Page 1

'h1<$'$)รธ1$16$/6(.7g5.2162/รธ'$6<2189( 7h5.รธ<(g51(รถรธ           

Mehmet GENร‡AY       

 'DQร•รบPDQ 3URI'U.ยUรบDW$<'2รถ$1      

8]PDQOร•N<HWHUOLOLN7H]L         

7ยUNL\H&XPKXUL\HW0HUNH]%DQNDVร• %DQNDFร•Oร•NYH)LQDQVDO.XUXOXรบODU*HQHO0ยGยUOยรทย $QNDUD2FDN








g16g= ยถOHUGHQ LWLEDUHQ VHUPD\H KDUHNHWOHULQLQ VHUEHVWOHรบPHVL LOHWLรบLP

WHNQRORMLOHULQLQ LOHUOHPH J|VWHUPHVL YH ILQDQVDO SL\DVDODUร•Q NยUHVHO DQODPGD

EยWยQOHรบPHVL KHP JHOLรบPLรบ KHP JHOLรบPHNWH RODQ ยONHOHULQ HNRQRPLOHULQL

Nร•Uร•OJDQ YH NROD\ HWNLOHQLU KDOH JHWLUPLรบWLU 2UWD\D oร•NDQ Nร•Uร•OJDQ \DSร• ILQDQV

VHNW|UยQยQ \HQL DUD\ร•รบODUD JLUPHVLQH \RO DoPร•รบWร•U %X DUD\ร•รบODU

GRรทUXOWXVXQGD WยP GยQ\DGD ILQDQVDO NRQVROLGDV\RQ KDUHNHWL |Q SODQD

oร•NPร•รบWร•U %|\OH ELU \DSร• LoHULVLQGH 7ยUN EDQNDFร•Oร•N VHNW|UยQGH HWNLQOLรทLQ YH

YHULPOLOLรทLQ VDรทODQPDVร• UHNDEHW NRรบXOODUร•Qร•Q NRUXQPDVร• YH ILQDQVDO LVWLNUDUร•Q

VDรทODQPDVร•|QHPND]DQPร•รบWร•U

%X QRNWDGDQ KDUHNHWOH WH]LPGH ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLรทH

YHULPOLOLรทH UHNDEHWH YH ILQDQVDO LVWLNUDUD HWNLOHULQH LOLรบNLQ JHoPLรบWH \DSร•ODQ

oDOร•รบPDODUGD HOGH HGLOHQ VDSWDPDODU|]HWOHQPHNWH *ยONHOHUL YH VHoLOPLรบ

JHOLรบPHNWH RODQ ยONHOHUGH ILQDQVDO NRQVROLGDV\RQ VยUHFL LQFHOHQPHNWHGLU

7ยP HOGH HGLOHQ EX ELOJLOHU ร•รบร•รทร•QGD 7ยUN EDQNDFร•Oร•N VLVWHPLQGHNL ILQDQVDO

konsolidasyon sรผrecL RUWD\D NRQXODUDN UDV\R DQDOL]OHUL DUDFร•Oร•รทร•\OD 7ยUN

EDQNDFร•Oร•NVLVWHPLQGHNRQVROLGDV\RQKDUHNHWLQLQHWNLQOLรทHYHULPOLOLรทHUHNDEHW

NRรบXOODUร•QDYHILQDQVDOLVWLNUDUDHWNLOHULLUGHOHQPHNWHGLU

%X DPDoOD KD]ร•UODPร•รบ ROGXรทXP oDOร•รบPDPร•Q EDรบร•QGDQ LWLEDUHQ EHQL

ELULNLPOHUL\OH \|QOHQGLUHQ YH LGDUL Doร•GDQ GHVWHN RODQ %DรบNDQ <DUGร•PFร•Vร•

'Ro'U(UGHP%Dรบoร•ยถ\D%DQNDFร•Oร•NYH)LQDQVDO.XUXOXรบODU*HQHO0ยGยUยรธ

+DNNร• $UVODQยถD 0DOL 6HNW|U 'HรทHUOHQGLUPH 0ยGยUย 'U dLรทGHP .RรทDUยถD YH

ILNLU HOHรบWLUL YH DQOD\ร•รบร• LOH GHรทHUOL NDWNร•ODUร•Qร• HVLUJHPH\HQ GHรทHUOL KRFDODUร•P

3URI 'U .ยUรบDW $\GRรทDQยถD YH 3URI 'U รธUIDQ &LYFLUยถH WHรบHNNยU HGHULP

$\Uร•FD EHQL EX JยQOHUH JHWLUHQ DLOHPH YH GHVWHNOHULQL VยUHNOL KLVVHWWLUHQ

GHรทHUOLDUNDGDรบODUร•PDWHรบHNNยUHWPH\LERUoELOLULP

L


 

 ødø1'(.ø/(5

6D\ID1R

Ă&#x2013;NSĂ&#x2013;ZL

ødø1'(.ø/(5LL 7$%/2/ø67(6øY

Ú(.ø//ø67(6øYLL .,6$/70$/ø67(6øL[

Ă&#x2013;ZET..............................................................................................................xi $%675$&7[LLL

*ø5øÚ %ø5ø1&ø%g/h0 )ø1$16$/.2162/ø'$6<21.$95$0,1,17$1,0/$10$6, <g17(0/(5ø*(5(.d(/(5ø(1*(//(59(%(./(17ø/(5.....â&#x20AC;Ś.â&#x20AC;Ś..

)LQDQVDO.RQVROLGDV\RQ.DYUDPĂ&#x2022;QĂ&#x2022;Q7DQĂ&#x2022;PODQPDVĂ&#x2022; 1.2. Finansal Konsolidasyonun Gerekçeleri................................................â&#x20AC;Ś.5 1.3. Finansal Konsolidasyonun Ă&#x2013;nĂźndeki Engeller.........................................6

 Finansal Konsolidasyon YĂśntemleri............................

%LUOHĂşPH

6DWĂ&#x2022;Q$OPD

6WUDWHMLN$QODĂşPDODU2UWDNOĂ&#x2022;NODUYH-RLQW9HQWXUH

/LGHU.XUXOXĂşODUĂ&#x2022;Q3L\DVD3D\Ă&#x2022;QĂ&#x2022;Q$UWPDVĂ&#x2022;

7DVIL\HYHYH\DøIODV

)LQDQVDO.RQVROLGDV\RQ%HNOHQWLOHUL

1.6. Sonuç............................................................................................ ø.ø1&ø%g/h0 )ø1$16$/.2162/ø'$6<21818/86$/(.2120ø/(5 h=(5ø1'(.ø2/$6,(7.ø/(5ø

$PSLULNdDOĂ&#x2022;ĂşPDODUYH6RQXoODUĂ&#x2022;ÂŤÂŤÂŤÂŤÂŤÂŤÂŤÂŤÂŤÂŤÂŤÂŤÂŤ

(WNLQOLNYH9HULPOLOLáH(WNLOHUL

5HNDEHW.RĂşXOODUĂ&#x2022;QD(WNLOHULÂŤ

)LQDQVDOøVWLNUDUD(WNLOHULÂŤ 2.2. Sonuç....................................................................â&#x20AC;Śâ&#x20AC;Ś..â&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Śâ&#x20AC;Ś..â&#x20AC;Ś...36 LL


 

hdh1&h%g/h0

'h1<$'$)ø1$16$/.2162/ø'$6<21$/$1,1'$.ø *(/øù0(/(5… … … … … … … … … … … … ..… … … … … … … … … … … … … ..39 $%')LQDQV6LVWHPLQGH.RQVROLGDV\RQ(÷LOLPL

*hONHOHUL)LQDQV6LVWHPLQGH%LUOHúPHYH6DWÕQ$OPDODU

*hONHOHULQLQ0DOL6LVWHP<DSÕVÕQÕQ*HOLúLPL

*HOLúPHNWH2ODQhONH%DQNDFÕOÕN6LVWHPOHULQGH.RQVROLGDV\RQ

(÷LOLPL 3.4.1. Brezilya.....................................................................… … ...........59 3.4.2. Meksika................................… … … … … … … … … ......................61

øVUDLO««««««««««

*QH\GR÷X$V\DhONHOHUL««««««««

'R÷X$YUXSDhONHOHUL«««««««« 3.5. Sonuç....................................................................… … ..… … … … ..… ...66 'g5'h1&h%g/h0

7h5.ø<(¶'()ø1$16$/.2162/ø'$6<219(7h5.%$1.$&,/,. 6ø67(0ø1((7.ø/(5ø 4.1. Türk Finansal6LVWHPLQH*HQHO%DNÕú««««««

6RQUDVÕ0DOL3L\DVDODUÕQ6HUEHVWOHúPHVLYH'HULQOHúPHVL

7UN%DQNDFÕOÕN6HNW|UQQ*HQHOg]HOOLNOHUL

4.3.1. Bilanço Büyüklü÷

.DUOÕOÕN'XUXPX

.UHGLYH0HYGXDW<DSÕVÕ

7UN%DQNDFÕOÕN6LVWHPLQGH.RQVROLGDV\RQ*HOLúLPL

%DQND6D\ÕVÕQGDNL*HOLúPHOHU

%DQND%LUOHúPHYH6DWÕQ$OPDODUÕ

7DVIL\HOHU

<HQL*LULúOHUL

<R÷XQODúPD

+HUILQGDKO+LUVFKPDQQ ++ (QGHNVL

)LQDQVDO.RQVROLGDV\RQXQ7UN%DQNDFÕOÕN6LVWHPLQH(WNLVL

(WNLQOL÷H(WNLVL 7RSODP.UHGLOHULQ7RSODP$NWLIOHUøoHULVLQGHNL3D\Õ

0HYGXDWÕQ.UHGL\H'|QúP2UDQÕ

7DKVLOL*HFLNPLú$ODFDNODUÕQ7RSODP.UHGLOHUH2UDQÕ LLL


 

9HULPOLOL÷H(WNLVL«

ùXEH%DúÕQDdDOÕúDQ6D\ÕVÕ*HOLúLPL

4.5.2.2. Brüt Giderlerin Toplam AktifOHUH2UDQÕ

%UW*LGHUOHULQ)DDOL\HW*HOLUOHULQH2UDQÕ

1HW.RPLV\RQ*HOLUOHULQLQ)DDOL\HW*HOLUOHULøoHULVLQGHNL

3D\Õ

6HUPD\H3L\DVDVÕøúOHPOHUL.DUODUÕQÕQ)DDOL\HW*HOLUOHUL

øoHULVLQGHNL3D\Õ

5HNDEHW(WNLVL 7DVDUUXI0HYGXDWÕ)DL]2UDQODUÕQÕQ*HOLúLPL

.UHGL)DDOL\HWOHULQLQ$]DOPDVÕ

.DUOÕOÕ÷ÕQ$UWPDVÕ

0LNUR%D]GD)LQDQVDOøVWLNUDUD(WNLOHUL««

1HW)DL]0DUMÕ

$NWLI*HWLULVL 4.5.4.3. Özkaynak Getirisi.........................................................108

&DUL2UDQ

.DOGÕUDo2UDQÕ

0DNUR%D]GD)LQDQVDOøVWLNUDUD(WNLOHUL«««««««

4.5.5.1. Büyüme........................................................................112

&DUL$oÕN

(QIODV\RQ2\QDNOÕ÷Õ

.XU2\QDNOÕ÷Õ

)DL]2\QDNOÕ÷Õ

)LQDQVDO.RQVROLGDV\RQXQg]HOYH<DEDQFÕ%DQNDODUD(WNLVL

(WNLQOL÷H(WNLVL

9HULPOLOL÷H(WNLVL.....................................................… 119 5HNDEHW(WNLVL

0LNUR%D]GD)LQDQVDOøVWLNUDUD(WNLOHUL««

4.7. Sonuç....… … … … … … … … … … … … … … … … … … … … … … ................121 %(ùø1&ø%g/h0

6218d9(g1(5ø/(5..........… … … … .… … .....................................… .....125 KAYNAKÇA.................................................................................................131

LY








7$%/2/ø67(6ø 6D\ID1R

7DEOR

.RQVROLGDV\RQXQ*HUHNoHOHUL7HúYLN(GHQ ve Engelleyen Etkenler.......................… … .................................7

7DEOR

)LQDQVDO6HNW|UGH*HUoHNOHúHQ%LUOHúPHYH6DWÕQ $OPDODU 0LO\DU$%''RODUÕh]HUL «««««

7DEOR 7DEOR 7DEOR

7DEOR

7DEOR 7DEOR 7DEOR 7DEOR

'Q\DQÕQ(Q%\N%DQNDODUÕQÕQ$NWLI%\NO÷QQ *hONHOHULQLQ*6<ø+¶\D2UDQÕ

$%'%DQNDFÕOÕN6HNW|UQGHNL0HYGXDW*YHQFHVLQH 7DEL7LFDUL%DQNDYH'L÷HU.XUXOXúODUÕQ6D\ÕVÕ««

%DQNDYH7DVDUUXI.XUXOXúODUÕ6D\ÕVÕ

$NWLI%\NONOHULQH*|UH%DQND%LUOHúPHOHUL – $%')LQDQVDO6LVWHPLQGH%LUOHúPHYH6DWÕQ$OPDODU – 0LO\DU$%''RODUÕ  *hONHOHULQGH)LQDQVDO6LVWHPGH%LUOHúPHYH(GLQLP (÷LOLPL 0LO\DU$%''RODUÕ ........................................… 45

$%')LQDQVDO6LVWHPGH%LUOHúPHYH6DWÕQ$OPD(÷LOLPL  0LO\DU$%''RODUÕ 

$%)LQDQVDO6LVWHPGH%LUOHúPHYH6DWÕQ$OPD(÷LOLPL  0LO\DU$%''RODUÕ 

7DEOR -DSRQ)LQDQV6LVWHPLQGH%LUOHúPHYH6DWÕQ$OPD(÷LOLPL  0LO\DU$%''RODUÕ 

7DEOR -RLQW9HQWXUHYH6WUDWHMLN$QODúPD6D\ÕVÕ

7DEOR *hONHOHULQGH%DQNDYH6LJRUWDùLUNHWL6D\ÕVÕ

7DEOR *hONHOHULQGH%DQND<R÷XQODúPDVÕ

7DEOR *hONHOHUL+D\DW6LJRUWDVÕ6HNW|UQGH<R÷XQODúPD

7DEOR *hONHOHUL'L÷HU6LJRUWD6HNW|UQGH<R÷XQODúPD



Y


 

7DEOR 6HoLOPLรบ*HOLรบPHNWH2ODQhONH%DQND6LVWHPOHULQGH %DQND6D\ร•Vร•YH3L\DVD<RรทXQODรบPDVร•

7DEOR 6HoLOPLรบ*HOLรบPHNWH2ODQ7LFDUL%DQNDFร•Oร•N6LVWHPOHULQGH %DQND<RรทXQODรบPDVร•Qร•Q*HOLรบLPL

7DEOR

7DEOR 7DEOR 7DEOR

7DEOR

7DEOR

7DEOR

7DEOR

7DEOR

)LQDQVDO.XUXOXรบODUร•Q$NWLIOHULQLQ'Dรทร•Oร•Pร•  

$UDOร•NรธWLEDUL\OH0HYGXDW%DQNDODUร•Qร•Q$NWLI %ย\ยNOยรทยQยQ7RSODP)LQDQVDO6LVWHPรธoHULVLQGHNL 3D\ร•  hONHgUQHNOHUL

6HoLOPLรบ)LQDQVDO'HULQOHรบPH*|VWHUJHOHUL  *60+ยถ\H2UDQร• 

%DQNDFร•Oร•N6HNW|UยQยQg]ND\QDN*HWLULVL 0LO\DU7/ 

6RQUDVร•%DQND6D\ร•Vร•

6RQUDVร•%DQND%LUOHรบPHYH6DWร•Q$OPDODUร•

6RQUDVร•'RรทUXGDQ8OXVDO%DQND7DVIL\HOHUL

6RQUDVร•.XUXODQ%DQNDODU )DDOYH.DSDQDQ$\Uร•POร• 

7/0HYGXDW5HHO)DL]2UDQODUร•(TรœFE 1987= 100, %)..........102

7DEOR โ€“'|QHPLQGH7ยUN%DQNDFร•Oร•N6HNW|Uย

YL


 



ù(.ø//ø67(6ø 6D\ID1R ùHNLO %DQNDFÕOÕN6HNW|UQQ%LODQoR%\NO÷QQ *HOLúLPL 7h)( 0LO\DU7L)..............… .....................73

ùHNLO %DQNDFÕOÕN6HNW|UQQ%LODQoR%\NO÷QQ *6<ø+¶\D2UDQÕ  «««««««

ùHNLO .UHGLYH0HYGXDW*HOLúLPL 7h)( 0LO\DU7/  YH0HYGXDWÕQ.UHGL\H'|QúP2UDQÕ  «

ùHNLO %DQNDFÕOÕN6HNW|UQGH<R÷XQODúPD  «««

ùHNLO %DQNDFÕOÕN6HNW|UQGH0HYGXDW<R÷XQODúPDVÕ (HH Endeksi)… … … … … … … … .................................................87 ùHNLO 7RSODP.UHGLOHULQ7RSODP%LODQoR%\NO÷ øoLQGHNL3D\Õ  

ùHNLO 0HYGXDWÕQ.UHGL\H'|QúP2UDQÕ  

ùHNLO 7DKVLOL*HFLNPLú$ODFDNODUÕQ7RSODP.UHGLOHUH2UDQÕ  

ùHNLO ùXEHYHdDOÕúDQ6D\ÕVÕ %LQ$GHW.LúL 

ùHNLO ùXEH%DúÕQDdDOÕúDQ6D\ÕVÕ

ùHNLO Brüt GidHUOHULQ7RSODP$NWLIOHUH2UDQÕ  

ùHNLO %UW*LGHUOHULQ)DDOL\HW*HOLUOHULQH2UDQÕ  

ùHNLO 1HW.RPLV\RQ*HOLUOHULQLQ)DDOL\HW*HOLUOHULQH2UDQÕ  

ùHNLO 6HUP3L\øúO.DUODUÕQÕQ)DDOL\HW*HOLUOHUL øoHULVLQGHNL3D\Õ  «

ùHNLO '7+)DL]2UDQODUÕ $%''RODUÕ&LQVLQGHQ$\OÕN$÷ÕUOÕNODQGÕUÕOPÕú 

ùHNLO .UHGL)DDOL\HWOHULQLQ*HOLúLPL 7h)(   (Milyar TL).… … … … … … … … ...................................................105 ùHNLO '|QHP1HW.DUÕQÕQ*HOLúLPL2UDQÕ 7h)(   (Milyar TL).… … … … … … … … ...................................................105 ùHNLO 1HW)DL]0DUMÕQÕQ*HOLúLPL   YLL


 

รนHNLO $NWLI*HWLULVLQLQ*HOLรบLPL  

รนHNLO g]ND\QDN*HWLULVLQLQ*HOLรบLPL  

รนHNLO &DUL2UDQร•Q*HOLรบLPL  

รนHNLO .DOGร•UDo2UDQร•Qร•Q*HOLรบLPL  

รนHNLO %ย\ยPH2UDQODUร•Qร•Q*HOLรบLPL  

รนHNLO &DUL$oร•รทร•Q*60+ยถ\D2UDQร•Qร•Q*HOLรบLPL  

รนHNLO <ร•OOร•N(QIODV\RQ2UDQODUร•  YH2\QDNOร•รทร•

รนHNLO $%''RODUร•Qร•Q<ร•OOร•N'HรทLรบLPL  YH2\QDNOร•รทร•

รนHNLO %LU$\9DGHOL0HYGXDWODUร•Q$\Oร•N5HHO*HWLULVL   YH2\QDNOร•รทร•

รนHNLO g]HOYH<DEDQFร•%DQNDODU*UXEXQXQ(WNLQOLรทLQLQ*HOLรบLPL

รนHNLO g]HOYH<DEDQFร•%DQNDODU*UXEXQXQ9HULPOLOLรทLQLQ*HOLรบLPL

รนHNLO g]HOYH<DEDQFร•%DQNDODU*UXEXQGD5HNDEHWLQ*HOLรบLPL

รนHNLO g]HOYH<DEDQFร•%DQNDODU*UXEXQXQ0LNUR%D]GD )LQDQVDOรธVWLNUDUD.DWNร•Vร•

YLLL


 



.,6$/70$/ø67(6ø $%

$YUXSD%LUOL÷L

%''.

%DQNDFÕOÕN']HQOHPHYH'HQHWOHPH.XUXPX

$%' %,6

&$0(/

$PHULND%LUOHúLN'HYOHWOHUL

%DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV 8OXVODUDUDVÕgGHPHOHU %DQNDVÕ 

&DSLWDO$GHTXDF\$VVHW4XDOLW\0DQDJHPHQW(DUQLQJV /LTXLGLW\ 6HUPD\H<HWHUOLOL÷L$NWLINDOLWHVL<|QHWLP.DUOÕOÕN /LNLGLWH 

'ø(

'HYOHWøVWDWLVWLN(QVWLWV

(&%

(XURSHDQ&HQWUDO%DQN $YUXSD0HUNH]%DQNDVÕ 

'7+ )('

'|YL]7HYGLDW+HVDEÕ

)HGHUDO5HVHUYH%DQN

*

*URXSRI7HQ 2QODU*UXEX 

*60+

*D\ULVDIL0LOOL+DVÕOD

*

*6<ø+

*URXSRI7ZHOYH 2QLNLOHU*UXEX  *D\ULVDIL<XUWLoL+DVÕOD

++(QGHNVL +HUILQGDKO+LUVFKPDQQ(QGHNVL ,0)

,QWHUQDWLRQDO0RQHWDU\)XQG 8OXVODUDUDVÕ3DUD)RQX 

2(&'

2UJDQL]DWLRQIRU(FRQRPLF&RRSHUDWLRQDQG'HYHORSPHQW (NRQRPLNøúELUOL÷LYH.DONÕQPDgUJW 

/7&0

352(5 52$ 52(

/RQJ7HUP&DSLWDO0DQDJHPHQW 8]XQ9DGHOL6HUPD\H Yönetimi)

8OXVDO0DOL6LVWHPLQ<HQLGHQ<DSÕODQGÕUÕOPDVÕYH *oOHQGLULOPHVLøoLQ7HúYLN3URJUDPÕ $NWLI*HWLULVL

: Özkaynak Getirisi L[


 

7%%

7UNL\H%DQNDODU%LUOL÷L

7*$

7DKVLOL*HFLNPLú$ODFDNODU

7&0% 7/

706) TÜFE

7UNL\H&XPKXUL\HW0HUNH]%DQNDVÕ 7UNOLUDVÕ

7DVDUUXI0HYGXDW6LJRUWD)RQX : Tüketici Fiyat Endeksi

[


 



g=(7 ยถOHUGHQLWLEDUHQVHUPD\HKDUHNHWOHULQLQVHUEHVWOHรบPHVL GHUHJยODV\RQ 

LOHWLรบLP WHNQRORMLOHULQLQ LOHUOHPH J|VWHUPHVL YH ILQDQVDO SL\DVDODUร•Q NยUHVHO

EยWยQOHรบPHVL IDL] PDUMODUร•Qร•Q GDUDOPDVร•QD \RO DoDUDN EDQNDFร•Oร•N VHNW|UยQยQ

NDUOร•Oร•รทร•Qร• D]DOWPร•รบ YH ILQDQV VHNW|UยQยQ \HQL DUD\ร•รบODUD JLUPHVLQH \RO DoPร•รบWร•U %X

DUD\ร•รบODU GRรทUXOWXVXQGD ILQDQVDO NRQVROLGDV\RQ KDUHNHWL |Q SODQD oร•NPร•รบWร•U %X

VยUHoWH ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLรทH YHULPOLOLรทH UHNDEHW NRรบXOODUร•QD YH

ILQDQVDO LVWLNUDUD HWNLOHUL FLGGL WDUWร•รบPD NRQXVX ROPXรบWXU %X oDOร•รบPD GยQ\DGD

JHOLรบPLรบ * ยONHOHUL VHoLOPLรบ JHOLรบPHNWH RODQ ยONHOHU YH 7ยUNL\HยถGH ILQDQVDO

NRQVROLGDV\RQ VยUHFL KDNNร•QGD ELOJL YHUPHNWH YH 7ยUN EDQNDFร•Oร•N VLVWHPLQGH

\DรบDQDQ ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLรทH YHULPOLOLรทH UHNDEHW NRรบXOODUร•QD YH

ILQDQVDOLVWLNUDUDHWNLOHULQLLQFHOHPHNWHGLU

Dรผnya รถrneklerinin incelenmesi sonucu elde edilen sonuรงlara gรถre, hem

JHOLรบPLรบ ยONHOHUGH KHP VHoLOPLรบ JHOLรบPHNWH RODQ ยONHOHUGH ยถOร• \ร•OODUGD FLGGL

