund could not specifically finance an investment fund through TPP. It said the market was operating normally and that it was supporting reviews by the authorities.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
