Banking Law

To whom it may concern,

is there in the turkish banking law any provision about a rescue saving fund that garantuees private savings of account holder in case of insolvency of the bank? If yes, who does provide the necessary funds, either the state or the banks among themselves, and to what degree, or more precise to what amount, are the savings ensured?
Just for comparison, the spanish law garantuees a maximum sum of 20.000 Euros per account holder provided out of state ressources.
Is there anything similar in Turkish Law?
Please substante the answer with the necessary legal provisions and references.
Thank You very much in advance,
Regards
Gregor

Dear Konuk,

Pursuant to the provisions of the Banking Law numbered 5411, namely Art. 63, profit sharing funds belonging to real persons and saving deposits accepted by the banks and other financial depository bodies are insured by the Savings Deposit Insurance Fund (SDIF), which is an administrative institution.

The banks are obliged to have the saving deposits insured and pay the insurance rates to the SDIF, to the amount determined by the SDIF.

According to the Article 4 of the "Regulation On the Profit Sharing Funds and the Saving Deposits And the Premiums to be Collected by the Savings Deposit Insurance Fund", dated 07/11/2006, a maximum sum of TL- "50.000", a total including principal and interests, is guaranteed by the SDIF for each Saving deposit accounts,which shall not solely be subject to commercial transactions except for cheque accounts, accepted by the internal branches of depository bodies operating in Turkey.