DQODPGD ILQDQVDO VLVWHPOHUGH NRQVROLGDV\RQ \DรบDQGร•รทร• HYUHQVHO EDQNDFร•Oร•รทร•Q |Q

SODQD oร•NWร•รทร• YH ROLJRSROLVWLN \DSร•\D GRรทUX ELU HรทLOLP ROGXรทX DQODรบร•OPDNWDGร•U Literatรผrde finansal konsolidasyonun ulusal ekonomilere etkileri konusunda fikir

ELUOLรทL ROPDPDVร•QD UDรทPHQ JHQHO RODUDN HWNLQOLรทL YH YHULPOLOLรทL DUWร•UGร•รทร• UHNDEHW

NRรบXOODUร•Qร•ER]GXรทXYHILQDQVDOLVWLNUDUDROXPOXNDWNร•\DSWร•รทร•EXOJXODQPDNWDGร•U

7ยUNL\H X\JXODPDVร•QGD LVH  \ร•Oร•QD NDGDU ILQDQVDO SDUoDODQPDQร•Q

\DรบDQGร•รทร• GยQ\DGDNL JHOLรบPHOHUH SDUDOHORODUDNILQDQVDONRQVROLGDV\RQKDUHNHWLQLQ

JHo GH ROVD ยถGH EDรบODGร•รทร• YH .DVร•P  YH รนXEDW  NUL]OHULQLQ DUGร•QGDQ

EDQNDFร•Oร•NVHNW|UยQย\HQLGHQ\DSร•ODQGร•UPDoDEDODUร•LOHELUOLNWHEDQNDFร•Oร•NVLVWHPLQGH

NRQVROLGDV\RQXQ XOXVODUDUDVร• VHYL\HOHUH XODรบDELOGLรทL WHVSLW HGLOPLรบWLU <HQLGHQ

\DSร•ODQGร•UPDQร•Q ELU VRQXFX RODUDN RUWD\D oร•NDQ ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLN

YHULPOLOLNUHNDEHWNRรบXOODUร•YHILQDQVDOLVWLNUDUย]HULQHHWNLOHULLVHEHNOHQGLรทLJLELFLGGL

WDUWร•รบPDODUร•GDEHUDEHULQGHJHWLUPLรบWLU

)LQDQVDO NRQVROLGDV\RQ VยUHFLQGH 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ HWNLQOLรทL

ROXPOX\|QGHJHOLรบPHPLรบDQFDN]RUXQOXNRQVROLGDV\RQXQDUGร•QGDQHWNLQOLNROXPOX

\|QGH JHOLรบPLรบWLU )LQDQVDO NRQVROLGDV\RQ VยUHFLQGH EDQNDFร•Oร•N VLVWHPLQGH

YHULPOLOLรทLQ ROXPOX \|QGH JHOLรบWLรทL J|UยOPHNWHGLU %DQNDFร•Oร•N VLVWHPLQGH Doร•N

SR]LV\RQ DOPDN LVWHPH\HQ EDQNDODU Doร•Vร•QGDQ 7/ ND\QDNODUร•Q |QHP ND]DQPDVร• [L


 

QHGHQL\OH 7/ PHYGXDWODU Doร•Vร•QGDQ UHNDEHWLQ DUWWร•รทร• DQFDN NUHGL IDDOL\HWOHUL '7+

QHW NRPLV\RQ JHOLUL YH NDUOร•Oร•N Doร•Vร•QGDQ EDNร•OGร•รทร•QGD UHNDEHWLQ D]DOGร•รทร•

DQODรบร•OPDNWDGร•U1HWIDL]PDUMร•DNWLIJHWLULVL|]ND\QDNJHWLULVLFDULRUDQร•QYHNDOGร•UDo

RUDQร•QD JHOLรบLPLQH EDNร•OGร•รทร•QGD EDQNDFร•Oร•N VHNW|UยQยQ SHUIRUPDQVร•Qร•Q DUWWร•รทร• YH

]RUXQOX NRQVROLGDV\RQXQ PLNUR DQODPGD ILQDQVDO LVWLNUDUD ROXPOX NDWNร•Vร• ROGXรทX

J|UยOPHNWHGLU %HQ]HU JHUoHNOHรบPHOHU NDOGร•UDo RUDQร• KDULo |]HO YH \DEDQFร•

EDQNDODUJUXEXQGDGDJ|]OHPOHQPLรบWLU

<ยNVHN Eย\ยPH RUDQODUร• HQIODV\RQ RUDQร•Qร•Q Kร•]OD JHULOHPHVL NXUGDNL YH

IDL]GHNL R\QDNOร•รทร•Q D]DOPDVร• YH IDL]OHULQ Kร•]OD JHULOHPHVL ]RUXQOX NRQVROLGDV\RQXQ

PDNURDQODPGDILQDQVDOLVWLNUDUDNDWNร•\DSWร•รทร•Qร•DQFDNFDULDoร•รทร•QKDOHQ|QHPOLELU

VRUXQ ROGXรทX DQODรบร•OPDNWDGร•U 'LรทHU \DQGDQ .DVร•P  YH รนXEDW  NUL]OHUL

|QFHVLQGH PDNUR HNRQRPLN LVWLNUDUVร•]Oร•N EDQNDODUร•Q PDOL EยQ\HOHULQLQ ER]XOPDVร•QD

QHGHQROPXรบYHEDQNDFร•Oร•NVHNW|UยQGHILQDQVDONRQVROLGDV\RQGDOJDVร•Qร•WHWLNOHPLรบWLU ร–nรผmรผzdeki

dรถnemde

de,

dรผnya

genelinde

finansal

sistemlerde

NRQVROLGDV\RQXQGHYDPHGHFHรทLEHNOHQPHNWHGLU'ยQ\DGD\DรบDQDQNRQVROLGDV\RQ

sรผreci, TรผrN EDQNDFร•Oร•N VLVWHPLQLQ XOXVODUDUDVร• UHNDEHW JยFยQย DUWร•UPDVร•Qร• ]RUXQOX

Nร•ODFDNWร•U $\Uร•FD PDNUR HNRQRPLN \DSร•Qร•Q VยUGยUยOHELOLUOLรทL \ยNVHN UHHO IDL]OHUL

D]DOWPD ]RUXQOXOXรทXQD GD\DQPDNWDGร•U 7ยP EX IDNW|UOHU J|] |QยQGH

EXOXQGXUXOGXรทXQGD 7ยUN EDQNDFร•Oร•N VLVWHPLQGH NRQVROLGDV\RQ KDUHNHWLQLQ YH

HYUHQVHOEDQNDFร•Oร•รทร•Q|QยPย]GHNLG|QHPGHGH|QHPLQLNRUXPDVร•EHNOHQPHOLGLU

$QDKWDU .HOLPHOHU)LQDQVDONRQVROLGDV\RQHWNLQOLNYHULPOLOLNUHNDEHWYH

ILQDQVDOLVWLNUDU

[LL


 

$%675$&7 7KH RQJRLQJ OLEHUDOL]DWLRQ RI FDSLWDO PRYHPHQWV GHUHJXODWLRQ 

DGYDQFHPHQWV LQ FRPPXQLFDWLRQ WHFKQRORJ\ DQG JOREDO LQWHJUDWLRQ RI ILQDQFLDO

PDUNHWV WLOO V FDXVHG ORZHU SURILWDELOLW\ IRU WKH EDQNLQJ V\VWHP E\ GHFUHDVLQJ

WKH LQWHUHVW PDUJLQ 6LQFH WKHQ ILQDQFLDO VHFWRU EHJDQ WR VHDUFK IRU QHZ

DSSURDFKHV7KHUHVXOWRIWKHVHVHDUFKZDVILQDQFLDOFRQVROLGDWLRQ,QWKLVQHZHUD

WKH HIIHFWV RI ILQDQFLDO FRQVROLGDWLRQ RQ HIIHFWLYHQHVV HIILFLHQF\ FRPSHWLWLRQ DQG

ILQDQFLDOVWDELOLW\JDLQHGLPSRUWDQFH7KLVVWXG\SURYLGHVLQIRUPDWLRQDERXWILQDQFLDO

FRQVROLGDWLRQ SURFHVV LQ WKH GHYHORSHG * FRXQWULHV VHOHFWHG GHYHORSLQJ

FRXQWULHVDQG7XUNLVKILQDQFLDOV\VWHPDQGWKHHIIHFWVRIILQDQFLDOFRQVROLGDWLRQRQ

HIIHFWLYHQHVV HIILFLHQF\ FRPSHWLWLWRQ DQG ILQDQFLDO VWDELOLW\ LQ 7XUNLVK ILQDQFLDO

V\VWHP

7KH LQIRUPDWLRQ JDWKHUHG IURP H[SHULHQFHV RI RWKHU FRXQWULHV HPSKDVL]H

WKDW WKHUH ZDV D VLJQLILFDQW ILQDQFLDO FRQVROLGDWLRQ SURFHVV LQ WKH GHYHORSHG DQG

GHYHORSLQJ FRXQWULHV DQG WHQGHQF\ WRZDUGV XQLYHUVDO EDQNLQJ DQG ROLJRSROLVWLF

VWUXFWXUH 0RUHRYHU VWLOO WKHUH LV QRW D FRQVHQVXV RQ WKH HIIHFWV RI ILQDQFLDO

FRQVROLGDWLRQ0RVWO\LWLVDFFHSWHGWKDWILQDQFLDOFRQVROLGDWLRQKDVSRVLWLYHHIIHFWV

RQ HIIHFWLYHQHVV HIILFLHQF\ DQG ILQDQFLDO VWDELOLW\ DQG DGYHUVH HIIHFWV RQ

FRPSHWLWLRQ

,Q WKH 7XUNLVK FDVH LW LV IRXQG WKDW WKHUH KDG EHHQ D ILQDQFLDO

VHJPHQWDWLRQ XQWLO  WKH ILQDQFLDO FRQVROLGDWLRQ SURFHVV EHJDQ LQ  ODWHO\

FRPSDUHG WR ZRUOG H[SHULHQFHV DQG LW DSSURDFKHG WR WKH LQWHUQDWLRQDO OHYHOV DIWHU

WKH 1RYHPEHU  DQG )HEUXDU\  FULVLV ZLWK WKH LPSOHPHQWDWLRQ RI WKH QHZ

EDQN UHVWUXFWXULQJ SURJUDP $V H[SHFWHG WKH GHEDWHV RQ WKH HIIHFWV RI ILQDQFLDO

FRQVROLGDWLRQ WR HIIHFWLYHQHVV HIILFLHQF\ FRPSHWLWLRQ DQG ILQDQFLDO VWDELOLW\ KDYH

EHJXQ DIWHU WKH HPHUJHQFH RI WKLV QHZ ROLJRSROLVWLF VWUXFWXUH DV D UHVXOW RI EDQN

UHVWUXFWXULQJ

2Q WKH ILQDQFLDO FRQVROLGDWLRQ SURJUHVV WKH HIIHFWLYHQHVV RI WKH 7XUNLVK

EDQNLQJV\VWHPZDVQRWVHHPSRVLWLYHRQWKHRWKHUKDQGWKHHIIHFWLYHQHVVVHHP

SRVLWLYH DIWHU WKH LQYROXQWDU\ FRQVROLGDWLRQ RI WKH EDQNLQJ V\VWHP 0RUHRYHU

HIILFLHQF\ LV SRVLWLYH LQ WKH ILQDQFLDO FRQVROLGDWLRQ SURFHVV SHULRG %HFDXVH RI WKH

LQFUHDVLQJ LPSRUWDQFH RI7/IXQGVGXHWRWKHZLOOLQJQHVVRIWKHEDQNLQJV\VWHPWR [LLL


 

DYRLGWKHRSHQSRVLWLRQWKHFRPSHWLWLRQLQ7/GHSRVLWVLQFUHDVHG+RZHYHUIRUHLJQ

H[FKDQJH GHSRVLWV FUHGLW GHYHORSPHQW QHW FRPPLVVLRQ LQFRPH DQG SURILWDELOLW\

VKRZWKDWWKHUHLVDGHFUHDVHLQFRPSHWLWLRQ1HWLQWHUHVWPDUJLQUHWXUQRQDVVHWV

UHWXUQ RQ HTXLW\ OHYHUDJH UDWLRDQGFXUUHQWUDWLRVKRZVWKDWILQDQFLDOFRQVROLGDWLRQ

KDYHDVLJQLILFDQWHIIHFWRQILQDQFLDOVWDELOLW\LQPLFURWHUPV7KLVLVPRVWO\REVHUYHG for the private and foreign banksâ&#x20AC;&#x2122; group, except leverage ratio. +LJKJURZWKUDWHVGHFUHDVHLQWKHLQIODWLRQUDWHGHFUHDVHLQWKHYRODWLOLW\RI

LQWHUHVW UDWHV DQG IRUHLJQ H[FKDQJH UDWHV LPSOLH WKDW LQYROXQWDU\ FRQVROLGDWLRQ KDV

SRVLWLYH FRQWULEXWLRQV RQ WKH ILQDQFLDO VWDELOLW\ LQ PDFUR WHUPV +RZHYHU FXUUHQW

DFFRXQW GHILFLW LV VWLOO DQ LPSRUWDQW SUREOHP 2Q WKH RWKHU KDQG WKH LQVWDELOLW\ LQ

PDFURHFRQRPLFHQYLURQPHQWEHIRUHWKH1RYHPEHUDQG2FWREHUFULVLV

ZKLFK FDXVHG GHWHULRUDWLRQ LQ WKH ILQDQFLDO VWUXFWXUH RI EDQNV WULJJHUHG ILQDQFLDO

FRQVROLGDWLRQZDYHLQWKHEDQNLQJV\VWHP

,QWKHQHDUIXWXUHLWLVH[SHFWHGWKDWWKHILQDQFLDOFRQVROLGDWLRQSURFHVVZLOO

FRQWLQXH DOO RYHU WKH ZRUOG 7KLV RQJRLQJ SURFHVV ZLOO IRUFH WKH 7XUNLVK EDQNLQJ

V\VWHPWRLQFUHDVHKHULQWHUQDWLRQDOFRPSHWLWLYHQHVV0RUHRYHUWKHVXVWDLQDELOLW\RI

WKHPDFURHFRQRPLFV\VWHPGHSHQGVRQGHFUHDVHLQUHDOLQWHUHVWUDWHV:KHQZH

WDNH LQWR FRQVLGHUDWLRQDOO RI WKHVHIDFWRUVLWVKRXOGEHH[SHFWHGWKDWWKHILQDQFLDO

FRQVROLGDWLRQ DQG XQLYHUVDO EDQNLQJ ZLOO SUHVHUYH LWV LPSRUWDQFH LQ WKH 7XUNLVK

EDQNLQJV\VWHP

.H\ZRUGV )LQDQFLDO FRQVROLGDWLRQ HIIHFWLYHQHVV HIILFLHQF\ FRPSHWLWLRQ

DQGILQDQFLDOVWDELOLW\ 

[LY


 

*รธ5รธรน ยถOHUGHQ

LWLEDUHQ



VHUPD\H

KDUHNHWOHULQLQ

VHUEHVWOHรบPHVL

GHUHJยODV\RQ  LOHWLรบLP WHNQRORMLOHULQLQ LOHUOHPH J|VWHUPHVL YH ILQDQVDO

SL\DVDODUร•Q NยUHVHO EยWยQOHรบPHVL IDL] PDUMODUร•Qร•Q GDUDOPDVร•QD \RO DoDUDN

EDQNDFร•Oร•N VHNW|UยQยQ NDUOร•Oร•รทร•Qร• D]DOWPร•รบ Ye finans sektรถrรผnรผn yeni

DUD\ร•รบODUD JLUPHVLQH \RO DoPร•รบWร•U <HQL DUD\ร•รบODU GRรทUXOWXVXQGD VRQ \ร•OODUGD

XOXVDOYHXOXVODUDUDVร•ILQDQVDOVLVWHPOHUGH\DรบDQDQ\RรทXQEDQNDELUOHรบPHOHUL

YHVDWร•QDOPDODUร•PDOLJยFยQย\LWLUPLรบEDQNDODUร•QVLVWHPLQGร•รบร•QDoร•NDUร•OPDVร•

YH OLGHU NXUXOXรบODUร•Q SL\DVD SD\ODUร•Qร• DUWร•UPDVร• ILQDQVDO VLVWHPOHUGH \DรบDQDQ

NRQVROLGDV\RQ KDUHNHWLQL HQ oRN WDUWร•รบร•ODQ NRQXODUร•QGDQ ELULVL KDOLQH

JHWLUPLรบWLU )LQDQVDO NRQVROLGDV\RQ KDUHNHWL ILQDQV VHNW|UยQGH OLGHU NXUXOXรบODUร•Q SD\ร•Qร•Q DUWPDVร•QD QHGHQ ROPXรบ YH ILQDQVDO NRQVROLGDV\RQXQ

HWNLQOLNYHYHULPOLOLNUHNDEHWNRรบXOODUร•YHILQDQVDOLVWLNUDUย]HULQGHNLHWNLOHULQL

GHWDUWร•รบPDNRQXVXKDOLQHJHWLUPLรบWLU

7ยUN ILQDQVDO VLVWHPLQGH GH .DVร•P  YH รนXEDW  NUL]OHULQLQ

DUGร•QGDQ EDQNDFร•Oร•N VHNW|UยQย \HQLGHQ \DSร•ODQGร•UPD oDEDODUร•Qร•Q DPDFร•

Eย\ย\HPH\HQ KDWWD NยoยOHQ ILQDQV VHNW|UยQGH GDKL EDQNDODUร•Q VDรทOร•NOร•

oDOร•รบDELOPHVLQH RODQDN VDรทOD\DFDN \DSร•Qร•Q NXUXOPDVร•Qร• VDรทODPDN ROPXรบ YH

HYUHQVHOEDQNDFร•Oร•NLONHVLEDQNDFร•Oร•NVHNW|UยQยQ\HQLGHQ\DSร•ODQGร•Uร•OPDVร•QGD

Dรทร•U

EDVPร•รบWร•U

$QFDN

EDQNDFร•Oร•N

VHNW|UยQGH

DU]XODQDQ

\HQLGHQ

\DSร•ODQGร•UPDQร•Q ยณEย\ย\HPH\HQ D\DNWD NDODPD]ยถยถ IHOVHIHVL ย]HULQH GHรทLO

|OoHN HNRQRPLVLQLQ JHWLUHFHรทL HWNLQOLรทLQ YH YHULPOLOLรทLQ VDรทOD\DFDรทร• PDOL\HW

DYDQWDMODUร• UHNDEHW NRรบXOODUร•Qร•Q NRUXQPDVร• ve finansal istikrar รผzerine

NXUXOPDVร•JHUHNPHNWHGLU%XGRรทUXOWXGDWH]LQDPDFร•

L )LQDQVDO NRQVROLGDV\RQ NDYUDPร•Qร• \|QWHPOHULQL JHUHNoHOHULQL

HQJHOOHULYHEHNOHQWLOHUL LL 

/LWHUDWยUGHNL ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLรทH YH

YHULPOLOLรทH UHNDEHW NRรบXOODUร•QD YH ILQDQVDO LVWLNUDUD HWNLOHULQH LOLรบNLQ

oDOร•รบPDODUร•




 

LLL 

 *  ยONHOHUL VHoLOPLรบ JHOLรบPHNWH RODQ ยONHOHU  YH

ยONHPL]ILQDQVDOVLVWHPOHULQGH\DรบDQDQNRQVROLGDV\RQKDUHNHWLQL RUWD\DNR\PDNYH LY 

7ยUN EDQNDFร•Oร•N VLVWHPLQGH \DรบDQDQ NRQVROLGDV\RQ

sรผrecinin TรผrN EDQNDFร•Oร•N VLVWHPLQLQ YH |]HO YH \DEDQFร• EDQNDODU JUXEXQXQ

HWNLQOLรทLQHYHYHULPOLOLรทLQHUHNDEHWNRรบXOODUร•QDYHILQDQVDOLVWLNUDUDHWNLOHULQL

PDOL VLVWHPLQ GDKD VDรทOร•NOร• ELU \DSร•\D RWXUWXOPDVร• oHUoHYHVLQGH

LQFHOHPHNWLU

7H] \XNDUร•GDNL DPDoODU GRรทUXOWXVXQGD EHรบ E|OยPGHQ ROXรบDFDNWร•U

%LULQFL E|OยPGH ILQDQVDO NRQVROLGDV\RQ NDYUDPร• \|QWHPOHUL JHUHNoHOHUL

HQJHOOHUYHEHNOHQWLOHURUWD\DNRQXODFDNWร•U

รธNLQFL E|OยP ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLรทH YH YHULPOLOLรทH

UHNDEHW NRรบXOODUร•QD YH ILQDQVDO LVWLNUDUD HWNLOHULQH LOLรบNLQ \DSร•ODQ DPSLULN

oDOร•รบPDODUร•YHEXoDOร•รบPDODUGDHOGHHGLOHQVDSWDPDODUร•|]HWOH\HFHNWLU

รœรงรผncรผ bรถlรผm, G ยONHOHUL YH VHoLOPLรบ JHOLรบPHNWH RODQ ยONHOHUGH

finansal konsolidasyon sรผrecini iรงermektedir.  '|UGยQFย

E|OยPGH

7ยUN

EDQNDFร•Oร•N

VLVWHPLQGHNL

ILQDQVDO

konsolidasyon sรผreci ortaya konulacak, daha sonra rasyo analizi yรถntemi

DUDFร•Oร•รทร•\ODNRQVROLGDV\RQVยUHFLQLQEDQNDFร•Oร•NVLVWHPLQLQYH|]HOYH\DEDQFร•

EDQNDODU JUXEXQXQ HWNLQOLรทLQH YH YHULPOLOLรทLQH UHNDEHW NRรบXOODUร•QD YH PLNUR

YHPDNURILQDQVDOLVWLNUDUDHWNLOHULLQFHOHQHFHNWLU

6RQ E|OยPGH WH]LQ DQD KDWODUร• |]HWOHQHUHN JHQHO GHรทHUOHQGLUPH

\DSร•ODFDNWร•U

         !"# $% $ % $'&( )# *% $'&*) % +(  , *# * &-$', #   * )( .% ,   /&* 01   2 3( )'*# 4*.5, *( # 6 7 *)(  9( :;+ * ( :4*.5, *<  >=  .* *#9 ?# *@(  AB*.$( .'% $#  (  C DA4 *@ = *E# *FG*.IH - 9J- # ( *, (   K8  B&*LAB M# ( $', 2 3( )'*# 4*.5, *( # 6 


 



%ø5ø1&ø%g/h0 )ø1$16$/.2162/ø'$6<21.$95$0,1,17$1,0/$10$6,

<g17(0/(5ø*(5(.d(/(5ø(1*(//(59(%(./(17ø/(5 %X E|OPGH D÷ÕUOÕNOÕ RODUDN ILQDQVDO NRQVROLGDV\RQXQ WDQÕPÕ YH

DPSLULN oDOÕúPD VRQXoODUÕ \|QWHPOHUL WHúYLN HGHQ YH HQJHOOH\HQ HWNHQOHU

]HULQGHGXUXODFDNYHJHOLúPHNWHRODQONHOHUGHNLNRQVROLGDV\RQEHNOHQWLOHUL

]HULQH\DSÕODQDQNHWLQFHOHQHFHNWLU

)LQDQVDO.RQVROLGDV\RQ.DYUDPÕQÕQ7DQÕPODQPDVÕ /HQFH   ILQDQVDO NRQVROLGDV\RQX ³EDQNDFÕOÕN VHNW|UQGHNL HQ

|QHPOL \DSÕVDO GH÷LúLPOHUGHQ ELULVL RODUDN LIDGH HWWLNWHQ VRQUD ILQDQVDO

NRQVROLGDV\RQX HWNLQ YH YHULPOL oDOÕúPD\DQ ELU VHNW|UGH IDDOL\HW J|VWHUHQ

ILUPDVD\ÕVÕQGDNLD]DOPDYHHú]DPDQOÕRODUDNIDDOL\HWLQLVUGUPH\HGHYDP

HGHQúLUNHWOHULQRUWDODPDE\NOHULQLQDUWPDVÕ´RODUDNWDQÕPODPDNWDGÕU

$PLKXGYH0LOOHU  ILQDQVDONRQVROLGDV\RQX³ELUOHúPHYHVDWÕQ

DOPD WDVIL\H YH GL÷HU oÕNÕúODU VRQXFXQGD EDQND VD\ÕVÕQGDNL D]DOPD´ RODUDN

WDQÕPODPÕúWÕU dDOÕúPDODUÕQÕQ ELU EDúND E|OPQGH LVH ³EDQND VD\ÕVÕQGDNL

D]DOPDVRQXFXQGDLONEDQNDQÕQDNWLIE\NO÷QQVHNW|ULoLQGHNLSD\ÕQÕQ

DUWPDVÕ GL÷HU ELU LIDGH\OH EDQNDFÕOÕN VHNW|UQGHNL \R÷XQODúPD´ ILQDQVDO

VLVWHPGHNRQVROLGDV\RQRODUDNWDQÕPODQPDNWDGÕU

(&% $YUXSD 0HUNH] %DQNDVÕ    ILQDQVDO NRQVROLGDV\RQX

³ILQDQVDOVLVWHPLoHULVLQGH\HUDODQNXUXOXúODUÕQYH\DJUXSODUÕQVHNW|ULoLYH\D

VHNW|UOHU DUDVÕ ELUOHúPH YH\D HGLQLPOHU VRQXFXQGD D]DOPDVÕ´ RODUDN

WDQÕPODPDNWDGÕU

,0) 8OXVODUDUDVÕ 3DUD )RQX    ILQDQVDO NRQVROLGDV\RQX

³HQIRUPDV\RQ WHNQRORMLVL GHUHJODV\RQ YH NUHVHOOHúPHQLQ HWNLVL\OH GDUDODQ

IDL] PDUMODUÕQÕQ HWNLVL\OH OLGHU EDQNDODUÕQ KHP XOXVDO KHP GH XOXVODUDUDVÕ




 

