Turkey to Rehabilitate Bank for Maritime Sector

Wednesday, August 02, 2000
Turkish deputy Prime Minister Mesut Yilmaz said one of the eight troubled banks controlled by a central bank fund would be rehabilitated to provide financing for the maritime sector. Turkey's central bank last year seized eight commercial banks, whose 1999 losses approached $4.7 billion, and is weighing plans for rehabilitating and possibly selling them. Turkey promised the International Monetary Fund (IMF) it would decide on a plan for dealing with the banks this month, after receiving a $295 million installment of its $4 billion loan backing a disinflation program in July.

Turkey has hired consulting firms to draw up a strategy for resolving the banks' bad loan portfolios and advise on restructuring them with an eye toward eventual sale. It has promised the IMF it will decide on a strategy by August 15.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2102 sec (5 req/sec)