Aid and donations by Turkish banks to help earthquake victims won’t be subject to limits set by the nation’s banking law, according to a presidential decree.
(Bloomberg) —
Aid and donations by Turkish banks to help earthquake victims won’t be subject to limits set by the nation’s banking law, according to a presidential decree.
The decree exempts lenders from the legal donation limit of 0.4% of equity and will be in force until the end of the three-month state of emergency that was declared after the February 6 earthquakes.
Turkish lenders, led by state-run banks, announced sizeable donations at a seven-hour TV show on Feb. 15. Ziraat Bank, the biggest lender by assets, is donating 20 billion liras ($1.1 billion), while Vakifbank pledged 12 billion liras and Halkbank 7 billion liras.
The top donor was the central bank, pledging 30 billion liras. The donation came from its profit, according the Hurriyet newspaper.
Read more: Turkey Marathon TV Show Raises $6 Billion for Earthquake Victims
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.