SL\DVDODUGDNL GLรทHU EDQNDODUOD YH\D GLรทHU ILQDQVDO NXUXOXรบODUOD ELUOHรบPHVLยด

RODUDNWDQร•PODPDNWDGร•U N *  2QODU *UXEX    \DSWร•รทร• oDOร•รบPDGD ยณILQDQVDO VLVWHP

LoHULVLQGH |QHPOL URO R\QD\DQ NXUXOXรบ VD\ร•Vร•Qร•Q D]DOPDVร• YH\D V|] NRQXVX

NXUXOXรบODU DUDVร•QGDNL UHNDEHWLQ D]DOPDVร• VRQXFXQGD ILQDQVDO ND\QDNODUร•Q

GDKD Vร•Nร• NRQWURO HGLOPHVLQL YH HWNLQ YH YHULPOL NXOODQร•OPDVร•Qร•ยด ILQDQVDO

NRQVROLGDV\RQ RODUDN WDQร•PODPDNWDGร•U .RQVROLGDV\RQ OLGHU NXUXOXรบODUร•Q

SL\DVD SD\ร•Qร•Q DUWPDVร•QGDQ ]D\ร•I YH JยoVย] NXUXOXรบODUร•Q VLVWHPLQ Gร•รบร•QD

oร•NPDVร•QGDQ YH\D PHYFXW รบLUNHWOHULQ NRPELQDV\RQODUร•QGDQ ELUOHรบPH

HGLQLP RUWDN \DWร•Uร•PODU MRLQW YHQWXUH  YH\D VWUDWHMLN DQODรบPD  GD

ND\QDNODQDELOHFHรทLEXoDOร•รบPDGDEHOLUWLOPLรบWLU

&XPPLQV YH 5XELR0LVVDQV   ILQDQVDO NRQVROLGDV\RQX

ยณGยรบยN SHUIRUPDQV VHUJLOH\HQ YH\D HWNLQ YH YHULPOL oDOร•รบPDGร•รทร• LoLQ UHNDEHW

JยFยQย \LWLUPLรบ รบLUNHWOHULQ ]RUXQOX YH\D J|QยOOย RODUDN ELUOHรบPHOHU YH

HGLQLPOHUDUDFร•Oร•รทร•\ODVLVWHPGร•รบร•QDoร•NPDVร•ยดRODUDNWDQร•PODPDNWDGร•U

'RQRYDQ YH *DUW    \ร•Oร•QGDQ LWLEDUHQ $%' $PHULND

%LUOHรบLN 'HYOHWOHUL  KD\DW VLJRUWDVร• VHNW|UยQGH \DรบDQDQ  ELUOHรบPH YH

VDWร•Q DOPD JHUoHNOHรบWLรทLQL LIDGH HWPHNWH YH EX JHOLรบPH\L ILQDQVDO

NRQVROLGDV\RQWUHQGLRODUDNWDQร•PODPDNWDGร•U

$PHO %DUQHV 3DQHWWD 6DOOHR   ยณEDQND ELUOHรบPHOHUL YH

HGLQLPOHUL DUDFร•Oร•รทร•\OD |OoHN HNRQRPLVLQLQ VDรทOD\DFDรทร• HWNLQOLN YH YHULPOLOLN

DYDQWDMODUร•QGDQ \DUDUODQPD VRQXFXQGD VHNW|UGH ROXรบDFDN \RรทXQODรบPD\ร•ยด

ILQDQVDONRQVROLGDV\RQRODUDNWDQร•PODPDNWDGร•U

Demirgรผรง.XQW /HYLQH YH /DHYHQ 1LVDQ   ILQDQVDO

NRQVROLGDV\RQXยณEDQNDFร•Oร•NVHNW|UยQGH\RรทXQODรบPDRODUDNNDEXOHWPHNWHYH

VHNW|UGHNL HQ Eย\ยN ยo YH\D EHรบ EDQNDQร•Q DNWLIOHULQLQ VHNW|UGHNL SD\ร•Qร•

DUWร•UPDVร•ยดRODUDNNDEXOHWPHNWHGLU

Demirgรผรง.XQW /HYLQH YH %HFN $รทXVWRV   GH \DSWร•NODUร•

oDOร•รบPDGDILQDQVDONRQVROLGDV\RQXEHQ]HUรบHNLOGHWDQร•PODPร•รบYHV|]NRQXVX  O PQ=* *# ( * )( .' "# $  !'   % ,  01   ?% $'&*) % $'&( )# *L&*I% +(  , *# *2  *  -: !.5, 3 # 6PQ$(  *:9( :R&*S+* ( :9( :Q= .*(( T *U*, 4*.5, * ( # 6?% $'&( )# *VWX2 , *Y

6=*U # .LZ-[+# - Z[J(   !-:', - # 6  P 2 -Y\*! (\@'*  ( . *# (  *;Z( # ( $(] A9"2  ( ;.-# -M-;=* *# (? !  # 3 ( ^ *#_Z ( #\@'*  ( ^(+# -Z -Y -:', -#  =  .* *# ( 9B*# .*@BZ .'  # 3 3 !-  -$ # # $3T ( $B$( $', *9(  ( B=@'*  *4* $( *9$3 .3( :Z( #  ( ^(5 4 # 3 3 # 6 


 

WDQร•PGDQ \DUDUODQDUDN EDQND \RรทXQODรบPDVร• YH NUL]OHU DUDVร•QGDNL LOLรบNL\L

LQFHOHPLรบOHUGLU

+DUWPDQQ &DUOHWWL YH 6SDJQROR   YH รนDK|]NDQ  

ILQDQVDO NRQVROLGDV\RQX ยณEDQND ELUOHรบPHOHUL VDWร•Q DOPDODU YH WDVIL\HOHU

VRQXFXQGD

EDQNDFร•Oร•N

WDQร•PODPDNWDGร•U

VHNW|UยQGH

\DรบDQDQ

\RรทXQODรบPDยด

RODUDN

)LQDQVDO.RQVROLGDV\RQXQ*HUHNoHOHUL ELULVL

)LQDQVDO VLVWHPOHUGH J|]OHQHQ HQ |QHPOL \DSร•VDO GHรทLรบLPOHUGHQ

ELUOHรบPHOHU

YH

HGLQLPOHU

DUDFร•Oร•รทร•\OD

\DรบDQDQ

ILQDQVDO

NRQVROLGDV\RQGXU %LUOHรบPH YH HGLQLPOHULQLQ DUNDVร•QGDNL QHGHQOHUL

+DZDZLQL YH 6ZDU\   *   YH รนDK|]NDQ   DรบDรทร•GD รถzetlemektedir: โ€ข

gOoHN HNRQRPLVL HFRQRPLHV RI VFDOH  DUDFร•Oร•รทร•\OD LรบOHP

PDOL\HWOHULQL GยรบยUHUHNKHPILQDQVDONXUXOXรบXQKLVVHGHรทHULQLKHPGHNDUร•Qร•

DUWร•UPDN

hUยQ YH KL]PHW \HOSD]HVLQL oHรบLWOHQGLUHUHUHN YH GDKD JHQLรบ ELU X FRรทUDIL DODQD \D\ร•ODUDN NDSVDP HNRQRPLVLQLQ HFRQRPLHV RI VFRSH  โ€ข

VDรทOD\DFDรทร•DYDQWDMODUGDQ\DUDUODQPDNYHULVNLQLD]DOWPDN โ€ข

3D]DU SD\ร•Qร• YH\D WHNHO JยFยQย DUWร•UDUDN SL\DVDGDNL IL\DW

โ€ข

0RQRSVRQLJยFยQยDUWร•UDUDNJLUGLIL\DWODUร•Qร•GยรบยUPHN

UHNDEHWLQLD]DOWPDN โ€ข

'DKD ID]OD Eย\ย\HUHN YH\D SL\DVD SD\ร•Qร• DUWร•UDUDN GDKD ID]OD

โ€ข

Gรถzetim ve denetim, risk yรถnetimi ve iรง kontrol sistemleri

โ€ข

<|QHWLFLULVNLQLD]DOWDUDNID\GDVร•Qร•PDNVLPL]HHWPHN

PยรบWHUL\HKL]PHWYHPDOVXQPDN PDOL\HWOHULQLD]DOWPDN โ€ข

9HUJLNROD\Oร•NODUร•QGDQID\GDODQPDN

โ€ข

Kรถtรผ yรถnetim tekniklerini tasfiye etmek,

โ€ข

(QIRUPDV\RQ HNVLNOLรทL QHGHQL\OH SL\DVD GHรทHULQLQ DOWร•QGD LรบOHP

J|UHQEDQND\ร•VDWร•QDOPDN  ` $ a*.' 9( $( =# =    *#  *b)'*:( ,  (  ( ^( # , 3 # # .c.' #  3  3 ^3 E# , 4$3 3( T  *<*, 4*.5, *( # 6DdB# * ^(  Z ( #!Z.'3  Z  .' M 3  3 .IJ ( @B*,  *# (?3 :3 Y$( + # ,  M 3  3 .T .5, # ( +?T ( $1.'( #  !Y+( Z (J ( @4*,  *#D*Y&*# B**EZ:  !$3 $\@ .'-$-9Z .'3 9.'$ e*.' 9( $( ( 4& ', f  # 3 B # #    !!) 3 :', 3 ^3 3+\$', *# B*.5, * ( # 6 


 

โ€ข

.XUXOXรบXQ VDKLS ROGXรทX |]HO ELOJLOHULQ \HU DOGร•รทร• YHUL WDEDQร•Qร•

โ€ข

%DรบDUร•Vร•] YH ILQDQVDO JยoOยN LoHULVLQGHNL NXUXOXรบODUร• NXUWDUPDN

HOGHHWPHN

YH\DWDVIL\HHWPHN

)LQDQVDO.RQVROLGDV\RQXQgQยQGHNL(QJHOOHU )LQDQVDO NRQVROLGDV\RQ ELU oRN DYDQWDM VDรทODPDVร•QD NDUรบร•Oร•N

VHNW|UHO \RรทXQODรบPDODUร•Q YH\D VHNW|UยQ HWNLQ YH YHULPOL oDOร•รบPDVร•Qร•Q

|QยQGHNL HQJHOOHULQ RUWD\D NRQXOPDVร• |QHP DU] HWPHNWHGLU %X HQJHOOHULQ

WDQร•PODQPDVร• HQJHOOHULQ Dรบร•OPDVร•QD GD NDWNร• VDรทOD\DFDN YH VHNW|UGH

IDDOL\HWWH EXOXQDQ รบLUNHWOHULQ HWNLQ YH YHULPOL oDOร•รบPDVร• ELUELUOHUL DUDVร•QGDNL

UHNDEHW NRรบXOODUร•Qร•Q NRUXQPDVร• YH ILQDQVDO LVWLNUDUร•Q JยoOHQGLULOPHVLQGH

GRรทUX DGร•PODU DWร•OPDVร• VDรทODQDFDNWร•U )LQDQVDO NRQVROLGDV\RQ VยUHFLQLQ

|QยQGHNLHQJHOOHUL.ร•UPDQ  DรบDรทร•GDNLรบHNLOGHEDรบOร•NODQGร•UPร•รบWร•U

6HNW|Uย WDP UHNDEHWWHQ X]DNODรบWร•UDQ Vร•Qร•UOD\ร•Fร• Gย]HQOHPHOHU

6HNW|UH JLULรบ oร•Nร•รบODUร•Q |QยQGHNL HQJHOOHU WDVDUUXID WDP JยYHQFH

VDรทODQPDVร• NDPX EDQNDODUร•Qร•Q VHNW|UGHNL Dรทร•UOร•รทร• VHNW|Uย WDP UHNDEHWWHQ

X]DNODรบWร•UDUDNILQDQVDONRQVROLGDV\RQVยUHFLQLHQJHOOHPHNWHGLU

%DQND ELUOHรบPHOHUL YH YHUJL X\JXODPDODUร• g]HOOLNOH \DEDQFร•

รบLUNHWOHULQ

ยONHOHU

DUDVร•QGD

DQODรบPD

ROPDPDVร•

QHGHQL\OH

oLIWH

YHUJLOHQGLULOPHVL RODVร•Oร•รทร• NXUXPODU YHUJLVL GDPJD YHUJLVL EDQND YH VLJRUWD

PXDPHOHOHUL YHUJLVL KDUoODU YE YHUJLOHULQ ELUOHรบPH YH\D GHYLU VRQUDVร•QGD

EHOLUVL] ROPDVร• VDWร•ODQ รบLUNHWLQ VHUPD\HVLQLQ YHUJLOHQGLULOPHVL |QHPOL

YHUJLOHQGLUPH VRUXQODUร• RODUDN RUWD\D oร•NDELOPHNWH YH EDQND ELUOHรบPHOHULQL

HQJHOOHPHNWHGLU

6HUPD\H SL\DVDODUร•QD LOLรบNLQ Gย]HQOHPHOHU รนLUNHW KDOND Doร•NOร•N

RUDQODUร•Qร•Q GยรบยN ROPDVร• ILQDQVDO NXUXOXรบODUร•Q RUWDNOร•N \DSร•ODUร• YH EDQND

VDKLEL RODQ JUXSODUร•Q DUDODUร•QGDNL UHNDEHW KXNXNL DOW\DSร•\D JยYHQVL]OLN

ILQDQVDONRQVROLGDV\RQVยUHFLQL]RUODรบWร•UPDNWDGร•U

.ร•UPDQ   D\Uร•FD UHNDEHW \DVDODUร•Qร•Q NDWร• ROPDVร• YH UHNDEHW

NXUXOODUร•QGDQ JHUHNOL L]LQOHULQ DOร•QPDVร•Qร•Q ]RU ROPDVร•Qร• NXUXPODU DUDVร•QGDNL

NยOWยUHO IDUNOร•Oร•NODUร• YH ELUOHรบPH YH GHYUDOPDODUOD LOJLOL PXKDVHEH




 

VWDQGDUWODUร•Qร•Q WDP RODUDN EHOLUOHQPHPHVLQLQ GH XOXVDO VLVWHPOHUGH

NRQVROLGDV\RQVยUHFLQL\DYDรบODWWร•รทร•Qร•LIDGHHWPHNWHGLU

*   .ร•UPDQยถD   HN RODUDN HWNLQ ROPD\DQ YHULPVL]

SL\DVDNRรบXOODUร•Qร•X]PDQODรบPDQร•Q|QHPND]DQPDVร•Qร•Gร•รบND\QDNNXOODQร•Pร•

YH LQWHUQHWLQ JHOLรบLPLQL ILQDQVDO NRQVROLGDV\RQXQ |QยQGHNL HQJHOOHU RODUDN

LIDGH HWPHNWHGLU *   ILQDQVDO NRQVROLGDV\RQD LOLรบNLQ KD]ร•UODGร•รทร•

UDSRUGDILQDQVDO VLVWHPOHUGH \DรบDQDQ NRQVROLGDV\RQXQ JHUHNoHOHULQL WHรบYLN eden ve engelleyen etkenleri Tablo 1โ€™de รถzetlemektedir. 7$%/2.2162/รธ'$6<2181*(5(.d(/(5รธ7(รน9รธ.('(19((1*(//(<(1 (7.(1/(5

.RQVROLGDV\RQXQ 1HGHQOHUL 0DOL\HWOHUL $]DOWPD *ยGยVย  ร–lรงek ekonomisi (Aktif %ย\ยNOยรทย  .DSVDP(NRQRPLVL hUยQdHรบLWOLOLรทL   *HOLUOHUL$UWร•UPD 'DKDID]ODPยรบWHUL\H XODรบDELOPH 2QHVWRSVKRSSLQJ RODQDรทร•Qร•QVDรทODQPDVร• 

.RQVROLGDV\RQX7HรบYLN .RQVROLGDV\RQX (GHQ(WNHQOHU (QJHOOH\HQ(WNHQOHU 7HNQRORML (WNLQ ROPD\DQ YHULPVL] SL\DVDNRรบXOODUร• (QIRUPDV\RQWHNQRORMLVL  )LQDQVDO\HQLOLN

(WLFDUHW .ยUHVHOOHรบPH 8OXVDOYHXOXVODUDUDVร• SL\DVDODUGDNLROXPOXKDYD )LQDQVDOROPD\DQ รผrรผnlerin ticareti  Euronun tedavรผle JLUPHVL hUยQoHรบLWOLOLรทLDUWร•Uร•ODUDN 'HUHJยODV\RQ ULVNOHULQD]DOWร•OPDVร• 2UJDQL]DV\RQ \DSร•Vร•Qร• g]HOOHรบWLUPH GHรทLรบWLUPH 3L\DVDGDNL JยFยQ )LUPDODUร•Q ILQDQVDO DUWร•Uร•OPDVร• GXUXPX .|Wย \|QHWLP 6HUPD\H SL\DVDODUร•Qร•Q WHNQLNOHULQL WDVIL\H HWPH WUHQGL LVWHรทL

  <DVDOVร•Qร•UODPDODU 9HUJLGย]HQOHPHOHUL  

.ยOWยUHOIDUNOร•Oร•NODU

8]PDQODรบPDQร•Q |QHP ND]DQPDVร• 'ร•รบND\QDNNXOODQร•Pร• ,QWHUQHW

gGhijhkl m!npoqUr sqq1ot

)LQDQVDO.RQVROLGDV\RQ<|QWHPOHUL 8OXVDO EDQNDFร•Oร•N VLVWHPOHULQLQ \HQLGHQ \DSร•ODQGร•Uร•OPDVร•QGD DWร•ODQ

HQ |QHPOL DGร•PODUGDQ ELULVL ILQDQVDO VLVWHPLQ |]HOOLNOH EDQNDFร•Oร•N VLVWHPLQLQ

NRQVROLGDV\RQX YH UDV\RQHOOHรบWLULOPHVLGLU )LQDQVDO VLVWHPLQ NRQVROLGDV\RQX

WHPHORODUDN




 

• PHYFXW úLUNHWOHULQ NRPELQDV\RQODUÕQGDQ ELUOHúPH HGLQLP

RUWDN\DWÕUÕPYH\DVWUDWHMLNDQODúPD 

• OLGHUNXUXOXúODUÕQSL\DVDSD\ÕQÕQDUWPDVÕQGDQ • ]D\ÕI YH JoV] NXUXOXúODUÕQ WDVIL\H HGLOHUHN YH\D ELUOHúPH

DUDFÕOÕ÷Õ\ODVLVWHPGÕúÕQDoÕNDUÕOPDVÕQGDQ ND\QDNODQPDNWDGÕU %LUOHúPH

%XQODUGDQ ELULQFLVL RODQ ELUOHúPH\L PHUJHU  +DZDZLQL YH 6ZDU\

 ³ELUNXUXOXúXQNHQGLW]HONLúLOL÷LQLGH÷LúWLUHUHNELUEDúNDVÕ\ODWHNELU

\|QHWLP DOWÕQGD ELUOHúPHVL´ RODUDN WDQÕPODQPDNWDGÕU ùDK|]NDQ   LVH

ELUOHúPHOHUL ³LNL úLUNHWLQ E\PH DPDFÕ\OD YDUOÕNODUÕQÕ YH \NPOONOHULQL

ELUOHúWLUHUHN IDDOL\HWOHULQL KXNXNVDO YH HNRQRPLN DoÕGDQ WHN ELU ELUOLN KDOLQH

JHWLUPHVL YH W]HO NLúLOL÷LQ WHN ELU oDWÕ DOWÕQGD WRSODQPDVÕ´ RODUDN

WDQÕPODPDNWDGÕU

³$\QÕ FR÷UDILSL\DVDGDLúOHP\DSDQLNLUDNLSEDQNDQÕQELUOHúPHVLQH

\DWD\ ELUOHúPH YH\D SD]DU LoL ELUOHúPH KRUL]RQWDO PHUJHU  IDUNOÕ

ONHOHUGH IDDOL\HW J|VWHUHQ EDQNDODUÕQ ELUOHúPHVLQH LVH SD]DUODU DUDVÕ

ELUOHúPH LQWHUVWDWH PHUJHU ´ RODUDN WDQÕPODQPDNWDGÕU +DZDZLQL YH

6ZDU\   <DWD\ ELUOHúPHOHUGH DPDo WRSODP PDOL\HWOHUL D]DOWPDN

SL\DVD JFQ DUWÕUDUDN

rekabeti

azaltmak,

yüksek

sabit

maliyetli

IDDOL\HWOHUGH |OoHN HNRQRPLVL VD÷ODPDN UQ oHúLWOLOL÷LQL DUWÕUPDN YH

EDQNDQÕQSL\DVDGH÷HULQLDUWÕUPDNWÕU%XDPDFDXODúPDQÕQELU\ROXELUOHúPH

VRQUDVÕúXEHVD\ÕVÕQÕD]DOWPDNWÕU3D]DUODUDUDVÕELUOHúPHOHULQWHPHOLQGHLVH

IDUNOÕE|OJHOHUHYHIDUNOՁUQOHUHGD\DOÕULVNOHULYH\DPDOL\HWOHULD]DOWPDNYH

FR÷UDILE\PH\DWPDNWDGÕU 3DORPER

 

ILQDQVDO

VLVWHPGH

NRQVROLGDV\RQXQ

JHUoHNOHúPHVLQL VD÷OD\DQ ELUOHúPH oHúLWOHULQL EHú DQD EDúOÕN DOWÕQGD

VÕQÕIODQGÕUPDNWDGÕU

<DWD\%LUOHúPHYH\D3D]DUøoL%LUOHúPHOHU +RUL]RQWDO0HUJHUV 

%XELUOHúPHOHUGHLNLILUPDGDD\QÕDODQGDYHSD]DUGDIDDOL\HWJ|VWHUPHNWHGLU

$\QÕ FR÷UDIL SL\DVDGD IDDOL\HW J|VWHUHQ LNL UDNLS EDQNDQÕQ ELUOHúPHVL \DWD\ 


 

