Income and Expenses

SDIF’s Income;

1.   Consists of premiums which the credit institutions should pay over the insured part of savings deposit and the participation              funds belonging to natural entities in accordance with the article 63 of the Banking Law No. 5411,

2.   Deposit, participation fund, escrows and receivables in line with the article 68 of the Law,

3.  The system entrance fees which will be deposited by the founders of the banks with the establishment license within one year              following launching date in the amount of 10% of the minimum capital stated in the article 7 of the Law,

4.   The amounts which will be deposited to the SDIF by the transferee as portion of transfer at the rate of one percent of nominal            value of the acquired shares in terms of share acquisition and share transfer permits given by the BRSA in accordance with                  the article 18 of the Law,

5.  50% of the judicial fine to be resolved due to violating the provisions of law and 90% of the administrative fine to be imposed,

6.   All kinds of deposits, participation funds, escrows and receivables, in cash and kind, which are entrusted to the Banking Regulation and Supervision Agency as a result of liquidation process in accordance with the article 20 of the Law and kept for 10-year period on condition of announcing duly at the start of each year, the amounts which are recorded as revenue on behalf of the SDIF since they are not requested within six months following the last announcement date,

7.  The required reserve and cash penalty rates collected in accordance with the sub-article 2 of the article 40 of the Law on the Central Bank of the Republic of Turkey Law No. 1211,

8.   90% of the administrative fines imposed by the boards of the Associations of Institutions to the members who did not follow completely and in a timely manner the special and general decisions and measurements implemented by the Associations of Institutions in accordance with the article 81 of the Law,

9.   The SDIF holdings and other revenue.

SDIF’s Expense Budget; 

It is arranged that it is essential to cover the SDIF’s expenses with the SDIF’s income in accordance with the article 159 of the Banking Law No. 5411 and the budget is to be determined by the Fund's Board on annual basis, the SDIF may use freely the resources allocated to itself to the extent required by its duties and powers.

The Expense Budget is implemented in line with the strategic plans and performance goals which were entered into force with resolution of the Fund's Board, according to the economic classification system.

The SDIF’s external audit is performed by means of annual expense accounts being audited by the Court of Accounts, and also its annual accounts are inspected by a independent audit company and the independent audit report is published incorporated into the activity report.

By the end of every March, the Fund draws up an annual report for the analysis over decisions taken in the previous year, regulations introduced and their economic and social implications.

The annual report, financial statements and the final budget account of the Fund are submitted to the Turkish Grand National Assembly, and a copy of the final budget account is presented to the Ministry of Finance.