ELUOHúPHYH\DSD]DULoLELUOHúPHRODUDNDGODQGÕUÕOPDNWDGÕUùDK|]NDQ  

D\UÕFD \DWD\ ELUOHúPHOHUGH DPDFÕQ WRSODP PDOL\HWOHUL D]DOWPDN YH \NVHN

VDELW PDOL\HWOL IDDOL\HWOHUGH |OoHN HNRQRPLVLQL VD÷ODPDN ROGX÷XQX

EHOLUWPHNWHGLU %X DPDFD XODúPDQÕQ ELU \ROX ELUOHúPH VRQUDVÕ úXEH YH

SHUVRQHOVD\ÕVÕQÕD]DOWPDNWÕU

6ÕQÕU gWHVL %LUOHúPHOHU &URVV ERUGHU PHUJHUV  3D]DUODU DUDVÕ

ELUOHúPHOHULQ WHPHOLQGH LVH IDUNOÕ UQOHUH GD\DOÕ ULVNOHUL IDUNOÕ E|OJHOHUH

GD÷ÕWDUDN ULVN NRQVDQWUDV\RQXQX D]DOWPDN PDOL\HWOHUL D]DOWPDN YH FR÷UDIL

büyüme yatmaktadÕU $QFDN SD]DUODUDUDVÕ E\PH GH \DEDQFÕ EDQNDODUÕQ

WHUFLKLEHOLUOH\LFLUROR\QDPDNWDGÕU

'LNH\ %LUOHúPHOHU 9HUWLFDO PHUJHUV  %LU ILUPDQÕQ NHQGL

JLUGLOHULQLQ UHWLFLVL YH\D oÕNWÕODUÕQÕQ DOÕFÕVÕ LOH ELUOHúPHVL GLNH\ ELUOHúPH

RODUDN WDQPODQPDNWDGÕU gUQH÷LQ ELU EDQNDQÕQ VDGHFH ULVN \|QHWLPL YH\D

\D]ÕOÕP DODQÕQGD X]PDQODúPÕú ELU úLUNHWOH ELUOHúPHVL V|] NRQXVX

ELUOHúPHOHUH|UQHNRODUDNYHULOHELOLU

6ÕQÕILoL %LUOHúPHOHU &RQJHQHULF PHUJHUV  )LUPDODU DUDVÕQGD

GLNH\ YH \DWD\ ELU LOLúNL EXOXQPDPDNOD EHUDEHU ELUELUL LOH LOLQWLOL DODQODUGD

IDDOL\HW J|VWHUHQ ILUPDODUÕQ ELUOHúPHVLGLU %LU VX ILUPDVÕQÕQ JÕGD VHNW|UQGH

IDDOL\HW J|VWHUHQ EDúND ELU ILUPD LOH ELUOHúPHVL VÕQÕI LoL ELUOHúPH\H |UQHN

RODUDNYHULOHELOLU

<Õ÷ÕQ %LUOHúPHOHUL &RQJORPHUDWH PHUJHUV  %LUELUOHUL LOH X]DNWDQ

\DNÕQGDQ LOJLVL ROPD\DQ ILUPDODUÕQ ELUOHúPHOHULGLU <D]ÕOÕP VHNW|UQGH \HU

DODQ ELU úLUNHW LOH WHNVWLO VHNW|UQGH \HU DODQ ELU úLUNHWLQ ELUOHúPHVL \Õ÷ÕQ

ELUOHúPHVLQH|UQHNYHULOHELOLU

%X VÕQÕIODQGÕUPDODUÕQ \DQÕ VÕUD ELUOHúPHOHU LoLQ EDúND DGODQGÕUPDODU

GD PHYFXWWXU gUQH÷LQ LNL WDUDIÕQ GD EHUDEHUFH DQODúPDVÕ VRQXFX

JHUoHNOHúHQELUOHúPHOHUH³J|QOOELUOHúPHOHU´ IULHQGO\PHUJHUV GHQLOPHNWH

EXQD NDUúÕQ KHGHI EDQNDQÕQ \|QHWLFLOHULQLQ LVWHPHPHVLQH UD÷PHQ

JHUoHNOHúHQ ELUOHúPH \D GD VDWÕQ DOPDODU ³J|QOV] ELUOHúPH´ KRVWLOH

PHUJHUV  RODUDN DGODQGÕUÕOPDNWDGÕU %DúND ELU VÕQÕIODQGÕUPD GD ELUOHúHQ

ILUPDODUÕQ D\QÕ EQ\H LoLQGH ELUOLNWH KDUHNHW HWPHOHULQH ED÷OÕ RODUDN




 

³RSHUDV\RQHO ELUOHúPHOHU´ \D GD ELUOHúLOPHVLQH UD÷PHQ IDUNOÕ DODQODUGD

IDDOL\HWJ|VWHUHQILUPDODULoLQNXOODQÕODQ³ILQDQVDOELUOHúPHOHU´D\ÕUÕPÕGÕU 6DWÕQ$OPD

%LUOHúPHOHULQGHQ IDUNOÕ RODUDN VDWÕQ DOPD DFTXLVLWLRQ  DUDFÕOÕ÷Õ\OD

GD ILQDQVDO NRQVROLGDV\RQ \DúDQDELOPHNWHGLU 6DWÕQ DOPD NÕVDFD ELU

NXUXOXúXQ ELU EDúNDVÕQÕ GR÷UXGDQ VDWÕQ DOPDVÕ YH\D úLUNHWLQ ELU NÕVÕP

DNWLIOHULQLQ GH÷LúLPLQGHQ ND\QDNODQPDNWDGÕU 3DORPER   %LU ILQDQV

NXUXOXúXQXQGL÷HUNXUXOXúXQXQNUHGLNDUWÕSRUWI|\QVDWÕQDOPDVÕYH\DV|]

NRQXVXNXUXOXúXQWDPDPÕQÕVDWÕQDOPDVÕ|UQHNRODUDNYHULOHELOLU

 6WUDWHMLN $QODúPDODU 2UWDNOÕNODU YH -RLQW 9HQWXUH 2UWDN

<DWÕUÕP 

&DQ   RUWDN \DWÕUÕP RUWDNOÕN YH VWUDWHMLN DQODúPDODUÕ ³LNL YH\D

GDKD ID]OD úLUNHWLQ ELU HNRQRPLN IDDOL\HWL JHUoHNOHúWLUPHN LoLQ ELU DUD\D

JHOPHVL´ RODUDN WDQÕPODQPDNWDGÕU 6|] NRQXVX úLUNHWOHU IDUNOÕ IRQNVL\RQOX

SHUIRUPDQVJ|VWHUPH\LNDUDUODúWÕUPDNWDYHDVÕOIDDOL\HWDODQODUÕQGDoDOÕúPD\Õ

VUGUHELOPHNWHGLU %X WU LúOHPOHUGH VRUXPOXOXN \DSÕODQ V|]OHúPH LOH

\UWOPHNWHGLU %LUOHúPH YH HGLQLPOHUGHQ IDUNOÕ RODUDN ³MRLQW YHQWXUH´ JLEL

DQODúPDODU NDOÕFÕ GH÷LOGLU |PU \DSÕODQ V|]OHúPH\H ED÷OÕGÕU gUQHN RODUDN

+XJKHV$LUFUDIW&RLOHELUOLNWHLNL-DSRQúLUNHWL &,WDK &RYH0LWVXL -DSRQ

GHYOHWL LoLQ WHOHNRPQLNDV\RQ DPDoOÕ ROPDN ]HUH X]D\ X\GXVX \DSPD\Õ

MRLQWYHQWXUH RODUDN JHUoHNOHúWLUPHN ]HUH DQODúPÕúODUGÕU 'ROD\ÕVÕ\OD V|]

NRQXVXúLUNHWOHUNDUOÕELUDODQDGúNPDOL\HWOHUOHYHULVNOHULSD\ODúDUDNJLUPH

IÕUVDWÕ HOGH HWPLú ROXUODU $\UÕFD E\N úLUNHWOHU LOH X]PDQODúPÕú NoN YH

RUWD ER\ LúOHWPHOHULQ RUWDN Lú \DSPDODUÕQD YH ELU DPDFÕ JHUoHNOHúWLUPHOHULQH

RODQDNVD÷ODQPDNWDGÕU

$\UÕFD NUHGL NDUWÕ SD]DUODPDVÕQGD YH\D VLJRUWDFÕOÕN DODQÕQGD

oDOÕúPD\DSPDNLVWH\HQGH÷LúLNILQDQVDONXUXOXúODU\DGDILQDQVGÕúÕúLUNHWOHU

YH\D VLYLO WRSOXP NXUXOXúODUÕ ELU DUD\D JHOHUHN ³MRLQW YHQWXUH´ ROXúWXUDELOLUOHU

$PDo JHUoHNOHúWL÷LQGH ³MRLQW YHQWXUH´ RUWDGDQ NDONPDNWDGÕU ³-RLQW YHQWXUH´

RUJDQL]DV\RQXQXQ |PUQ WDUDIODU JHoHNOHúWLUHFHNOHUL DPDFD J|UH WD\LQ

HGHUOHU (÷HU WDUDIODU EXQX EHOLUOHPHPLúOHUVH DPDo JHUoHNOHúLQFH\H NDGDU “joint

venture”

organizasyonu

devam 

edecektir.

“Joint

venture”


 

RUJDQL]DV\RQXQGD WDUDIODUGDQ ELULQLQ LKPDO YH\D NDVWร•QGDQ GROD\ร• ยoยQFย

NLรบLOHULQ ]DUDUร• V|] NRQXVX ROPXรบVD ]DUDU J|UHQ NLPVHOHU ยณMRLQW YHQWXUHยดD

NDWร•ODQGLรทHUNLPVH\HGHJLGHELOPHNWHGLUOHU

/LGHU.XUXOXรบODUร•Q3L\DVD3D\ร•Qร•Q$UWPDVร• 3L\DVDGDOLGHURODQNXUXOXรบODUร•Qร•QELUOHรบPHYHHGLQLPGร•รบร•QGDEDรบDUร•Oร•

\|QHWLP YH SD]DUODPD WHNQLNOHUL JLEL NDUOร•Oร•รทร•Qร• DUWร•UDQ \|QWHPOHU VRQXFXQGD

SL\DVD SD\ร•Qร• DUWร•UPDVร• YH\D SL\DVD GHรทHULQL DUWร•UPDVร• ILQDQVDO

NRQVROLGDV\RQ \|QWHPOHULQGHQ ELULVL RODUDN NDEXO HGLOPHNWHGLU gUQHรทLQ

Demirgรผรง.XQW /HYLQH YH /DHYHQ   YH รนDK|]NDQ  

oDOร•รบPDODUร•QGD SL\DVD SD\ร•Qร•Q DUWPDVร•Qร• YH\D V|] NRQXVX NXUXOXรบODUร•Q

VHNW|UH

J|UH

GDKD

Kร•]Oร•

Eย\ยPHVLQL

JHUoHNOHรบPHVLQLVDรทODGร•รทร•Qร•EHOLUWPHNWHGLU

ILQDQVDO

NRQVROLGDV\RQXQ

7DVIL\HYHYH\DรธIODV =D\ร•I YH JยoVย] NXUXOXรบODUร•Q WDVIL\H VยUHFL LOH VLVWHP Gร•รบร•QD

oร•NDUร•OPDVร• IDUNOร•ODรบWร•UPD YH HOGHQ oร•NDUPD RODUDN LNL D\Uร• WยUGH

JHUoHNOHรบPHNWHGLU 'LรทHU ELU LIDGH LOH NXUXOXรบODUร•Q RUWDNOร•N \DSร•ODUร•

GHรทLรบPHNWHGLU)DUNOร•ODรบWร•UPDGDILQDQVDONXUXOXรบXQVDKLSOLN\DSร•Vร•Qร•QRUDQVDO

GDรทร•Oร•Pร• GHรทLรบPHNWHGLU (OGHQ oร•NDUPDGD LVH SD\ VDKLSOHUL \HQL ROXรบXPXQ

KHUKDQJL ELU SDUoDVร•QGD EXOXQPDPDNWD YH \HQL ELU LGDUL \DSร• ROXรบWXUXOPDNWDGร•U .XUXOXรบXQ VLVWHP Gร•รบร•QD oร•NDUร•OPDVร• VRQXFXQGD GLรทHU

NXUXOXรบODUร•QSD\ร•DUWPDNWDYHVHNW|UGHNRQVROLGDV\RQJHUoHNOHรบPHNWHGLU )LQDQVDO.RQVROLGDV\RQ%HNOHQWLOHUL

*   JHOLรบPLรบ ยONHOHUGH JHOHFHNWHNL ILQDQVDO NRQVROLGDV\RQ

EHNOHQWLOHULQH LOLรบNLQ ELU DQNHW Gย]HQOHPLรบOHUGLU %X DQNHWLQ VRQXoODUร•

LQFHOHQGLรทLQGHDรบDรทร•GDNLVRQXoODUร•QHOGHHGLOGLรทLWHVSLWHGLOPHNWHGLU โ€ข

$%'ยถGH DQNHWH NDWร•ODQODU NRQVROLGDV\RQ VยUHFLQLQ GHYDP

HGHFHรทLQL DQFDN EDQNDODU DUDVร•QGD NRQVROLGDV\RQXQ \DYDรบOD\DFDรทร•Qร•

EHNOHPHNWHGLUOHU $\Uร•FD $%' HNRQRPLVLQGH FDQODQPDQร•Q \DYDรบODPDVร•

GXUXPXQGD VLJRUWDFร•Oร•N VHNW|UยQGH FLGGL ELUOHรบPHOHU EHNOHGLNOHULQL GH

Doร•NODPร•รบODUGร•U $\Uร•FD VWUDWHMLN DQODรบPDODUร•Q |QHP ND]DQDFDรทร•Qร• GD

EHOLUWPLรบOHUGLU




 

โ€ข

.DQDGDยถGD DQNHWH NDWร•ODQODU ILQDQVDO NRQVROLGDV\RQXQ ILQDQVDO

VLVWHPGH HWNLQOLรทLQ YH LVWLNUDUร•Q VDรทODQPDVร•QGD ELU ]RUXQOXOXN ROGXรทXQX

YXUJXODPร•รบYHEย\ยNEDQNDODUDUDVร•QGDELUNDo\ร•OLoHULVLQGHFLGGLELUOHรบPHOHU

EHNOHGLNOHULQL

V|\OHPLรบOHUGLU

$QFDN

+ยNยPHW

UHNDEHWLQ

ROXPVX]

HWNLOHQHFHรทLQH LOLรบNLQ ND\Jร•ODUร• QHGHQL\OH Eย\ยN EDQNDODU DUDVร•QGD

ELUOHรบPH\H L]LQ YHUPHPHNWHGLU 6LJRUWDFร•Oร•N VHNW|UยQGH LVH NRQVROLGDV\RQ

EHNOHQPHPHNWHGLU โ€ข

-DSRQ\DยถGD DQNHWH NDWร•ODQODU NRQVROLGDV\RQXQ Kร•]ODQDFDรทร•Qร•

โ€ข

)UDQVDยถGD LVH HYUHQVHO EDQNDFร•Oร•รทร•Q |QHPLQL \LWLUGLรทL YH GDKD

EHNOHPHNWHGLUOHU

X]PDQ EDQNDFร•Oร•รทD \DWร•Uร•P EDQNDFร•Oร•รทร• YH\D SHUDNHQGH EDQNDFร•Oร•รทร•  GRรทUX

ELU\|QHOLPRODFDรทร•DQNHWHNDWร•ODQODUFDEHOLUWLOPLรบWLU โ€ข

$OPDQ\DยถGD LVH |]HOOLNOH XOXVODUDUDVร• ILQDQVDO NRQVROLGDV\RQXQ

Kร•]ODQDFDรทร• J|UยรบยQH \HU YHULOLUNHQ XOXVDO SL\DVDODUGD GD \HQL ELUOHรบPHOHU

EHNOHQGLรทLEHOLUWLOPLรบWLU โ€ข

รธWDO\DยถGD orta ve kรผรงรผk รถlรงekli bankalarda ulusal dรผzeyde

NRQVROLGDV\RQ VยUHFLQLQ JHUoHNOHรบHFHรทL EHNOHQPHNWHGLU 'LรทHU \DQGDQ

EDQNDFร•Oร•รทร•Q IDL] Gร•รบร• JHOLU VDรทOD\DQ VDKDODUD YH X]PDQODรบPD\D \|QHOHFHรทL

GHX]PDQODUFDYXUJXODQPร•รบWร•U โ€ข

รธQJLOWHUHยถGH LVH |]HOOLNOH EDQNDFร•Oร•N VHNW|UยQGH ELUOHรบPHOHU

\DรบDQPDVร• EHNOHQPHNWHGLU 6LJRUWDFร•Oร•N VHNW|UยQGH GH NRQVROLGDV\RQ

VยUHFLQLQNDoร•Qร•OPD]ROGXรทXYXUJXODQPร•รบWร•U โ€ข

%HOoLNDยถGD GD DQNHWH NDWร•ODQODU NRQVROLGDV\RQ VยUHFLQLQ GHYDP

HGHFHรทLQL EHNOHPHNWHGLU $QFDN ILQDQVDO VHNW|UGH \DรบDQDQ EX \HQLGHQ

\DSร•ODQPDQร•Q HQIRUPDV\RQ WHNQRORMLVLQGHNL JHOLรบLP LOH LOJLOL ROGXรทX GD

YXUJXODQPร•รบWร•U โ€ข

+ROODQGDยถGD HQIRUPDV\RQ WHNQRORMLVLQGHNL JHOLรบLPLQ Kร•]ร•QD EDรทOร•

RODUDN ILQDQVDO VLVWHPGH NRQVROLGDV\RQXQ GHYDP HWPHVLQLQ EHNOHQGLรทL

YXUJXODQPร•รบWร•U




 

โ€ข

รธVSDQ\DยถGD LVH Eย\ยN NXUXOXรบODU DUDVร•QGD HGLQLP YH ELUOHรบPH

EHNOHQPHGLรทL DQFDN NยoยN YH RUWD |OoHNOL EDQNDODUGD ELUOHรบPHOHU

\DรบDQDELOHFHรทLEHOLUWLOPLรบWLU โ€ข

รธVYHoยถWH LVH Nร•WD $YUXSDยถVร•QGD ELUOHรบHQ Eย\ยN รบLUNHWOHULQ XOXVDO

โ€ข

รธVYLoUHยถGH LVH XOXVDO ED]GD NRQVROLGDV\RQ EHNOHQPHPHNOH ELUOLNWH

ILQDQVDONXUXOXรบODUร•GHYUDOPDVร•Qร•EHNOHQPHNWHGLU

Vร•Qร•U |WHVL HGLQLPOHULQ DUWDFDรทร• GยรบยQFHVL Dรทร•U EDVPDNWDGร•U 'LรทHU \DQGDQ

NDPX EDQNDODUร•Qร•Q |]HOOHรบWLULOPHVLQLQ GHYDP HWPHVL GXUXPXQGD XOXVDO

Gย]H\GHNRQVROLGDV\RQ\DรบDQDELOHFHรทLGHEHOLUWLOPLรบWLU

$\Uร•FD %DVHO ,, 8]ODรบร•Vร•ยถQร•Q  \ร•Oร•QGD X\JXODPD\D JHoPHVL LOH

ELUOLNWH ULVNOHULQL L\L \|QHWHPH\HQ EDQNDODUร•Q VHUPD\H LKWL\DoODUร•Qร•Q DUWDFDรทร•

YH ULVN \|QHWLP WHNQLNOHULQL JHOLรบWLUPLรบ RODQ VRILVWLNH EDQNDODUร•Q VHUPD\H

LKWL\DFร•Qร•Q D]DODFDรทร• J|] |QยQGH EXOXQGXUXOGXรทXQGD ULVNOHULQL L\L

\|QHWHPH\HQ EDQNDODUร•Q \HQL G|QHPH D\DN X\GXUPDNWD ]RUODQDFDNODUร• YH

GDKD ID]OD VHUPD\H EXOXQGXUPDN ]RUXQGD NDODFDNODUร• EHOLULOPHNWHGLU .ยoยN

EDQNDODUร•Q VRILVWLNH EDQNDODUD J|UH ULVNOHULQL GDKD L\L \|QHWHPHGLNOHUL YDU

VD\ร•Pร•DOWร•QGDDUWร•NR\XQXQNXUDOODUร•Qร•QHรบLWRODUDNX\JXODQPD\DFDรทร•VRQXFX

%HQLQN   WDUDIร•QGDQ LGGLD HGLOPHNWHGLU %X YDUVD\ร•P DOWร•QGD GD oHรบLWOL

oDOร•รบPDODUGD %DVHO ,,ยถQLQ ILQDQVDO NRQVROLGDV\RQXQ Kร•]ODQPDVร•QD QHGHQ

RODFDรทร•EHOLUWLOPHNWHGLU %HQLQN  6RQXo

)LQDQVDO NRQVROLGDV\RQ EDQNDFร•Oร•N VHNW|UยQGHNL HQ |QHPOL \DSร•VDO

GHรทLรบLPOHUGHQ ELULVL RODUDN LIDGH HGLOPHNWH YH oHรบLWOL ยONHOHUGHNL X]PDQODUFD

JHOHFHNWH

GH

ILQDQVDO

YXUJXODQPDNWDGร•U

NRQVROLGDV\RQ

VยUHFLQLQ

GHYDP

HGHFHรทL

(WNLQ YH YHULPOL oDOร•รบPD\DQ ELU VHNW|UGH IDDOL\HW J|VWHUHQ ILUPD

VD\ร•Vร•QGDNL D]DOPD VRQXFXQGD ILQDQVDO ND\QDNODUร•Q GDKD Vร•Nร• NRQWURO

HGLOPHVLQL YH HWNLQ YH YHULPOL NXOODQร•OPDVร• YH\D OLGHU NXUXOXรบODUร•Q SL\DVD

SD\ร•Qร•Q DUWPDVร• ILQDQVDO NRQVROLGDV\RQ RODUDN WDQร•PODPDNWDGร•U dDOร•รบPDGD

GDDQDOL]OHU,0)ยถQLQ  EXWDQร•Pร•oHUoHYHVLQGH\DSร•ODFDNWร•U




 

)LQDQVDO NRQVROLGDV\RQX WHรบYLN HGHQ WHPHO HWNHQOHU |]HW RODUDN

|OoHN HNRQRPLVL VDรทOD\DUDN LรบOHP PDOL\HWOHULQL GยรบยUPHN ยUยQ YH KL]PHW

\HOSD]HVLQL oHรบLWOHQGLUPHN SD]DU SD\ร•Qร• DUWร•UPDN JLUGL IL\DWODUร•Qร• GยรบยUPHN

YHUJL NROD\Oร•NODUร•QGDQ ID\GDODQPDN EDรบDUร•Vร•] YH ILQDQVDO JยoOยN LoHULVLQGHNL

NXUXOXรบODUร• NXUWDUPDN RODUDN NDEXO HGLOPHNWHGLU )LQDQVDO NRQVROLGDV\RQXQ

|QยQGHNL HQJHOOHU HWNLQ ROPD\DQ YHULPVL] SL\DVD NRรบXOODUร• \DVDO

Vร•Qร•UODPDODU YHUJL Gย]HQOHPHOHUL NยOWยUHO IDUNOร•Oร•NODU X]PDQODรบPDQร•Q |QHP

ND]DQPDVร•Gร•รบND\QDNNXOODQร•Pร•YHLQWHUQHWRODUDNLIDGHHGLOPHNWHGLU

*   DQNHWLQLQ VRQXoODUร•QD J|UH LVH )UDQVD Gร•รบร•QGDNL WยP

ยONHOHULQ X]PDQODUร• |QยPย]GHNL G|QHPGH KHP XOXVDO KHP GH XOXVODUDUDVร•

DODQGD

ILQDQVDO

NRQVROLGDV\RQXQ

GHYDP

HGHFHรทLQL

|QJ|UPHNWHGLU

)UDQVDยถGDNL X]PDQODU LVH ILQDQVDO NXUXOXรบODUร•Q X]PDQODรบPD\D \|QHOHFHรทLQL

YH ILQDQVDO NRQVROLGDV\RQ \DรบDQPD\DFDรทร•Qร• EHNOHPHNWHGLU %X oHUoHYHGH

DQNHWWHNL JHQHO EHNOHQWL YH %DVHO ,,ยถQLQ  \ร•Oร•QGDQ LWLEDUHQ X\JXODPD\D

JHoHFHรทL J|] |QยQGH EXOXQGXUXOGXรทXQGD ยONHPL]GH GH OLGHU NXUXOXรบODUร•Q

WRSODP DNWLIOHULQLQ VHNW|U LoLQGHNL SD\ร•Qร•Q DUWPDVร• VRQXFXQGD VHktรถrde

\RรทXQODรบPDQร•Q DUWPDVร• YH ILQDQVDO NRQVROLGDV\RQ VยUHFLQLQ GHYDP HWPHVL

EHNOHQPHNWHGLU




 



รธ.รธ1&รธ%g/h0 )รธ1$16$/.2162/รธ'$6<21818/86$/(.2120รธ/(5h=(5รธ1'(.รธ 2/$6,(7.รธ/(5รธ

8OXVODUDUDVร• DODQGD oRN VD\ร•GD X\JXODPD |UQHรทL \DQร•QGD OLWHUDWยU

]HQJLQOLรทL GH EXOXQDQ ILQDQVDO VHNW|UGH NRQVROLGDV\RQ DODQร•QGD 7ยUNL\HยถGH

GH |]HOOLNOH EDQND ELUOHรบPHOHUL YH GHYUDOPDODUร• YH |OoHN HNRQRPLVL DGร•

DOWร•QGD X\JXODPD |UQHNOHULQH GD\DOร• |QHPOL oDOร•รบPDODU EXOXQPDNWDGร•U Finansal

konsolidasyon

konusuna

gรถsterilen

bu

ilgi,

NRQXQXQ KHP

DNDGHPLV\HQOHU KHP GH SROLWLND \DSร•Fร•ODU WDUDIร•QGDQ PDOL VHNW|UยQ Gร•รบ

รบRNODUD NDUรบร• GD\DQร•NOร•Oร•รทร•Qร•Q DUWร•Uร•OPDVร• Doร•Vร•QGDQ |QHP YHULOGLรทLQL

J|VWHUPHNWHGLUhONHPL]GHGHILQDQVDONRQVROLGDV\RQXQVHNW|UยQVDรทODPELU

\DSร•\D XODรบPDVร•QGD o|]ยP RODUDN DOJร•ODQPDVร• |]HOOLNOH ยONHPL]GH VRQ

G|QHPGH \DรบDQDQ .DVร•P  YH รนXEDW  NUL]OHULQLQ DUGร•QGDQ GDKD GD

DUWPร•รบWร•U %X DOJร•ODPDQร•Q WHPHOLQGHLVHILQDQVDONRQVROLGDV\RQXQHWNLQOLรทLYH

YHULPOLOLรทL DUWร•UGร•รทร• YH NUL]OHUH NDUรบร• HNRQRPLQLQ GD\DQร•NOร•Oร•รทร•Qร• DUWร•UDUDN

ILQDQVDOVLVWHPLQLVWLNUDUร•QDNDWNร•VDรทODGร•รทร•GยรบยQFHVLGLU

%X GยรบยQFHOHULQ GRรทUXOXรทXQD GDLU oDOร•รบPDODU LVH ILQDQVDO

NRQVROLGDV\RQXQ ILQDQVDO VLVWHPLQ HWNLQOLรทLQH YH YHULPOLรทLQH VDรทODGร•รทร•

NDWNร•ODU DGร• DOWร•QGD dLOOL   =DLP   3DORPER 997), ร–zkan ve Gรผnay (1998), Berger ve Hannan (1998), Mishkin (1998 ve 1999), ร‡ankaya

YH g]   <DNร•Fร• YH dDQND\D   $PHO %DUQHV 3DQHWWD YH 6DOOHR

  WDUDIร•QGDQ HOH DOร•QPDNWDGร•U )LQDQVDO NRQVROLGDV\RQXQ UHNDEHW

NRรบXOODUร•QD HWNLOHUL $\Gร•QOร•   'HQL]HU   0LVKNLQ   $QJHOLQL

YH &HWRUHOOL   *ยQDO   YH รนDK|]NDQ   JLEL oDOร•รบPDODU

WDUDIร•QGDQ YXUJXODQPDNWDGร•U )LQDQVDO NRQVROLGDV\RQXQ ILQDQVDO LVWLNUDUD

HWNLOHUL DODQร•QGD \DSร•ODQ oDOร•รบPDODUGD LVH OLWHUDWยUGH 0HUFDQ YH <RODODQ

(2000), Serdar, Zenginobuz ve Orhan (2001), Beck, Demirgรผรง.XQW YH

/HYLQH  YH$OOHQYH*DOH  JLEL|UQHNOHUNDUรบร•Pร•]Doร•NPDNWDGร•U 


 

$PSLULNdDOร•รบPDODUYH6RQXoODUร• )LQDQVDO NRQVROLGDV\RQXQ XOXVDO HNRQRPLOHUL QDVร•O HWNLOHGLรทL

NRQXVXQGD ย]HULQGH HQ oRN GXUXODQ NRQX EDรบOร•NODUร• HWNLQOLN YH YHULPOLOLN

UHNDEHW NRรบXOODUร• YH ILQDQVDO LVWLNUDU NRQXODUร•Gร•U (WNLQOLN YHULPOLOLN UHNDEHW

NRรบXOODUร• YH ILQDQVDO LVWLNUDU DUDVร•QGD \RรทXQ ELU LOLรบNL ROGXรทX 0LVKNLQ 

YH  *  )LWFK   YH ELUOLNWH LUGHOHQGLรทL ELOLQVH GH EX

E|OยPGHILQDQVDONRQVROLGDV\RQXQYHULPOLOLNYHHWNLQOLรทHUHNDEHWNRรบXOODUร•QD

YH ILQDQVDO LVWLNUDUD HWNLOHULQH LOLรบNLQ OLWHUDWยUGHNL oDOร•รบPDODUร•Q LQFHOHPHVL

\DSร•OPDNWDGร•U

(WNLQOLรทHYH9HULPOLOLรทH(WNLOHUL )LQDQVDO NRQVROLGDV\RQXQ HWNLQOLN YH YHULPOLOLรทH HWNLOHULQL RUWD\D

NR\PDGDQ |QFH HWNLQOLรทL YH YHULPOLOLรทL WDQร•PODPDN ID\GDOร• RODFDNWร•U (WNLQOLN

JLUGLOHULQ YH oร•NWร•ODUร•Q \DUDWWร•รทร• VRQXoODUร• LIDGH HWPHNWHGLU gUQHรทLQ oร•NWร•ODUร•Q

LVWHQHQHWNL\L\DUDWPDVร•HWNLQOLรทLQVDรทODQGร•รทร•Qร•LIDGHHWPHNWHGLU9HULPOLOLNLVH

ND\QDNODU LOH QH ยUHWLOGLรทL LOH LOLรบNLOLGLU 9HULPOLOLรทLQ |OoยOPHVL DVOร•QGD

ยUHWNHQOLรทLQ|OoยOPHVLGLU

)LQDQVDO NRQVROLGDV\RQ LOH HWNLQOLN YH YHULPOLOLN DUDVร•QGDNL LOLรบNL dLOOL

  WDUDIร•QGDQ RUWD\D NRQXOPXรบWXU dLOOL   1991 dรถnemi

LWLEDUL\OH  |]HO WLFDUL EDQNDQร•Q YHULOHULQL NXOODQDUDN oRN ยUยQOย

PXOWLSURGXFW  ELU PDOL\HW IRQNVL\RQX DUDFร•Oร•รทร•\OD 7ยUN EDQNDFร•Oร•N VLVWHPLQGH

|OoHN YH NDSVDP HNRQRPLOHULQLQ YDUOร•รทร•Qร• LQFHOHPLรบWLU dDOร•รบPD รผรง girdi

PHYGXDW \XUW Gร•รบร• NUHGLOHU YH LรบJยFย  YH LNL oร•NWร• NUHGL YH PHQNXOGHรทHUOHU

Fย]GDQร•  LoHUPHNWHGLU  YH  NDWULO\RQ 7/ DNWLI Eย\ยNOยNOHULQGH |OoHN

HNRQRPLVLQLQ WยNHQGLรทL DQODรบร•OPร•รบWร•U %XQD J|UH dLOOL   EDQNDFร•Oร•N

sisteminde bรผyรผk bDQNDODUร•Q NยoยN EDQNDODUD J|UH PDOL\HW Doร•Vร•QGDQ ELU

DYDQWDMODUร• EXOXQPDGร•รทร•Qร• J|VWHUPHNWHGLU %LU GLรทHU VRQXo VHNW|UยQ ยUHWLPL

DUWร•UPDVร• VRQUDVร•QGD PDOL\HWOHULQ GDKD GD Kร•]Oร• DUWPDVร•Gร•U 'LรทHU \DQGDQ

NยoยNEDQNDODULoLQoร•NWร•ODUร•DUWร•UPDQร•Q|QHPOLELUPDOL\HWDYDQWDMร•V|]NRQXVX

LNHQ Eย\ยN EDQNDODU LoLQ WHUVLQLQ V|] NRQXVX ROPDVร• D\Uร• ELU VRQXoWXU

$\Uร•FD RUWD Eย\ยNOยNWHNL EDQNDODU LoLQ |OoHรทLQ VDELW JHWLULVL ROGXรทX

EXOXQPXรบWXU %LU EDรบND VRQXo LVH EDQNDODUร•Q PDOL\HW \DSร•Vร•Qร• GHรทLรบHQ

NRรบXOODUD X\JXQ KDOH JHWLUHPHPHOHULGLU )LQDQVDO VHUEHVWOHรบPHQLQ EDรบDUร•Oร• 


 

ROGXรทX UHNDEHWLQ DUWWร•รทร• YH Eย\ยN EDQNDODUร•Q NยoยN EDQNDODUD J|UH PDOL\HW

DYDQWDMODUร•Qร•QNDOPDGร•รทร•ELUD\Uร•VRQXoWXU

$OWXQEDรบ YH 0RO\QHX[   oDOร•รบPDODUร•QGD 7ยUN EDQNDFร•Oร•N

sektรถrรผnรผn 1988 \ร•OODUร• DUDVร•QGDNL SHUIRUPDQVร•Qร• VHNW|UยQ HWNLQOLรทLQL

YH YHULPOLOLรทLQL |OoHUHN DQDOL] HWPLรบOHUGLU $QFDN EX oDOร•รบPDGD HWNLQOLN YH

YHULPOLOLN D\Qร• EDรบOร•N DOWร•QGD LQFHOHQPLรบWLU 7RSODP JLGHUOHULQ WRSODP JHOLUOHUH

RUDQร•WRSODPJLGHUOHULQWRSODPDNWLIOHUHRUDQร•YHSHUVRQHOJLGHUOHULQLQWRSODP

JLGHUOHUH RUDQร•Qร• NXOODQDUDN 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ HWNLQOLรทLQL YH

YHULPOLOLรทLQL |OoPH\H oDOร•รบPร•รบODUGร•U 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ $% $YUXSD

%LUOLรทL  EDQNDODUร•\OD Nร•\DVODQPDVร• GD EX oDOร•รบPDGD \DSร•OPDNWDGร•U 7ยUN

EDQNDFร•Oร•N VLVWHPLQLQ $% EDQNDODUร•QD RUDQOD GDKD NDUOร• IDNDW GDKD D] HWNLQ

YH YHULPOL ROGXรทX EXOJXODQPDNWDGร•U $\Uร•FD 7ยUN EDQNDODUร•Qร•Q GDKD HPHN

\RรทXQ oDOร•รบWร•NODUร• YH |OoHNOHULQLQ $% EDQNDODUร•QD J|UH oRN NยoยN ROPDVร•Qร•Q

GD XOXVODUDUDVร• UHNDEHW Doร•Vร•QGDQ GH]DYDQWDM \DUDWWร•รทร• oDOร•รบPDQร•Q GLรทHU

EXOJXODUร•DUDVร•QGDEXOXQPDNWDGร•U

=DLP   ILQDQVDO VHUEHVWOHรบPHQLQ 7ยUN EDQNDFร•Oร•N VHNW|UยQH

etkilerini mikro dรผzeyde nonSDUDPHWULN Vร•Qร•U \|QWHPL QRQSDUDPHWULF

IURQWLHU PHWKRGRORJ\  LOH LQFHOHPLรบWLU $UDFร•Oร•N LQWHUPHGLDWLRQ  \DNODรบร•Pร•Qร•Q

NXOODQร•OGร•รทร•oDOร•รบPDJLUGLRODUDNSHUVRQHOVD\ร•Vร•IDL]YHDPRUWLVPDQJLGHUOHUL

LOH NXOODQร•ODQ VDUI PDO]HPHOHULQL oร•NWร• RODUDN LVH PHYGXDW YH NUHGL

Eย\ยNOยNOHULQL NDEXO HWPHNWHGLU 7DP ILQDQVDO VHUEHVWOHรบPH |QFHVL  

  G|QHPL LOH WDP VHUEHVWOHรบPH VRQUDVร• ELU \ร•O   |UQHN G|QHP

RODUDN DOร•QPร•รบWร•U  G|QHPL LoLQ  EDQND  \ร•Oร• LoLQ GH 

EDQND VHoLOPLรบWLU dDOร•รบPD    G|QHPL DUDVร•QGD 7ยUN EDQNDFร•Oร•N

VHNW|UยQGHWHNQLNHWNLQOLรทLQDUWร•รบKร•]ร•Qร•QRUWDODPD\ย]GHROGXรทXQXD\Uร•FD

]DPDQ LoLQGH EDQNDODUร•Q NHQGL DUDODUร•QGDNL HWNLQOLN IDUNODUร•Qร•Q GD D]DOGร•รทร•Qร•

EXOJXODPDNWDGร•U gWH \DQGDQ |]HO EDQNDODUGDNL HWNLQOLN \DEDQFร• YH NDPX

EDQNDODUร•QGDQGDKDKร•]Oร•DUWPร•รบVDGDNDPXEDQNDODUร•JHQHOGHGDKDHWNLQGLU

%XQXQ WHPHO QHGHQL RODUDN LVH NDPX EDQNDODUร•Qร•Q \D\Jร•Q รบXEH Dรทร•

DUDFร•Oร•รทร•\OD PHYGXDW WRSODPDGDNL EDรบDUร•Vร• WHFKQLFDO HIILFLHQF\  YH WRSODGร•รทร•

PHYGXDWODUร• Kร•]OD NUHGL\H G|QยรบWยUPHVLQGHQ ND\QDNODQPDNWDGร•U $QFDN

NDPX EDQNDODUร• GD EX ND\QDNODUร• HWNLQ NXOODQPDNWD DOORFDWLYH LQHIILFLHQF\ 




 

GDKD EDรบDUร•Vร•]Gร•U %LU GLรทHU |QHPOL EXOJX GD EDQNDFร•Oร•N VLVWHPLQLQ RSWLPDO

|OoHNEย\ยNOยรทยQHKร•]ODX\XPVDรทODGร•รทร•Gร•U

u (UWXรทUXO YH =DLP   SDUDPHWULN ROPD\DQ  ยUHWLP Vร•Qร•Uร•

\DNODรบร•Pร•Qร• NXOODQDUDN 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ HWNLQOLรทLQLQ NDQWLWDWLI

DQDOL]LQL \DSPร•รบODUGร•U dDOร•รบPDQร•Q VRQXoODUร•QD J|UH 7ยUN EDQNDFร•Oร•N

VHNW|UยQยQHWNLQOLรทLยถGHQLWLEDUHQGย]HOPLรบYHG|QHPOHULQGH

\ย]GHLOH\ย]GHDUDVร•QGDDUWPร•รบWร•U\ร•Oร•QGDLVH\ร•Oร•QDJ|UH

yรผzde  LOH \ย]GH  DUDVร•QGD JHULOHPLรบWLU 7HNQLN HWNLQVL]OLN EDNร•Pร•QGDQ

LVH |]HO EDQNDODUร•Q NDPX EDQNDODUร•Qร•Q oRN ยVWยQGH ROGXรทX RUWD\D

NRQXOPDNWDGร•U$QFDNNDPXYH|]HOVHNW|UEDQNDODUร•EDNร•Pร•QGDQHWNLQVL]OLN

HQGHNVOHUL\ร•Oร•QGDQLWLEDUHQWHUVLQHG|QPHNWHGLU.DPXEDQNDODUร•WHNQLN

HWNLQOLN NRQXVXQGD ยVWยQOยNOHULQL ND\EHWPLรบOHUGLU $\Uร•FD VWDQGDUW VDSPDODU

GD DUWPร•รบ VHNW|UGH KRPRMHQOLN GH D]DOPร•รบWร•U %ยWยQ |OoHรทH J|UH JHWLUL

YDUVD\ร•PODUร•QGD |]HO VHNW|U EDQNDODUร• LoLQ KHVDSODQDQ WHNQLN HWNLQOLN

NDWVD\ร•ODUร•NDPXEDQNDODUร•Qร•Qย]HULQGHEXOXQPXรบWXU

3DORPER   EDQNDODUร•Q ELUOHรบPH YH\D VDWร•Q DOPD G|QHPOHUL

|QFHVL YH VRQUDVร• HWNLQOLN YH NDUOร•Oร•NODUร•Qร• NDUรบร•ODรบWร•UDUDN ELUOHรบPHOHULQ

EDQNDODUร• EDQNDFร•Oร•N VHNW|UยQย YH HNRQRPL\L QDVร•O HWNLOHGLรทLQL LQFHOHPLรบWLU

dDOร•รบPDQร•Q VRQXoODUร•QD J|UH D\Qร• Eย\ยNOยNWHNL NยoยN EDQNDODUร•Q

ELUOHรบPHOHUL VRQXFXQGD VLQHUML \ROX\OD EUยW JHOLU DUWร•รบร• VDรทODQGร•รทร• YH HWNLQ

oDOร•รบDPD\DQ YH\D \HWHUOL SHUIRUPDQV J|VWHUHPH\HQ NยoยN EDQNDODUร•Q

SHUIRUPDQVODUร•Qร• Gย]HOWWLรทL J|UยOPยรบWยU $\Uร•FD Eย\ยN EDQNDODUร•Q \DWD\

ELUOHรบPHVLQLQ IL\DWODU YH UHNDEHWL ROXPVX] \|QGH HWNLOH\HELOPHVL QHGHQL\OH

EDQNDFร•Oร•NVHNW|UยYHHNRQRPLDoร•Vร•QGDQQHWUHIDKDUWร•รบร•Qร•QYDUOร•รทร•Qร•QรบยSKHOL

ROGXรทX EXOJXODQPDNWDGร•U (WNLQOLN ย]HULQH oร•NDQ VRQXoODUGD ELUOHรบPHOHULQ

JHQHOGH HWNLQOLรทL DUWWร•Uร•Fร• ELU HWNLVLQLQ ROPDGร•รทร• DQFDN ELUOHรบPH VRQUDVร•QGD

ED]ร•PDOL\HWNDOHPOHULQGHGยรบยรบยQROGXรทXJ|UยOPHNWHGLU

g]NDQ   EDQNDFร•Oร•N VLVWHPLQGH |OoHN HNRQRPLVLQLQ EXOXQXS

EXOXQPDGร•รทร•Qร•LQFHOHPLรบOHUGLUdDOร•รบPDQร•QVRQXoODUร•QDJ|UH7ยUNEDQNDFร•Oร•N

VHNW|UยQGH |OoHรทLQ DUWDQ JHWLULVL ROPDGร•รทร•Qร• YH\D 7ยUN EDQNDODUร• LoLQ |OoHN

HNRQRPLVLQLQ EXOXQPDGร•รทร•Qร• WHVSLW HWPLรบOHUGLU .ยoยN EDQNDODU LoLQ oร•NWร•ODUร•  v K? # B*, # ( .w ! x \', *9 *# y\ # *. *z$3 $3 x 3e!, *!, ( .$'*b # +#  9 !{\, *9(> # . ,   3 9 !.5, 3 # 6 


 

DUWร•UPDQร•Q|QHPOLELUPDOL\HWDYDQWDMร•V|]NRQXVXLNHQRUWDYHEย\ยN|OoHNOL

EDQNDODU LoLQ WHUVLQLQ V|] NRQXVX ROGXรทX EXOJXODQPร•รบWร•U g]NDQ  

dLOOLยถGHQ  IDUNOร•RODUDNRUWD|OoHNOLEDQNDODULoLQVDELWJHWLULOL|OoHNGHรทLO

|OoHรทLQD]DODQJHWLULVLROGXรทXQXEXOJXODPร•รบODUGร•U

0LVKNLQ   $%'ยถQGH VRQ  \ร•OGร•U \DรบDQDQ ILQDQVDO

NRQVROLGDV\RQXQ QHGHQOHULQL EDQNDFร•Oร•N VLVWHPLQH HWNLOHULQL YH EDQNDFร•Oร•N

VHNW|UยQยQ|QยPย]GHNLG|QHPOHUGHQDVร•OรบHNLOOHQHFHรทLQLLQFHOHPLรบWLU

\ร•OODUร•DUDVร•QGD$%'ยถQGHIDDOL\HWJ|VWHUHQWLFDULEDQNDVD\ร•Vร•Qร•Q

  DUDVร•QGD ROGXรทX DQFDN  VRQUDVร•QGD UHNDEHWLQ DUWPDVร• LOH

ELUOLNWHEDQNDVD\ร•Vร•QGDD]DOPD\DรบDQGร•รทร•Qร•EHOLUWPLรบWLU6|]NRQXVXILQDQVDO

NRQVROLGDV\RQ GDOJDVร•Qร•Q VRQXFXQGD oRN Eย\ยN EDQNDODUร•Q VHNW|UGH

SD\ODUร•Qร• DUWร•UDUDN OLGHUOLรทL ยVWOHQGLรทLQL YH EDQNDFร•Oร•N VHNW|Uย ย]HULQGH

EDWPD\DFDN NDGDU Eย\ยN EDVNร•Vร• GD\DWWร•รทร•Qร• YXUJXODPร•รบWร•U %DQNDFร•Oร•N

VLVWHPLQGH \DรบDQDQ NRQVROLGDV\RQXQ |OoHN HNRQRPLVLQLQ VDรทODGร•รทร•

DYDQWDMODUODPDOL\HWOHULGยรบยUPHVLQLQHWNLQOLรทLYHYHULPOLOLรทLDUWร•UGร•รทร•oDOร•รบPDGD

YXUJXODQPร•รบWร•U $\Uร•FD NRQVROLGDV\RQXQ EDQNDODUร•Q SRUWI|\ \DSร•Vร•Qร•Q

oHรบLWOLOLรทLQL DUWร•UPDVร• QHGHQL\OH PDOL EยQ\HOHULQLQ GDKD GD\DQร•NOร• KDOH JHOGLรทL

EHOLUWLOPLรบWLU

dRODN YH .ร•Oร•oNDSODQ   7ยUN WLFDUHW EDQNDODUร•Qร•Q PDOL\HW

\DSร•ODUร•Qร• WUDQVORJ PDOL\HW IRQNVL\RQX DUDFร•Oร•รทร•\OD LQFHOHPLรบOHUGLU %X PRGHOL kullanarak Tรผrkiyeโ€™de ticari bankalar iรงin รถlรงek ekonomisinin geรงerli olup

ROPDGร•รทร• DUDรบWร•Uร•OPร•รบWร•U dDOร•รบPDODUร•Qร•Q VRQXFXQGD Eย\ยN |OoHNOLEDQNDODUGD

D]DODQ JHWLULQLQ V|] NRQXVX ROGXรทX EXQD NDUรบร•Oร•N DNWLI Eย\ยNOยรทย QHGHQL LOH

kรผรงรผk EDQNDRODUDNQLWHOHQGLULOHQEDQNDODUGD|OoHรทHJ|UHDUWDQJHWLULROGXรทX

EXOXQPXรบWXU $\Uร•FD EDQNDFร•Oร•N VHNW|UยQGH DUWDQ EDQND VD\ร•Vร• LOH ELUOLNWH

NยoยN EDQNDODUร•Q GDKD HWNLQ oDOร•รบWร•รทร• DQFDN Eย\ยN EDQNDODUร•Q UHNDEHWoL

NRรบXOODUD \HWHULQFH X\XP VDรทOD\DPDGร•NODUร• WHVSLW HGLOPLรบWLU %X oHUoHYHGH

VHUPD\H\HWHUOLOLรทLRUDQร•QGDNLGยรบยNOยNEDKDQHHGLOHUHNEDQNDELUOHรบPHOHULQL

VDYXQPDQร•QDQODPOร•ROPD\DFDรทร•\D]DUODUFDYXUJXODQPDNWDGร•U

0DKPXG YH =DLP   JHQHOOHรบWLULOPLรบ /HRQWLHI PDOL\HW

IRQNVL\RQXQX *HQHUDOL]HG /HRQWLHI &RVW )XQFWLRQ  NXOODQDUDN VHUPD\H

KDUHNHWOHULQLQ VHUEHVWOHรบPHVLQLQ 7ยUN EDQNDFร•Oร•N VHNW|UยQยQ PDOL\HW

\DSร•Vร•QD HWNLVLQL DUDรบWร•UPร•รบODUGร•U 6|] NRQXVX oDOร•รบPD  YH  \ร•OODUร• 


 

YHULOHUL NXOODQร•ODUDN \DSร•OPร•รบ YH JLUGLOHUOH oร•NWร•ODU DUDFร•Oร•N \DNODรบร•Pร•QD X\JXQ

RODUDN VHoLOPLรบWLU %DQNDFร•Oร•N VLVWHPLQLQ JLUGLVL RODUDN LรบJยFย |]ND\QDN

WRSODP PHYGXDW YH GLรทHU WยP |GยQo DOร•QPร•รบ IRQODU NXOODQร•OPร•รบ EXQD NDUรบร•Q

oร•NWร•RODUDNVDGHFHNUHGLKDFPLNDEXOHGLOPLรบWLUdDOร•รบPDQร•QVRQXFXQGDLOJLOL dรถnem itibariyOH7ยUNEDQNDFร•Oร•NVHNW|UยQGHNร•VDG|QHPGHEยWยQJLUGLOHULoLQ

WDOHELQ HVQHN ROPDGร•รทร• EXOJXODQPDNWDGร•U 8]XQ G|QHPGH LVH VHUPD\H

PHYGXDWKDULoEยWยQJLUGLOHULLNDPHHGHELOLUNHQNร•VDG|QHPGHEยWยQJLUGLOHU

ELUELUOHULQLLNDPHHGHELOPHNWHGLU

$PLKXG YH 0LOOHU   $%' EDQNDFร•Oร•N VHNW|UยQGH ยถOร•

\ร•OODUGD \DรบDQDQ EDQND ELUOHรบPHOHULQLQ PDOL\HWOHUH NDUOร•Oร•รทD YH YHULPOLOLรทH

HWNLOHULQL ELU PRGHO DUDFร•Oร•รทร•\OD WDKPLQ HWPLรบOHUGLU 0RGHOGHQ HOGH HGLOHQ

VRQXoODUD J|UH ELUOHรบHQ EDQNDODUร•Q GLรทHU EDQNDODUD RUDQOD NDUOร•Oร•NODUร•Qร• YH

YHULPOLOLNOHULQL DUWWร•UGร•NODUร• DQFDN PDOL\HWOHULQL oRN D] D]DOWDELOGLNOHUL WHVSLW

HGLOPLรบWLU $\Uร•FD YHULPOLOLN ND]DQoODUร•Qร•Q ELUOHรบPH VRQUDVร•QGD ULVNLQ

GDรทร•Wร•OPDVร•QGDQ ULVN GLYHUVLILFDWLRQ  YH NRQVROLGH RODQ EDQNDODUร•Q

SODVPDQODUร•Qร•PHQNXOGHรทHUOHUGHQNUHGLOHUHND\Gร•UPDVร•QGDQGROD\ร•EHNOHQHQ

JHOLULQ DUWPDVร•QGDQ ND\QDNODQGร•รทร• DQODรบร•OPร•รบWร•U $\Uร•FD ยถOHUGHNL

NRQVROLGDV\RQGD EDQNDODUร•Q YHULPOLOLรทL DUWร•UPD ULVNOHUL GDรทร•WPD JLEL DPDoODU

JยWPHVLQH UDรทPHQ ยถODUGD DPDFร•Q PDOL\HWOHUL D]DOWPDN ROGXรทX LIDGH

HGLOPLรบWLU

%HUJHU YH +DQQDQ   ILQDQVDO NXUXOXรบODUร•Q \RรทXQODรบPDVร•Qร•Q

\ยNVHN ROPDVร• GXUXPXQGD WยNHWLFLOHUH VDรทODQDQ ILQDQVDO KL]PHWOHULQ

SDKDOร•ODรบWร•รทร•Qร• YH EX GXUXPXQ V|] NRQXVX รบLUNHWOHULQ NDUOร•Oร•รทร•Qร• ROXPOX

HWNLOHGLรทLQLJ|VWHUPLรบOHUGLU$QFDNEXWยUSL\DVDODUGDVLVWHPLQGDKDD]HWNLQ

YH YHULPOL oDOร•รบWร•รทร• GD RUWD\D NRQXOPXรบWXU 'ROD\ร•Vร•\OD รบLUNHWLQ SL\DVDGDNL

JยFยQยQDUWPDVร•QDNDUรบร•Oร•NHWNLQOLNYHYHULPOLOLรทLQD]DOPDVร•EDQNDQร•QSL\DVD

GHรทHULQLQDUWPDVร•Qร•HQJHOOHPLรบWLU

<ร•OGร•Uร•P      G|QHPL LWLEDUL\OH 7ยUN EDQNDFร•Oร•N

VHNW|UยQยQYHULPOLOLรทLQLLQFHOHPHNWHGLU7RSODPYDGHVL]YHYDGHOLPHYGXDWLOH

IDL]YHIDL]Gร•รบร•JLGHUOHULQJLUGLWRSODPNUHGLOHUIDL]YHIDL]Gร•รบร•JHOLUOHULQoร•NWร•

RODUDN NDEXO HGLOGLรทL oDOร•รบPDGD YHUL ]DUIODPD DQDOL]L \|QWHPL NXOODQร•OPร•รบWร•U

dDOร•รบPD G|QHPLQ EยWยQย LWLEDUL\OH 7ยUN EDQNDFร•Oร•N VHNW|UยQGH |OoHรทH J|UH

D]DODQ JHWLUL ROGXรทXQX YH\D GLรทHU ELU LIDGH\OH ILQDQVDO NRQVROLGDV\RQ 


 

VยUHFLQLQ VLVWHPLQ LVWLNUDUร•QD NDWNร• VDรทODPD\DFDรทร• HWNLQ EDQNDODUร•Q GDKD

NDUOร• ROGXรทXQX YH DNWLI NDOLWHVL LOH YHULPOLOLN DUDVร•QGD ELU LOLรบNL ROPDGร•รทร•Qร•

EXOJXODPDNWDGร•U $\Uร•FD  \ร•Oร•QGDQ VRQUD EDQNDFร•Oร•N VLVWHPLQGH

YHULPOLOLรทLQ JHULOHGLรทL YH ยถOHUGHNL Kร•]Oร• YHULPOLOLN DUWร•รบร•Qร•Q ยถODUร•Q LNLQFL

\DUร•Vร•QGDNRUXQDPDGร•รทร•GDoDOร•รบPDQร•QGLรทHUVRQXoODUร•DUDVร•QGDGร•U

&LQJL YH 7DUร•P   7ยUN EDQNDFร•Oร•N VHNW|UยQGH   

G|QHPLQH DLW SHUIRUPDQVร•Qร•Q GHรทHUOHQGLULOPHVLQL DPDoOD\DQ oDOร•รบPDODUร•QGD

ROLJRSROFย\DSร•|]HOOLรทLJ|VWHUHQ7ยUNEDQNDFร•Oร•NVLVWHPLQGHLOHULGHUHFHGHELU

\RรทXQODรบPD J|]OHPLรบWLU .DPX EDQNDODUร•Qร•Q Dรทร•UOร•NOร• RODUDN \HU DOGร•รทร• 7ยUN

EDQNDFร•Oร•N VLVWHPLQGH LQFHOHQHQ G|QHP ER\XQFD HWNLQOLN VNRUODUร•

NRUHODV\RQXQXQ ELU WXWDUOร•Oร•N J|VWHUPHPLรบ ROPDVร• KHU \ร•Oร•Q HWNLQOLN

Vร•UDODPDVร•Qร•Q GHรทLรบNHQ NDUDNWHUGH ROGXรทXQD LรบDUHW HWPHNWHGLU $QFDN |]HO

VHNW|UH DLW ยo KROGLQJ EDQNDVร•Qร•Q G|QHP ER\XQFD WDP HWNLQ NRQXPGD

EXOXQGXNODUร•GDVDSWDQPร•รบWร•U'LรทHU\DQGDQNDPXEDQNDODUร•DQร•ODQG|QHPLQ

KHUKDQJLELU\ร•Oร•QGDGDKLHWNLQNRQXPGDROPD\ร•EDรบDUDPDPDNWDGร•U&LQJLYH

7DUร•P   \ร•OODU LWLEDUL\OH EDQNDODUDUDVร• HWNLQOLN IDUNร•Qร•Q |OoHN

HWNLQOLรทLQGHNLEย\ยNIDUNODUGDQND\QDNODQGร•รทร•Qร•GDRUWD\DNR\PDNWDGร•U%XQD

J|UH |]HOOLNOH NDPX EDQNDODUร•Qร•Q |OoHN Eย\ยNOยรทยQยQ HWNLQVL]OLรทLQ WHPHO

ND\QDรทร•Qร• ROXรบWXUGXรทX Doร•N ELU ELoLPGH J|UยOPHNWHGLU *HQHOGH EDQNDODUร•Q

ELUNDoLVWLVQDGร•รบร•QGD|OoHNVRUXQX\DรบDGร•NODUร•DQODรบร•OPDNWDGร•U

*  ELUOHรบPHYHHGLQLPOHUVRQXFXQGDJHUoHNOHรบHQILQDQVDO

NRQVROLGDV\RQXQ รบLUNHWOHULQ SHUIRUPDQVร•Qร• ROXPOX HWNLOHGLรทLQH GDLU ELU

EXOJX\D XODรบDPDPร•รบWร•U dDOร•รบPDQร•Q VRQXFXQD J|UH ELUOHรบPH YH HGLQLPOHULQ

PDOL\HWOHULQ D]DOPDVร•QD YH\D NDUOร•Oร•รทร•Q DUWPDVร•QD |QHPOL ELU NDWNร• VDรทODPDGร•รทร• JHQHO RODUDN GD |]ND\QDNODUร•Q DUWร•รบร• VDรทODPDGร•รทร• LIDGH

HGLOPHNWHGLU %LUH\VHO EDQNDFร•Oร•N DODQร•QGD LVH NRQVROLGDV\RQXQ EHOOL ELU

Eย\ยNOยรทH

NDGDU

JHUoHNOHรบPHVLQLQ

ILQDQVDO

NXUXOXรบODUร•Q

|OoHN

HNRQRPLVLQGHQ \DUDUODQPDODUร•Qร• VDรทODGร•รทร• EHOLUWLOPHNWHGLU %LUOHรบPH YH VDWร•Q

DOPDODU VRQUDVร•QGD NDSVDP HNRQRPLVLQGHQ \DUDUODQร•ODELOGLรทLQH GDLU ELU

EXOJX\DXODรบร•ODPDPร•รบWร•U

+XJKHV0HVWHUYH0RRQ  EDQNDODUร•QVHUPD\H\DSร•ODUร•Qร•QYH

ULVNGDYUDQร•รบODUร•Qร•QIDUNOร•ROPDVร•QHGHQL\OHPDOLVHNW|UGH|OoHNHNRQRPLVLQLQ

YDUROPDGร•รทร•Qร•GROD\ร•Vร•\ODILQDQVDONRQVROLGDV\RQGDOJDVร•Qร•QJHoLFLRODFDรทร•Qร• 


 

NDQร•WODPD\D oDOร•รบPร•รบODUGร•U %X oHUoHYHGH NยoยN EDQNDODUร•Q |]ND\QDN

GHรทHULQL NRUXPDN LoLQ RSWLPXP Gย]H\H J|UH GDKD oRN |]ND\QDN

EXOXQGXUGXNODUร•Qร• GLรทHU \DQGDQ Eย\ยN EDQNDODUร•Q LVH KยNยPHWOHULQ

ยณEDWPD\DFDN NDGDU Eย\ยNยด DQOD\ร•รบร•QD Vร•รทร•QDUDN RSWLPXP Gย]H\LQ DOWร•QGD

VHUPD\H EXOXQGXUGXNODUร•Qร• NDQร•WODPร•รบODUGร•U 5LVkin sektรถrde yer alan her

EDQND LoLQ D\Qร• ROPDVร• GXUXPXQGD LVH |OoHN HNRQRPLVLQLQ YDU RODELOHFHรทLQL

EXOPXรบODUGร•U

&XPPLQV YH 5XELR0LVVDQV   $%' VLJRUWDFร•Oร•N VHNW|UยQGH

ILQDQVDO NRQVROLGDV\RQ LOH ELUOLNWH HWNLQ YH YHULPOL oDOร•รบPD\DQ YH ILQDQVDO

Doร•GDQ L\L ELU SHUIRUPDQV VHUJLOHPH\HQ VLJRUWD รบLUNHWOHULQLQ VLVWHPGHQ

D\ร•NODQGร•รทร•Qร• VHNW|UGH ELUOHรบPH YH HGLQLP VRQUDVร•QGD YHULPOLOLรทLQ DUWWร•รทร•Qร•

DUWร•N Eย\ยPHQLQ GHรทLO YHULPOLOLรทLQ KHGHIOHQGLรทLQL WHVSLW HWPLรบWLU $\Uร•FD

ELUOHรบPHGH DPDFร•Q N|Wย รบLUNHWOHUL L\LOHรบWLUPHN GHรทLO SL\DVDGDNL SD\ร•Qร• YH\D

DNWLIEย\ยNOยรทยQยDUWร•UPDNROGXรทXoDOร•รบPDGDEHOLUWLOPLรบWLU

ร‡ankaya ve ร–z (2001), 1993   \ร•OODUร• DUDVร•QGD \HGL \ร•OOร•N JHOLU

WDEORVX YH ELODQoRODU NXOODQDUDN 7ยUN EDQNDFร•Oร•N VHNW|UยQGH NDPX

EDQNDODUร•Qร•Q |]HO EDQNDODUD RUDQOD GDKD YHULPOL oDOร•รบร•S oDOร•รบPDGร•รทร•Qร• WHVW

HWPLรบOHUGLU%X DPDoOD DNWLI Eย\ยNOยรทย |OoยWยHVDVDOร•QDUDN=LUDDW %DQNDVร•

+DON %DQNDVร• (PODN %DQNDVร• YH 9DNร•IODU %DQNDVร• ROPDN ย]HUH G|UW NDPX

VHUPD\HOL EDQND GLรทHU \DQGDQ<DSร• .UHGL %DQNDVร• $NEDQN รธรบ %DQNDVร•

*DUDQWL%DQNDVร•ROPDNย]HUHG|UWGH|]HOVHUPD\HOLEDQNDVHoPLรบOHUGLU%X

รงerรงevede HWNLQOLรทLQ|OoยOPHVLQGH toplam kredilerin toplam aktifler iรงindeki

SD\ร• PHYGXDWร•Q NUHGL\H G|QยรบยP RUDQร• WRSODP NUHGLOHU YH PHQNXO

GHรทHUOHULQ WRSODPร•Qร•Q WRSODP DNWLIOHUH RUDQร• WDKVLOL JHFLNPLรบ DODFDNODUร•Q

WRSODP NUHGLOHU LoLQGHNL SD\ร• NXOODQร•OPร•รบWร•U 9HULPOLOLรทLQ |OoยOPHVLQGH DNWLI

JHWLULVL |]ND\QDรทร•Q JHWLULVL QHW NDUร•Q PHYGXDWD RUDQร• QHW NDUร•Q WRSODP

PHYGXDWDRUDQร•QHWNDUร•QNUHGLOHUHRUDQร•QHWIDL]JHOLUOHULQLQWRSODPDNWLIOHUH

RUDQร• QHW IDL] JHOLUOHULQLQ |] ND\QDNODUD RUDQร• QHW IDL] JHOLULQLQ WRSODP

PHYGXDWD RUDQร• QHW IDL] JHOLULQLQ WRSODP NUHGLOHUH RUDQร• QHW IDL] JHOLULQLQ

WRSODP NUHGLOHU LOH PHQNXO GHรทHUOHU WRSODPร•QD RUDQร• SHUVRQHO JLGHUOHULQLQ

WRSODPDNWLIOHUHRUDQร•SHUVRQHOJLGHUOHULQLQQHWIDL]JHOLUOHULQHRUDQร•SHUVRQHO

JLGHUOHULQLQ WRSODP PHYGXDWD RUDQร• SHUVRQHO EDรบร•QD GยรบHQPHYGXDW KDFPL

SHUVRQHO EDรบร•QD GยรบHQ NUHGL PLNWDUร• SHUVRQHO EDรบร•QD GยรบHQ WRSODP DNWLI 


 

PLNWDUร• SHUVRQHO EDรบร•QD GยรบHQ QHW NDU PLNWDUร• SHUVRQHO EDรบร•QD GยรบHQ QHW

IDL] JHOLUL LรบOHWPH JLGHUOHULQLQ WRSODP DNWLIOHUH RUDQร• รบXEH EDรบร•QD GยรบHQ

WRSODP DNWLI PLNWDUร• รบXEH EDรบร•QD PHYGXDW KDFLPOHUL รบXEH EDรบร•QD RUWDODPD

NUHGL KDFPL รบXEH EDรบร•QD RUWDODPD QHW IDL] JHOLUL รบXEH EDรบร•QD RUWDODPD

SHUVRQHO YHULOHUL NXOODQร•OPร•รบWร•U 5DV\R VRQXoODUร•QD J|UH V|] NRQXVX  |]HO

EDQNDQร•Q D\Qร• |OoHNWHNL  NDPX EDQNDVร•QD J|UH GDKD HWNLQ YH YHULPOL

oDOร•รบWร•รทร• EXOXQPXรบWXU .DPX EDQNDODUร•Qร•Q |]HOOHรบWLULOPHVL\OH ILQDQVDO

NRQVROLGDV\RQXQ DUWDFDรทร•Qร• YH ILQDQVDO VLVWHPLQ GDKD HWNLQ YH YHULPOL

oDOร•รบDFDรทร•Qร•GDoDOร•รบPDODUร•QGDLIDGHHWPLรบOHUGLU

%LU EDรบND oDOร•รบPDGD <DNร•Fร• YH dDQND\D   |OoHN HNRQRPLOHUL

YH PDOL\HW HWNLQOLรทL NRQXODUร•QD RGDNODQDUDN 7ยUN EDQNDFร•Oร•รทร•QGDNL PDOL\HW

\DSร•Vร•Qร• DQDOL] HWPLรบOHUGLU %X oDOร•รบPDGD GยQ\D LOH HQWHJUDV\RQ VยUHFLQGH

\DEDQFร• EDQNDODU LOH UHNDEHW HGHELOPHN YH\D UHNDEHW JยFยQย DUWร•UDELOPHN

LoLQ 7ยUN EDQNDODUร•Qร•Q PDOL\HWOHULQL PLQLPL]H HWPHVL GLรทHU ELU LIDGH LOH

RSWLPXP |OoHNOH YH\D RSWLPXP |OoHรทH \DNร•Q oDOร•รบPDODUร• JHUHNWLรทL

YXUJXODQPร•รบWร•U$QFDN7ยUNEDQNDFร•Oร•NVLVWHPLQGH\HUDODQEDQNDODUร•QVD\ร•FD

ID]OD YH NยoยN |OoHNOL ROPDVร• QHGHQL\OH EDQNDODUร•Q oRรทXQXQ RSWLPDO

Eย\ยNOยรทยQ

ROGXNoD

DOWร•QGD

YH\D

ยVWยQGH

|OoHNOHUGH

LรบOHWLOGLรทLQL

EXOPXรบODUGร•U 7ยUN EDQNDFร•Oร•N VLVWHPL \ยNVHN PDOL\HWOHUOH oDOร•รบPDNWD YH

|OoHN HNRQRPLVLQLQ DYDQWDMODUร•QGDQ \DUDUODQDPDPDNWDGร•U 'LรทHU \DQGDQ

<DNร•Fร• YH dDQND\D   7ยUNL\HยถGH EDQNDFร•Oร•รทร•Q DVร•O VRUXQXQXQ

Eย\ยNOยNWHQ GHรทLO NDPX EDQNDODUร•Qร•Q VHNW|U LoLQGHNL SD\ร•Qร•Q \ยNVHN ROPDVร•

JLEL \DSร•VDO QHGHQOHUGHQ ND\QDNODQGร•รทร•Qร• EHOLUWPHNWH YH EX GXUXPXQ DQFDN

\DVDO Gย]HQOHPHOHU LOH VHNW|UยQ \HQLGHQ \DSร•ODQGร•Uร•OPDVร• DUDFร•Oร•รทร•\OD

Gย]HOWLOHELOHFHรทLQLLIDGHHWPLรบOHUGLU

$OSHU %HUยPHQW YH 0DODW\DOร•   GH]HQIODV\RQ VยUHFLQLQ

EDQNDFร•Oร•N VLVWHPL ย]HULQGHNL HWNLOHULQL LQFHOH\HQ oDOร•รบPDODUร•QGD VHNW|UGH

NRQVROLGDV\RQ \DรบDQDFDรทร• NยoยN |OoHNOL EDQNDODUร•Q PDOL\HW GH]DYDQWDMODUร•Qร•

GDKD QHW KLVVHGHFHรทL YH NDSDQDFDรทร•ELUOHรบHFHรทL \DEDQFร• EDQNDODUร•Q

ELUOHรบPHVDWร•Q DOPD \ROX\OD SD\ODUร•Qร•Q DUWDFDรทร• LWLEDUOร• UHHO VHktรถr

ILUPDODUร•Qร•Q EDQND NUHGLVL \HULQH ERQR \D GD EDQND JDUDQWLOL ERQR oร•NDUDUDN

GDKDXFX]YH X]XQ YDGHOL ILQDQVPDQ VDรทOD\DFDรทร• YH EX QHGHQOHEDQNDODUร•Q




 

GDKD oRN NยoยN YH RUWD |OoHNOL LรบOHWPHOHULQ ILQDQVPDQร•QD \|QHOHELOHFHรทL

|QJ|UยVยQGHEXOXQPXรบODUGร•U

$Pel, Barnes, Panetta ve Salleo (2003), teknoloji ve deregรผlasyon

VRQXFXQGD \DVDO Gย]HQOHPHOHUGH \DรบDQDQ Kร•]Oร• GHรทLรบLPOHU VRQUDVร•QGD

GยQ\DGD ELU ILQDQVDO NRQVROLGDV\RQ oร•OJร•QOร•รทร•Qร•Q \DรบDQGร•รทร•Qร• J|VWHUPLรบOHUGLU

dDOร•รบPDODUร•QGD VRQ  \ร•OGD JHOLรบPLรบ ยONHOHUGH VLJRUWDFร•Oร•N EDQNDFร•Oร•N YH

YDUOร•N \|QHWLP รบLUNHWOHULQLQ IDDOL\HW J|VWHUGLรทL VHNW|UOHUGHNL JHQHO WUHQGOHU YH temel รถzellikler irdelenmektedir. Bu irdelemenin sonucunda รงok kรผรงรผk รถlรงekli

รบLUNHWOHUGH ILQDQVDO NRQVROLGDV\RQXQ JHUoHNOHรบPHVL GXUXPXQGD |OoHN

HNRQRPLVLQLQ

JHWLUGLรทL

DYDQWDMODUGDQ

\DUDUODQร•OGร•รทร•

DQFDN

NDSVDP

HNRQRPLVLQLQ VDรทODGร•รทร• DYDQWDMODUGDQ \DUDUODQร•ODPDGร•รทร• EDรบND ELU รบHNLOGH

LIDGH HWPHN JHUHNLUVH \|QHWLPVHO WHNQLNOHULQ YHULPOLOLรทLQGH JHOLรบPH

VDรทODQDPDGร•รทร•EXOXQPXรบWXU$\Uร•FDHOGHHWWLNOHULEXOJXODUSROLWLND\DSร•Fร•ODUร•Q

ILQDQVDO NRQVROLGDV\RQX GHVWHNOH\LFL GDYUDQร•รบODUร•QGDQ IDUNOร• VRQXoODU RUWD\D

oร•NWร•รทร•Qร• RUWD\D NR\PDNWDGร•U )LQDQVDO NRQVROLGDV\RQ VRQUDVร•QGD EHNOHQHQ

Gย]H\GH

\|QHWLPVHO

VDรทODQDPDGร•รทร•

|OoHN

WHNQLNOHUGH YH

JHOLรบPH

NDSVDP

ROPDGร•รทร•

HNRQRPLOHULQGHQ

YHULPOLOLรทLQ \HWHULQFH

\DUDUODQร•ODPDGร•รทร• ยUยQOHUGH oHรบLWOLOLรทLQ DUWPDGร•รทร• GD V|] NRQXVX oDOร•รบPDGD

LGGLD HGLOPHNWHGLU $QFDN oDOร•รบPDGD YHULPOLOLNWH VDรทODQDQ L\LOHรบPHQLQ

|OoยOPHVLQLQ ]RU ROPDVร• ILQDQVDO NRQVROLGDV\RQXQ HWNLOHULQLQ DQODรบร•OPDVร•Qร•Q

X]XQ ]DPDQ DOPDVร• GHรทHUOH |OoยOHPH\HQ PDNVLPL]DV\RQ JยGยOHUL QRQ

YDOXH PD[LPL]LQJ PRWLYHV  YH \DVDO Gย]HQOHPHOHUGHNL NDWร•Oร•NODUร•Q D]DOPDVร•

QHGHQOHUL\OH

DNDGHPLV\HQOHULQ

EXOJXODUร•Qร•Q

SROLWLND

EHNOHQWLOHULQGHQIDUNOร•ODรบPร•รบRODELOHFHรทLEHOLUWLOPHNWHGLU

\DSร•Fร•ODUร•Qร•Q

$NJยo  \ร•Oร•LWLEDUL\OHNDPXEDQNDODUร•LOH|]HOEDQNDODUร•Q

YHULPOLOLรทLQL Nร•\DVODPร•รบWร•U %DQNDFร•Oร•N VHNW|UยQGH ยUHWLP YH oร•NWร•ODUร•Q IL]LNL

RODUDN|OoยOHPHGLรทLQGHQ YHULPOLOLรทLQ|]HOOLNOH SHUVRQHO YHULPOLOLรทLQLQELODQoR

Eย\ยNOยNOHULQGHQ NDU WXWDUร•QGDQ JLGHU UDNDPODUร•QGDQ \DUDUODQร•ODUDN

|OoยOGยรทย EHOLUWLOPLรบWLU dDOร•รบDQ EDรบร•QD YDUOร•N oDOร•รบDQ EDรบร•QD PHYGXDW

oDOร•รบDQ EDรบร•QD NUHGL oDOร•รบDQ EDรบร•QD IDDOL\HW JHOLUL oDOร•รบDQ EDรบร•QD IDDOL\HW

NDUร• oDOร•รบDQ EDรบร•QD QHW NDU SHUVRQHO JLGHULQLQ WRSODP DNWLIOHUH RUDQร• GLรทHU

IDDOL\HW JLGHUOHULQLQWRSODP ELODQoR Eย\ยNOยรทยQH RUDQร•YH IDDOL\HW JLGHUOHULQLQ

WRSODP DNWLIOHUH RUDQร•YHULPOLOLN J|VWHUJHOHUL RODUDNNXOODQร•OPร•รบWร•U dDOร•รบPDQร•Q 


 

VRQXoODUร•QD J|UH  \ร•Oร• LWLEDUL\OH NDPX EDQNDODUร•Qร•Q |]HO EDQNDODUD J|UH

GDKDYHULPOLROGXรทXVRQXFXRUWD\Doร•NPร•รบWร•U

)LWFK   .DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD

EDQNDFร•Oร•N VHNW|UยQยQ \DSร•ODQGร•Uร•OPDVร• SURJUDPร• oHUoHYHVLQGH ILQDQVDO

NRQVROLGDV\RQXQJHUoHNOHรบWLรทLQLYHYHULPOLOLNJ|VWHUJHOHrinin (brรผt giderin brรผt

JHOLUH RUDQร• EUยW JLGHULQ WRSODP DNWLIOHUH RUDQร• รบXEH EDรบร•QD oDOร•รบDQ VD\ร•Vร•

QHW IDL] YH NRPLV\RQ JHOLULQLQ EUยW JHOLU LoHULVLQGHNL SD\ร• QHW VHUPD\H

SL\DVDVร•LรบOHPOHULNDUร•Qร•QEUยWJHOLULoHULVLQGHNLSD\ร• L\LOHรบPH\HLรบDUHWHWWLรทLQL

EXOPXรบODUGร•U

5HNDEHW.RรบXOODUร•QD(WNLOHUL (UWXรทUXO YH =DLP   7ยUN EDQNDFร•Oร•N VLVWHPLQGH   

G|QHPLQGH EDQNDFร•Oร•N VLVWHPLQGH \RรทXQODรบPDQร•Q D]DOGร•รทร•Qร• UHNDEHWoL ELU

\DSร•\D ELU EDรบND GH\LรบOH KRPRMHQ ELU \DSร•\D NDYXรบPD HรทLOLPLQGH

ROXQGXรทXQX

WHVSLW

\RรทXQODรบPDQร•Q

HWPLรบOHUGLU

D]DOGร•รทร•Qร•

YH

%X

GXUXP

ILQDQVDO

EDQNDFร•Oร•N

SDUoDODQPDQร•Q

VLVWHPLQGH ROGXรทXQX

J|VWHUPHNWHGLU hVWHOLN EX HรทLOLP |]HO EDQNDODUGD NDPX EDQNDODUร•QD

QD]DUDQ GDKD EHOLUJLQGLU g]HO EDQNDODU DUDVร•QGDNL UHNDEHW DUWร•รบร•Qร•Q QHGHQL

RODUDNWDPILQDQVDOVHUEHVWOHรบPHYHEDQNDFร•Oร•NVLVWHPLQH\HQLEDQNDJLULรบOHUL

VRQUDVร•QGD \RรทXQODรบPDQร•Q D]DOPDVร• J|VWHULOPLรบWLU  \ร•Oร•QGD \DรบDQDQ

NUL]QHGHQL\OHLVHUHNDEHWoL\DSร•GDJHULOHPHROGXรทXELUEDรบNDEXOJXGXU

$\Gร•QOร•  7ยUNEDQNDFร•Oร•NVHNW|UยLOHLOJLOLJHUoHNOHรบWLULOPLรบRODQ

oDOร•รบPDVร•QGD 7ยUN EDQNDFร•Oร•N VHNW|UยQยQ    \ร•OODUร• DUDVร•QGDNL

SL\DVD \DSร•Vร• DPSLULN RODUDN LQFHOHQPLรบWLU (OGH HGLOHQ VRQXoODUGD  

 \ร•OODUร• DUDVร•QGD EDQNDFร•Oร•N VHNW|UยQยQ WHNHO SL\DVDVร• รถzelliklerini

WDรบร•Gร•รทร•Qร• GLรทHU ELU GH\LรบOH VHNW|UGH \HU DODQ EDQNDODUร•Q EยWยQ RODUDN ELU

WHNHO JLEL GDYUDQGร•NODUร• VRQXFXQD YDUร•OPร•รบWร•U $QFDN  \ร•Oร•QGDQ 

\ร•Oร•QD NDGDU RODQ VยUHoWH EDQNDFร•Oร•N VHNW|UยQยQ WHNHO SL\DVDVร•QGDQ

PRQRSROLVWLN UHNDEHW \DSร•Vร•QD GRรทUX HYULOGLรทL KXVXVX GD YDUร•ODQ GLรทHU

VRQXoODU DUDVร•QGDGร•U dDOร•รบPDGD WHNHOOHรบPH\L Nร•Uร•Fร• IDNW|UOHULQ EDรบร•QGD

VHUPD\HSL\DVDVร•QGDNLDOWHUQDWLIOHULQoRรทDOPDVร•J|VWHULOPLรบWLU

'HQL]HU  \ร•OODUร•QDDLWYHULOHULNXOODQDUDNILQDQVDO

VHUEHVWOHรบPHQLQ YH VHNW|UH \HQL JLUHQ EDQNDODUร•Q SL\DVD \DSร•Vร•QD YH 


 

UHNDEHWH HWNLOHULQL DUDรบWร•UDQ DPSLULN ELU oDOร•รบPD \DSPร•รบWร•U %X oDOร•รบPDGD

SL\DVD\D\HQLJLUHQNXUXOXรบODUร•Q|OoHNYH\DSร•ODUร•Qร•QHQD]JLULรบROJXVXNDGDU

|QHPOL ROGXรทX J|VWHULOPHNWHGLU dDOร•รบPDGD HOGH HGLOHQ VRQXoODU EDQNDFร•Oร•N

VHNW|UยQH \HQL JLULรบ \DSPDNWD RODQ NยoยN EDQNDODUร•Q UHNDEHW RUWDPร•QGD

|QHPOL ELU GHรทLรบLNOLN \DUDWPDGร•NODUร•Qร• J|VWHUPHNWHGLU %X VRQXFXQ |]HOOLNOH

ELUH\VHO EDQNDFร•Oร•N Doร•Vร•QGDQ |QHPOL ROGXรทX LIDGH HGLOPHNWHGLU %LU |QHPOL

VRQXoLVHSL\DVDGDEXOXQDQEย\ยN|OoHNOLEDQNDODUร•QEย\ยNOยNOHULQLQUHNDEHW

\DSร•Vร• ย]HULQGH ROXPVX] HWNL \DUDWWร•รทร• YH VLVWHPGH \HQL JLULรบOHUL

HQJHOOHGLรทLGLU $\Uร•FD 7ยUNL\HยถGHNL SL\DVD \DSร•Vร•Qร•Q NDUOร•Oร•NOD GRรทUXGDQLOLQWLOL

ROGXรทXQD LรบDUHW HGLOPHNWH YH \HQL EDQNDODUร•Q VHNW|UH JLULรบOHULQLQ UHNDEHW

RUWDPร•Qร• L\LOHรบWLULFL ELU HWNLVL ROPDGร•รทร• RUWD\D NRQXOPDNWDGร•U %DQNDFร•Oร•N

VLVWHPLQGH \RรทXQODรบPDQร•Q UHNDEHWL D]DOWDUDN PDOL VLVWHPLQ HWNLQOLรทLQL

DUWร•UDFDรทร•EXOJXODQPDNWDGร•U

0LVKNLQ   GLรทHU oDOร•รบPDODUร•Q DNVLQH $%' EDQNDFร•Oร•N

VHNW|UยQGH VRQ  \ร•OGร•U \DรบDQDQ NRQVROLGDV\RQXQ UHNDEHW NRรบXOODUร•Qร•

ROXPVX] HWNLOHPHGLรทLQL LIDGH HWPHNWHGLU $%' EDQNDFร•Oร•N VLVWHPLQH ELQOHUFH

EDQNDQร•Q GDKLO ROPDVร• YH EDQNDFร•Oร•N VLVWHPLQGH \RรทXQODรบPDQร•Q oRN GยรบยN

ROPDVร• QHGHQL\OH PHJD EDQND ELUOHรบPHOHULQLQ UHNDEHWL ROXPVX] HWNLOHPHGLรทL

YXUJXODQPDNWDGร•U

%DQNDFร•Oร•N

VLVWHPLQGHNL

FRรทUDIL

Vร•Qร•UODQGร•UPDODUร•Q

NDONPDVร•Qร•Q WDP WHUVLQH VHNW|U LoL UHNDEHWL DUWร•UDUDN N|Wย EDQNDODUร•Q WDVIL\H

HGLOPHVLQL VDรทOD\DFDรทร• YH EDQNDFร•Oร•N VLVWHPLQLQ GDKD HWNLQ YH YHULPOL

oDOร•รบPDVร•QDRODQDNVDรทOD\DFDรทร•EHOLUWLOPLรบWLU

&HWRUHOOL YH $QJHOLQL      G|QHPLQGH รธWDO\DQ

EDQNDFร•Oร•N VLVWHPLQGH UHNDEHW NRรบXOODUร•Qร•Q JHOLรบLPLQL EDQND ED]ร•QGD ELODQoR

YHULOHULQL NXOODQDUDN DQDOL] HWPHNWHGLU dDOร•รบPDGD UHNDEHW NRรบXOODUร•Qร•Q YH

\DSร•VDO UHIRUPODUร•Q EDQNDFร•Oร•N VHNW|Uย ย]HULQGHNL HWNLOHUL DUDรบWร•Uร•OPร•รบWร•U

$%ยถQGH  \ร•Oร•QGD X\JXODQPD\D EDรบODQDQ รธNLQFL %DQNDFร•Oร•N 'LUHNWLIL

6HFRQG %DQNLQJ 'LUHFWLYH  YH EXQD EDรทOร• RODUDN RUWD\D oร•NPร•รบ RODQ 7HN

%DQNDFร•Oร•N /LVDQVร• X\JXODPDVร• SL\DVDODUD JLULรบ HQJHOOHULQLQ RUWDGDQ NDONWร•รทร•

YH ย\H ยONH EDQNDFร•Oร•N VHNW|UOHULQLQ SRWDQVL\HO JLULรบOHUH VยUHNOL Doร•N KDOH

JHOPHOHUL DQODPร•Qร• WDรบร•PDNWDGร•U %X GXUXPXQ UHNDEHWL DUWร•Uร•Fร• ELU HWNL

\DUDWDFDรทร• GยรบยQยOPHNWHGLU $QFDN EX JHOLรบPH\OH ELUOLNWH $YUXSD EDQNDFร•Oร•N

VLVWHPLQGH EDรบND ELU JHOLรบPH GDKD ROPXรบ YH VLVWHP \RรทXQ ELU ELUOHรบPH YH 


 

GHYUDOPDODU VยUHFLQH JLUPLรบWLU %XQODUD EDรทOร• RODUDN $% ย\HVL ยONHOHUGH

IDDOL\HW J|VWHUPHNWH RODQ EDQNDODUร•Q VD\ร•Vร•QGD  \ร•OODUร• DUDVร•QGD

\ย]GH  RUDQร•QGD D]DOPD ND\GHGLOPLรบ YH EX D]DOPDQร•Q \ย]GH ยถร•  

 \ร•OODUร• DUDVร•QGD JHUoHNOHรบPLรบWLU 3L\DVD JยFย SDUDGLJPDVร•QD J|UH EX

GXUXPXQ EDQNDFร•Oร•N VHNW|UยQยQ UHNDEHW \DSร•Vร• ย]HULQGH ROXPVX] HWNLOHUL

ROPDVร• EHNOHQHFHNWLU 7ยP EX NRรบXOODU J|] |QยQH DOร•QDUDN \DSร•ODQ รธWDO\DQ

EDQNDFร•Oร•N VHNW|UยQย NDSVD\DQ DPSLULN oDOร•รบPDGD V|]ย HGLOHQ LNL รถQHPOL

GHรทLรบLPLQSL\DVDGDNL UHNDEHW NRรบXOODUร•QD QDVร•OHWNLHWWLรทLDUDรบWร•Uร•OPร•รบWร•U

  \ร•OODUร• DUDVร•QGD LOJLOL SD]DU GLNNDWH DOร•QDUDN EHรบ D\Uร• FRรทUDIL E|OJH

รผzerinden \DSร•ODQ DQDOL] VRQXoODUร•QD J|UH ELUOHรบPH YH GHYUDOPDODU VRQXFX

EDQNDODUร•Q SL\DVDGDNL JยFยQย DUWWร•UGร•NODUร•QD YH XOXVDO UHNDEHW NRรบXOODUร•Qร•

ER]GXNODUร•QD GDLU ELU NDQร•W EXODPDGร•NODUร•Qร• EHOLUWPLรบ YH 7HN %DQNDFร•Oร•N

/LVDQVร• Qร•Q UHNDEHWH ROXPOX \DQVร•Gร•รทร• EXOJXVX HOGH HGLOPLรบWLU $\Uร•FD V|]

NRQXVX G|QHPGH NRQVROLGDV\RQXQ PDOL\HWOHUL D]DOWDUDN NDUOร•Oร•รทร• DUWร•UGร•รทร• YH

EDQNDFร•Oร•รทร•ROXPOXHWNLOHGLรทLYXUJXODQPร•รบWร•U

*ยQDO  7ยUNEDQNDFร•Oร•NVHNW|UยQGHUHNDEHWLQ\HWHUVL]ROGXรทX

\RรทXQODรบPDQร•Q \DรบDQGร•รทร• \DQL D] VD\ร•GD EDQNDQร•Q KDNLP ROGXรทX

ROLJRSROLVWLN ELU \DSร•\D VDKLS ROGXรทXQX YH \RรทXQODรบPD RUDQODUร•Qร•Q oRN

\ยNVHN ROGXรทXQX LOHUL VยUPHNWHGLU %DQNDFร•Oร•N VLVWHPLQGHNL \RรทXQODรบPDQร•Q

\ยNVHNOLรทLQLQ NDQร•Wร• RODUDN GD VHNW|UGH DNWLI Eย\ยNOยรทย HQ \ยNVHN RODQ LON 

EDQNDQร•Q WRSODP DNWLIOHULQLQ WRSODP NUHGLOHULQLQ YH WRSODP PHYGXDWODUร•Qร•Q

VHNW|U LoLQGHNL SD\ร•Qร•Q  \ร•Oร• LWLEDUL\OH Vร•UDVร•\OD \ย]GH  \ย]GH  YH

\ย]GH  ROPDVร•Qร• J|VWHUPHNWHGLU $\Uร•FD SL\DVD\D JLULรบ YHoร•Nร•รบODUร•Q Vร•Qร•UOร•

ROPDVร•Qร•Q GD UHNDEHWL HQJHOOHGLรทLQL KDWWD WยP EDQNDODUร•Q ELU NDUWHO JLEL

GDYUDQGร•NODUร• VRQXFXQD YDUPDNWDGร•U %X GXUXP \XUW LoL UHNDEHW Doร•Vร•QGDQ

HQJHO ROXรบWXUXUNHQ 7ยUN EDQNDODUร•Qร•Q Eย\ยNOยรทย NDPX EDQNDODUร•Qร•Q VHNW|U

LoLQGHNL SD\ร•Qร•Q \ยNVHNOLรทL YH VHNW|UGHNL EDQNDODUร•Q Gร•รบD Doร•NOร•รทร•Qร•Q D]

ROGXรทX J|] |QยQGH EXOXQGXUXOGXรทXQGD VHNW|UยQ NDUWHO JLEL GDYUDQPDVร•Qร•Q

XOXVODUDUDVร• UHNDEHW YH |OoHN HNRQRPLVL LoLQ JHUHNOL ROGXรทX VRQXFXQD

YDUร•OPDNWDGร•U*ยQDO  VHNW|UGH\RรทXQODรบPDQร•QDUWPDPDVร•YHILQDQVDO

NRQVROLGDV\RQ VยUHFLQLQ WDPDPODQPDPDVร• GXUXPXQGD 7ยUN EDQNDFร•Oร•N

VHNW|UยQยQ XOXVODUDUDVร• UHNDEHW JยFยQH VDKLS RODPD\DFDรทร•Qร• GD EHOLUWPHNWHGLU 'ROD\ร•Vร•\OD 7ยUNL\HยถGH EDQNDODUร•Q ELUOHรบPHOHULQL WHรบYLN HWPHN 


 

YH NROD\ODรบWร•UPDN LoLQ EDรบWD %DQNDODU .DQXQX ROPDN ย]HUH 7ยUN 7LFDUHW

.DQXQX6HUPD\H3L\DVDVร•.DQXQX5HNDEHWLQ.RUXQPDVร•+DNNร•QGD.DQXQ

g]HOOHรบWLUPH .DQXQX YH 9HUJL .XUXPODUร•QGD Gย]HQOHPHOHU \DSร•OPDVร•Qร• YH

$%ยถQLQ Gย]HQOHPHOHUL LOH X\XPOX ELU ELUOHรบPH PHY]XDWร•Qร•Q ROXรบWXUXOPDVร•Qร•

|QHUPHNWHGLU %X DODQODUGD Gย]HQOHPHOHU \DSร•OPDGร•รทร• WDNGLUGH ILQDQVDO

NRQVROLGDV\RQXQ ยONHPL]GH JHUoHNOHรบHPH\HFHรทL GH LIDGH HGLOPHNWHGLU

)LQDQVDO

NRQVROLGDV\RQXQ

JHUoHNOHรบPHPHVL

GXUXPXQGD

EDQNDFร•Oร•N

VLVWHPLQGHNLGXUXPXQVยUGยUยOHPH]ROGXรทXEHOLUWLOPHNWHGLU *

 

ELUOHรบPHOHU

YH\D

EDQND

JLULรบOHULQLQ

\DVDO

Gย]HQOHPHOHUOH ]RUODรบWร•Uร•OPDVร• VRQXFXQGD \RรทXQODรบPDQร•Q \ยNVHN ROGXรทX

SL\DVDODUGD UHNDEHWLQ D]DOGร•รทร•Qร• YH IL\DWODUร•Q DUWWร•รทร•Qร• EXOPXรบWXU $\Uร•FD

ELUOHรบPHOHU VRQUDVร•QGD SL\DVD JยFยQย DUWร•UDQ NXUXOXรบODUร•Q EX JยoOHULQL

NXOODQDUDN VSUHDGยถOHUL DUWร•Uร•S NUHGL IDDOL\HWOHULQL D]DOWWร•NODUร• YH PยรบWHULOHULQLQ

]DUDU J|UGยรทยQย EXOJXODPDNWDGร•U %X ]DUDUร•Q GDKD oRN ELUH\VHO EDQNDFร•Oร•N

YHED]ร•\DWร•Uร•PEDQNDFร•Oร•รทร•KL]PHWOHULQGH\DรบDQGร•รทร•LIDGHHGLOPHNWHGLU%DQND

ELUOHรบPHOHUL

VRQXFXQGD

konsolidasyonun

likidite

ERQR

WDKYLO

รผzerindeki

SL\DVDODUร•QGD

olumsuz

GD

etkilerinin

\DรบDQDFDN

gรถz

รถnรผnde

EXOXQGXUXOPDVร• JHUHNWLรทL EHOLUWLOPHNWHGLU $\Uร•FD *12 รผlkelerinin sigorta

รบLUNHWOHUL YH \DWร•Uร•P IRQODUร• VHNW|UOHULQGH IDDOL\HW J|VWHUHQ รบLUNHWOHULQ

EDQNDODUOD ELUOHรบPHVL VRQXFXQGD NRQVROLGDV\RQXQ Kร•]ODQGร•รทร• DQFDN

UHNDEHWLQ EX GXUXPGDQ ED]ร• ยONHOHUGH ROXPVX] ED]ร• ยONHOHUGH ROXPOX

HWNLOHQGLรทLEXOJXODQPDNWDGร•U

)LQDQVDOรธVWLNUDUD(WNLOHUL 0LVKNLQ konsolidasyon

 

oDOร•รบPDVร•QGD

tecrรผbesini

gรถz

$%'ยถQGH

รถnรผnde

\DรบDQDQ

bulunGXUDUDN

ILQDQVDO

ILQDQVDO

NRQVROLGDV\RQXQ \DUDWWร•รทร• RODVร• WHKOLNHOHU YH Iร•UVDWODU ย]HULQGH GXUPXรบWXU

7HPHO WHKOLNHQLQ ILQDQVDO NRQVROLGDV\RQ VRQUDVร•QGD ED]ร• EDQNDODUร•Q

EDWPD\DFDN NDGDU Eย\ยN KDOH JHOPHVL ROGXรทXQX DQFDN PHYGXDWD

JยYHQFHQLQ Vร•Qร•UODQGร•Uร•OPDVร•Qร•Q YH HWNLQ EDQND GHQHWLPLQLQ EX WHKOLNH\L

D]DOWDFDรทร•Qร• LIDGH HWPLรบWLU 'LรทHU \DQGDQ ILQDQVDO NRQVROLGDV\RQXQ oHรบLWOL

Iร•UVDWODU \DUDWWร•รทร• GD YXUJXODQPDNWDGร•U %XQODUGDQ ELULQFLVL ILQDQVDO

NRQVROLGDV\RQXQ

PHYGXDWD

JยYHQFHQLQ



Vร•Qร•UODQGร•Uร•OPDVร•QD

RODQDN


 

VDรทODPDVร• YH DKODNL ER]XOPDQร•Q PRUDO KD]DUG  |QยQH JHoLOPHVLQL

VDรทODPDVร•Gร•U

$\Uร•FD

ILQDQVDO

NRQVROLGDV\RQ

VRQUDVร•QGD

ILQDQVDO

NXUXOXรบODUGD oHรบLWOLOLN DUWPDNWD YH EDQNDFร•Oร•N VLVWHPLQLQ ILQDQVDO VLVWHP

LoHULVLQGHNL|QHPLD]DOPDNWDGร•U)LQDQVDONRQVROLGDV\RQXQVDรทODGร•รทร•ยoยQFย

Iร•UVDW RODUDN GD OLGHU NXUXOXรบODUร•Q VDรทOD\DFDNODUร• HWNLQOLN YH YHULPOLOLN

DUDFร•Oร•รทร•\OD V|] NRQXVX EDQNDODUร•Q XOXVODUDUDVร• UHNDEHW JยFยQยQ GH DUWPDVร•

ROGXรทX LIDGH HGLOPHNWHGLU 0LVKNLQ   WยP EX ROXPOX JHOLรบPHOHU

VRQUDVร•QGD ยถODUGD DNWif ve รถzkaynak getirisinin rekor seviyelere

\ยNVHOGLรทLQLEXOJXODPร•รบWร•U

0DFH\ YH 0LOOHU   ILQDQVDO NRQVROLGDV\RQD QHGHQ RODQ EDQND

ELUOHรบPHOHUL YH VDWร•Q DOPDODUร•Qร•Q $%' EDQNDODUร•Qร•Q XOXVODUDUDUDVร• UHNDEHW

JยFยQย YH EDQNDFร•Oร•N VLVWHPLQLQ LVWLNUDUร•Qร• QDVร•O HWNLOHGLรทLQL LQFHOHPLรบOHUGLU

dDOร•รบPDODUร•Qร•Q VRQXoODUร•QD J|UH ILQDQVDO NRQVROLGDV\RQ DUDFร•Oร•รทร•\OD DVOร•QGD

$%' EDQNDFร•Oร•N VHNW|UยQGH ELU WDVIL\H VยUHFL \DรบDQGร•รทร•Qร• ]DWHQ $%'

EDQNDFร•Oร•N VHNW|UยQยQ YDUOร•NODUร•Qร•Q WRSODP ILQDQVDO YDUOร•NODU LoHULVLQGHNL

SD\ร•Qร•Q GD VRQ  \ร•OGD \ย]GH ยถGDQ \ย]GH ยถD GยรบPHVLQLQ GH EXQX

GRรทUXODGร•รทร•Qร• J|VWHUPLรบOHUGLU %X oHUoHYHGH $%' EDQNDFร•Oร•N VHNW|UยQGH

\DรบDQDQILQDQVDONRQVROLGDV\RQXQDVOร•QGDSL\DVDODULoHULVLQGHFHUH\DQHGHQ

ELU WDVIL\H VยUHFL YH\D N|Wย EDQNDODUร•Q D\ร•NODQPDVร• RODUDN NDEXO HGLOPHVL

JHUHNWLรทL

EHOLUWLOPLรบWLU

.ร•VDFD

$%'ยถQGH

FHUH\DQ

HGHQ

ILQDQVDO

NRQVROLGDV\RQXQ ELU WDVIL\H VยUHFL ROGXรทX LIDGH HGLOPHNWHGLU %X EDรทODPGD

$%'ยถQGH \DรบDQDQ VยUHo 7ยUN EDQNDFร•Oร•N VLVWHPLQGH  NUL]OHUL

VRQUDVร•QGD\DรบDQDQILQDQVDONRQVROLGDV\RQVยUHFLQHGHร•รบร•NWXWPDNWDGร•U

0HUFDQ YH <RODODQ   EDQNDODUร•Q SHUIRUPDQVร• LOH |OoHN YH

PยONL\HW \DSร•ODUร• DUDVร•QGDNL LOLรบNL\L LQFHOHPHNWHGLUOHU 9HUL =DUIODPD $QDOL]L | \|QWHPL NXOODQร•ODUDN \DSร•ODQ oDOร•รบPD &$0(/  \DNODรบร•Pร•Qร•Q XQVXUODUร•QD NDUรบร•Oร•N JHOHQ ELU GL]L UDV\RQXQ YHUL RODUDNNXOODQร•OPDVร•\OD ROXรบWXUXOPDNWDGร•U

%X oDOร•รบPDGD YHUL ]DUIODPD \|QWHPL NXOODQร•OGร•รทร• LoLQ Xo H[WUHPH  GHรทHUOHU

DWร•OPDN ]RUXQGD NDOร•QPร•รบWร•U %XQD UDรทPHQ HWNLQOLN Vร•Qร•Uร•Qร• ROXรบWXUDQ

EDQNDODUร•Q SHUIRUPDQV GHรทLรบNHQOHULQLQ GHรทHUOHUL J|]OHP NยPHVLQH EDVNร•Q

ROGXรทX LoLQ J|]OHPOHU JHQHOGH GยรบยN HWNLQOLN VHviyesinde (ortalama yรผzde   } .'.~ M  ( ,  ย€ยL.5, ( TY~ $$*, ย€ย/\*, ( ย‚~ 4+ *4*, ย€ย[.'#  3  3 .~ * #  ( +$ย€I&*ยƒ ( .( ( , *ย„~  ( ย…- ( ( , ย€ CAMEL; รถz  .'& # 9  # 3 3 4 ( @_*(  4* $( ( # 6 


 

  J|UยQPHNWHGLUOHU 9HUL =DUIODPD <|QWHPL VRQXoODUร•QD J|UH 0HUFDQ

ve Yolalan (2000), finansal konsolidasyon sรผrecinin finansDO LVWLNUDUD NDWNร•

\DSDFDรทร•Qร• LGGLD HWPHNWHGLU dDOร•รบPD 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ ELU EยWยQ

RODUDN ยถH NDGDU SHUIRUPDQVร•Qร•Q DUWWร•รทร•Qร• YH EDQND \RรทXQODรบPDVร•Qร•Q

D]DOGร•รทร• ยถWHQVRQUDGDEHOLUJLQELUรบHNLOGHJHULOHGLรทLQLEXOPXรบWXU$\Uร•FD

mรผlkiyet iliรบNLOHUL Doร•Vร•QGDQ EDNร•OGร•รทร•QGD \DEDQFร• YH |]HO EDQNDODUร•Q NDPX

EDQNDODUร•QDRUDQODGDKDHWNLQROGXรทX|OoHNDoร•Vร•QGDQEDNร•OGร•รทร•QGDGD

\ร•Oร•QGDQVRQUDRUWDYHNยoยN|OoHNOLEDQNDODUร•QSHUIRUPDQVร•Kร•]ODJHULOHUNHQ

Eย\ยN |OoHNOL EDQNDODUร•Q J|UHOL RODUDN GDKD L\L ELU SHUIRUPDQV VHUJLOHGLรทL

EXOJXODQPร•รบWร•U %ย\ยN |OoHNOL EDQNDODUร•Q SL\DVD SD\ร•Qร•Q DUWPDVร• VRQXFXQGD

JHUoHNOHรบHFHNILQDQVDONRQVROLGDV\RQXQEDQNDFร•Oร•NVLVWHPLQLQSHUIRUPDQVร•Qร•

DUWร•UDFDรทร•LOHULVยUยOPยรบWยU ILQDQVDO

*   JHOLรบPLรบ ยONHOHUGH $%' $% YH -DSRQ\D  \DรบDQDQ NRQVROLGDV\RQXQ

ILQDQVDO

LVWLNUDUD

HWNLOHULQL

ILQDQVDO

NRQVROLGDV\RQXQ ILQDQVDO ULVNOHUH HWNLVL EDรบOร•รทร• DOWร•QGD LQFHOHPLรบWLU )LQDQVDO

ULVNOHUVLVWHPLNULVNOHUYHILQDQVDONXUXOXรบED]ร•QGDULVNOHUEDรบOร•รทร•DOWร•QGDD\Uร•

D\Uร• WDQร•PODQPร•รบ YH DQDOL]HGLOPLรบWLUdDOร•รบPDGD$%'ยถQGH\DรบDQDQILQDQVDO

NRQVROLGDV\RQ VRQUDVร•QGD ED]ร• ULVNOHU D]DOร•UNHQ ED]ร• ULVNOHUGH DUWร•รบ \DรบDQGร•รทร• LIDGH HGLOPHNWHGLU gUQHรทLQ $%'ยถOL Eย\ยN EDQNDODUร•Q KHP XOXVDO

KHP GH XOXVODUDUDVร• DODQGD \DรบDGร•รทร• NRQVROLGDVyon sรผreci hem sektรถrรผn

KHP GH V|] NRQXVX NXUXOXรบODUร•Q FRรทUDIL ULVNOHULQL D]DOWPร•รบWร•U %LUOHรบHQ

NXUXOXรบODUร•Q \|QHWLPVHO YHULPOLOLรทLQGH DUWร•รบ VDรทODQPร•รบ ULVNJHWLUL HรทULVL

L\LOHรบWLULOHUHNGDKDD]ULVNOHGDKDoRNJHWLULVDรทODQPD\DEDรบODQPร•รบWร•U$QFDN

NXUXOXรบODUร•Q ELUOHรบPH VRQUDVร• Dรบร•Uร• Eย\ยPHVLQGHQ GROD\ร• oDOร•รบDQODUร•Q

L]OHQPHVL YH \|QHWLOPHVL ]RUODรบPร•รบ D\Uร•FD RSHUDV\RQHO ULVNOHU GH DUWPร•รบWร•U

'LรทHU\DQGDQULVN\|QHWLPWHNQLNOHULYHWHNQRORMLGHNLJHOLรบPHOHURSHUDV\RQHO

ULVNWHNLDUWร•รบร•GHQJHOHPHNWHGLU$%'iรงin temel riskin, finansal konsolidasyon

VRQXFXQGD L\LFH Eย\ย\HQ YH NDUPDรบร•NODรบDQ ILQDQVDO NXUXOXรบODUร•Q LIODVร•

VRQXFXQGD RUWD\D oร•NDELOHFHN VLVWHPLN ULVN RODVร•Oร•รทร•Qร•Q DUWPร•รบ ROPDVร•Gร•U %X

oHUoHYHGH$%'ยถQGH\DรบDQDQ ILQDQVDO NRQVROLGDV\RQXQ ยณEDWPD\DFDNNDGDU

Eย\ยNยด DOJร•ODPDVร•Qร• DUWร•UDUDN ILQDQVDO VLVWHPLQ Nร•Uร•OJDQOร•รทร•Qร• DUWร•UGร•รทร•

YXUJXODQPDNWDGร•U dDOร•รบPDQร•Q $% ยONHOHUL LOH LOJLOL E|OยPยQGH LVH \DรบDQDQ

ILQDQVDO NRQVROLGDV\RQ GDOJDVร•Qร•Q FRรทUDIL ULVNL D]DOWWร•รทร•QD GDLU ELU EXOJX 


 

HGLQLOHPHPLรบWLU $QFDN GHรทLรบLN VHNW|UOHUGH IDDOL\HW J|VWHUHQ NXUXOXรบODUร•Q

ELUOHรบPHVL VRQXFXQGD RUWD\D oร•NDQ ILQDQVDO KROGLQJOHULQ ILQDQFLDO

FRQJORPHUDWHV  SL\DVDGDNL JยFยQยQ DUWPDVร•QD SDUDOHO RODUDN V|] NRQXVX

NXUXOXรบODUร•Q SL\DVD GHรทHUL GDKD GD ID]OD DUWPร•รบWร•U $% ยONHOHULQGH ILQDQVDO

LVWLNUDUร• ROXPVX] HWNLOH\HELOHFHN ELU EDรบND ULVN LVH ILQDQVDO NRQVROLGDV\RQ

VRQUDVร•QGD NXUXOXรบODUร•Q oHรบLWOL ยONH YH VHNW|UOHUGH IDDOL\HW J|VWHUPH\H

EDรบODPDODUร• QHGHQL\OH GDKD D] รบHIIDI ROPDODUร•Gร•U 'ROD\ร•Vร•\OD SL\DVD

GLVLSOLQLQLQ LVWHQLOGLรทL JLEL oDOร•รบDPDPD RODVร•Oร•รทร• RUWD\D oร•NPDNWD YH VLVWHPLQ

Nร•Uร•OJDQOร•รทร• DUWPDNWDGร•U $\Uร•FD $% ยONHOHULQGH NRQVROLGDV\RQ VRQUDVร• PDOL

VHNW|UGH J|UยOHQ Dรบร•Uร• \RรทXQODรบPD QHGHQL\OH ยณEDWPD\DFDN NDGDU Eย\ยNยด

WHKOLNHVLQLQ DUWWร•รทร• YH EX NXUXOXรบODUร•Q PHYGXDW JยYHQFHVLQH WDEL ROPDVร•

QHGHQL\OH GDKD ID]OD ULVN DOPDODUร• GXUXPXQGD ILQDQVDO LVWLNUDUร•Q WHKOLNH\H

JLUHELOHFHรทL LIDGH HGLOPHNWHGLU %X ULVNOHULQ RUWD\D oร•NPDPDVร• LoLQ $%

ยONHOHULQGH GHQHWOH\LFL YH Gย]HQOH\LFL NXUXOXรบODUD |QHPOL VRUXPOXOXNODU

GยรบWยรทย GHQHWLPLQ VHUPD\H \HWHUOLOLรทL ย]HULQH GHรทLO ULVN \|QHWLP VLVWHPOHUL

ย]HULQH ROPDVร• JHUHNWLรทL GH oDOร•รบPDGD |]HOOLNOH EHOLUWLOPHNWHGLU -DSRQ\DยถGD

LVHNRQVROLGDV\RQXQNUL]VRQUDVร•QGDLIODVHGHQNXUXOXรบODUร•QWDVIL\HVLรบHNOLQGH

ROGXรทXYXUJXODQPDNWDGร•U.RQVROLGDV\RQVRQUDVร•QGDPDOL\HWOHULQD]DOWร•OPDVร•

WHNQRORMLN DOW\DSร•Qร•Q JยoOHQGLULOPHVL YH PยรบWHUL WDEDQODUร•Qร•Q ELUOHรบWLULOPHVL

QHGHQL\OH RSHUDV\RQHO ULVNLQD]DOGร•รทร•DQFDNEXNXUXOXรบODUร•QKDOHQLQWHUEDQN

SL\DVDODUGDQ ERUoODQPD LOH D\DNWD NDOGร•NODUร• GยรบยQยOGยรทยQGH VLVWHPLN ULVN

WHKOLNHVLQLQGHYDPHWWLรทLEHOLUWLOPHNWHGLU%XNXUXOXรบODUร•Q]RUGXUXPDGยรบPHVL

GXUXPXQGD PHUNH] EDQNDODUร•Qร•Q ยณVRQ EDรบYXUXODQ PHUFLยด UROยQย QDVร•O

R\QD\DFDรทร• GD KDOHQ EHOLUVL]GLU %X GXUXP ILQDQVDO LVWLNUDUร•Q NRUXQPDVร•

Doร•Vร•QGDQ ULVN ROXรบWXUPDNWDGร•U &RรทUDIL ULVNLQ LVH NRQVROLGDV\RQ VRQUDVร•QGD

D]DOPDGร•รทร•oDOร•รบPDQร•QVRQXoODUร•DUDVร•QGD\HUDOPDNWDGร•U

&XPPLQV YH 5XELR0LVVDQV   รบLUNHW HGLQLPOHULQGH รบLUNHWL

VDWร•Q DODQร•Q WHNQRORMLN DOW\DSร•Vร•Qร•Q JHOLรบPLรบ YH \|QHWLPLQLQ \ยNVHN NDOLWHOL

ROPDVร• |OoHN HNRQRPLVLQLQ DYDQWDMร•QGDQ \DUDUODQDELOPHVL YH PDOL\HWOHUL

D]DOWDELOPHVL GXUXPXQGD ELUOHรบPHQLQ EDรบDUร•Oร• RODELOHFHรทLQL YH ILQDQVDO

LVWLNUDUD

NDWNร•

VDรทOD\DFDรทร•Qร•

oDOร•รบPDODUร•QGD

J|VWHUPHNWHGLUOHU

dDOร•รบPDODUร•QGD GD J|UยOGยรทย ย]HUH ยถGH $% WDUDIร•QGDQ \D\ร•PODQDQ

รœรงรผncรผ NeVLO 6LJRUWDFร•Oร•N <|QHUJHVLQLQ 7KLUG *HQHUDWLRQ ,QVXUDQFH 


 

'LUHFWLYH  DUGร•QGDQ รธVSDQ\RO VLJRUWDFร•Oร•N VHNW|UยQGH \DรบDQDQ ILQDQVDO

NRQVROLGDV\RQ]D\ร•IรบLUNHWOHULVLVWHPGร•รบร•QDoร•NDUDUDNVHNW|UยQGDKDVDรทOร•NOร•

ELU\DSร•\DNDYXรบPDVร•Qร•VDรทODPร•รบWร•U

6HUGDU =HQJLQREX] YH 2UKDQ   7ยUN EDQNDFร•Oร•N VHNW|UยQยQ

UHNDEHWoL ROPDGร•รทร• YDUVD\ร•Pร• DOWร•QGD EDQND ELUOHรบPHOHUL YH VDWร•Q DOPDODUร•

|QFHVLQGHNL \DSร•VDO GXUXP LOH VRQUDVร•QGDNL GXUXPX ELU PRGHO DUDFร•Oร•รทร• LOH

Nร•\DVODPร•รบODUGร•U$\Uร•FDEDQNDELUOHรบPHOHULQLYHVDWร•QDOPDODUร•Qร•WHรบYLNHGHQ

HWNHQOHU YH NRรบXOODU ย]HULQGH GH GXUPXรบODUGร•U dDOร•รบPDODUร•Qร•Q VRQXoODUร•QD

J|UH VDELW PDOL\HWOHULQ \ยNVHNOLรทL QHGHQL\OH NยoยN EDQNDODU DUDVร•QGD

ELUOHรบPHOHULQ \DรบDQPDVร•Qร•Q UHIDK HWNLVL \DUDWPDNWDGร•U 6HNW|UGHNL Eย\ยN

bankalar iรงin ise 5HNDEHW .XUXPXยถQXQ ELU HQJHO RODUDN RUWD\D oร•NPD

RODVร•Oร•รทร•Qร•Q NRQVROLGDV\RQ VยUHFLQL ]RUODรบWร•UGร•รทร• D\Uร•FD VDWร•Q DOPD YH\D

ELUOHรบPHOHULQ WHNHU WHNHU GHรทLO EORN RODUDN \DSร•OPDVร•Qร•Q GDKD DYDQWDMOร•

RODFDรทร• EHOLUWLOPHNWHGLU %XQXQ WHPHO QHGHQLQLQ LVH WHNHU WHNHU \DSร•ODFDN

ELUOHรบPH YH VDWร•Q DOPDODUGD GLรทHU EDQNDODUร•Q SL\DVD JยFยQย YH NDUOร•Oร•รทร•Qร•

DUWร•UDFDN ROPDODUร• รบHNOLQGH LIDGH HGLOPHNWHGLU $\Uร•FD EDQND ELUOHรบPHOHULQLQ

DUDFร•Oร•รทร• LOH \DUDWร•ODFDN ILQDQVDO NRQVROLGDV\RQ RUWDPร•QGDQ WยP EDQNDODUร•Q

NDUOร• oร•NDFDรทร•Qร•Q DรบLNDU ROGXรทX DQFDN ELUOHรบPHQLQ PDOL\HWOHULQL GH KLoELU

EDQNDQร•QยVWOHQPHNLVWHPHGLรทLoDOร•รบPDGDJ|UยOPHNWHGLU

ย† %X \DSร•Vร•\OD 7ยUN EDQNDFร•Oร•N VLVWHPL PDKNXP LNLOHPL (prisonerโ€™s

GLOHPPD  |UQHรทLQH X\JXQ ELU \DSร• VHUJLOHPHNWHGLU %X LNLOHPLQ \DSร•VDO

GHรทLรบLPOHU DUDFร•Oร•รทร•\OD Dรบร•OPDPDVร• GXUXPXQGD VHNW|UGHNL Nร•Uร•OJDQOร•รทร•Qร•Q

DUWDFDรทร•YHVLVWHPLQGDKDLVWLNUDUVร•]oDOร•รบDFDรทร•EXOXQPXรบWXU

Beck, Demirgรผรง.XQW YH /HYLQH   \ร•Oร•QGD \DSPร•รบ ROGXNODUร•

oDOร•รบPDGD XOXVDO YH XOXVODUDUDVร• EDQNDFร•Oร•N VLVWHPLQGH \DรบDQDQ ILQDQVDO

NRQVROLGDV\RQ VยUHFLQL PHUFHN DOWร•QD DOPร•รบODUGร•U %X oDOร•รบPDGD EDQNDFร•Oร•N

VLVWHPLQGH \DรบDQDQ NRQVROLGDV\RQ VยUHFL EDQNDFร•Oร•N VHNW|UยQGHNL  ย‡ K ( $[,  # T 3 Q+\@ , 3  U 3 U( .($-) -  - UZ:3 Q+ * * *#  *I(  +(  ( ( # 6?A4J .-9 # $-$.-  - . # 3 3.'# -- . # 3 ,   .( #  *4, -, - . -  -.BJ  *# ( ( 9Z ( #BJBT @ !$= # 4**M'*^(  (Z (  4*.5, * ( # 6ยˆD$/ ( $4J*#( .('4J .- e(  *9# 3# 3 +\ # =:*# *.L( , ( # T , UZ - - !L@#   # 6?% .( $(  *QZ ( # ( ( L M^3( , ( # T ( , ( # T ) 3 3 L$*# Z* $',GZ3 # .3  !$3 ( ^ *# ( ( U( $* $3 ;1 ) M .5, 3 # 6 -) -  #D, *.U, *. Z( # *; # .S* *E 3 3 ^3  E ( $( ;\*# ( $(  (1.'Z - รถmรผr * *# *.boyu _( , ( # hapis T , yZ - yatma  - !.># $'*Z ( #/)\@= 8 w+( Z( +\# = 4*.5, * ( # 6DยˆD$eZ -<( .(  ( _Z( #4, .3 /_Z ( #4*.( < # .;* *  3 3 ^3 ?Z ( #UJ ( $', *U, 3 U) 3 .!.R JS& , 5f  3 3 # 6 M.[Z - -U+*# )'*.' *:', ( # 4* ( [, *.R:# , 3 ?4J .- ! # 3  ( , ( # T , SZ -  - ! M . # 3 Q ( # Z( # Z ( #  *# ( *U$\@R&*# 4* *# (&*Y.' # :3  3 . 3+=&*Q-! # 3 3 # 6 ?-L- # -4Q# , U( .'( T  # . 31J# *.*,, # @3) 3 .# 6G ?-UY( :Z ( #  ( ^(# .$- -S ^- # - # 61A4 J .- 9  # IJ*#DZ ( # ( ( ^ *# (  (* *I&*# *# *.LJ &, f  3RZ ( #Q- # - !+ *)'* M'* ^(  (9Z (  *ยƒZ(  *L( , ( # T , ย‰Z -  - ! M^3 ( #S.'# :39, # T 3/( .ยŠ*, B*.b@# - 3 # 6 ABJ .- ! # 3 R- # - 9-  , # T  #  QZ ( # (( :Z ( #  ( ^( *[:!@R( $*( :Z ( #  ( ^(#  .$-R*&# **L+( # *# 6 =&*$( @ ( ^(  .'5+ *@'( ^(Z -4# , 49!J .'- 9 #  3 @M9.*(  *# ( ('.- # , # !3=:= = . *# ('( )( _*4^3 #M'*@!! J.- e -#  # 6 


 

\RรทXQODรบPD RODUDN WDQร•PODQPDNWD YH \RรทXQODรบPDQร•Q \DรบDQDQ ILQDQVDO

NUL]OHUHHWNLVLLUGHOHQPHNWHGLUdDOร•รบPDda 70 รผlkenin 1980 \ร•OODUร•QDDLW

YHULOHUL NXOODQร•OPร•รบ YH ILQDQVDO NRQVROLGDV\RQ VยUHFLQLQ GDKD \RรทXQ

\DรบDQPDVร• QHGHQL\OH EDQNDFร•Oร•NWD \RรทXQODรบPDQร•Q \ยNVHN ROGXรทX UHNDEHW

NRรบXOODUร•QD \|QHOLN Nร•Vร•WODPDODUร•Q D] ROGXรทX YH UHNDEHW NRรบXOODUร•Qร•Q

NRUXQGXรทX ยONHOHULQ EDQNDFร•Oร•N VLVWHPOHULQGH NUL] RODVร•Oร•รทร•Qร•Q GDKD GยรบยN

ROGXรทX EXOJXODQPร•รบWร•U %DQND \RรทXQODรบPDVร•Qร•Q ILQDQVDO LVWLNUDUD NDWNร•

\DUDWWร•รทร• EXOXQPXรบWXU $QFDN EDQND \RรทXQODรบPDVร•Qร•Q Dรบร•Uร• Gย]H\GH ROGXรทX

รผlkelerde konsolidasyonun finansal istikrara kaWNร•Vร•Qร•Q ]D\ร•I KDWWD QHJDWLI

ROGXรทX EXQXQ WHPHOLQGH LVH Dรบร•Uร• \RรทXQODรบPDQร•Q UHNDEHW NRรบXOODUร•Qร•

ER]PDVร•ROGXรทXoDOร•รบPDGDEXOJXODQPร•รบWร•U

DemirgรผรงKunt, Laeven ve Levine (2003), 72 รผlkedeki 1.400

EDQNDQร•Q

YHULOHULQL

NXOODQDUDN

EDQNDFร•Oร•N

Gย]HQOHPHOHULQLQ EDQND W \RรทXQODรบPDVร•Qร•Q YH NXUXPVDOODรบPDQร•Q EDQNDODUร•Q QHW IDL] PDUMร• รผzerindeki

HWNLOHULQL LQFHOHPLรบOHUGLU 1HW IDL] PDUMร•Qร•Q \ยNVHN ROGXรทX HNRQRPLOHUGH

EDQNDFร•Oร•N VHNW|UยQยQ NDUOร•Oร•รทร•Qร•Q \ยNVHN ROPDVร• QHGHQL\OH |]ND\QDNODUร•Qร•Q

DUWDFDรทร• GROD\ร•Vร•\OD ILQDQVDO VLVWHPLQ GDKD LVWLNUDUOร• ELU \DSร•\D NDYXรบDFDรทร•

ELOLQPHNWHGLU 1HW IDL] PDUMร• LOH ILQDQVDO LVWLNUDU DUDVร•QGDNL V|] NRQXVX LOLรบNL

J|] |QยQGH EXOXQGXUXOGXรทXQGD QHW IDL] PDUMODUร•Qร•Q EDQNDFร•Oร•N VLVWHPL LoLQ

ELU LVWLNUDU J|VWHUJHVL ROGXรทX GยรบยQยOPHNWHGLU 'LรทHU \DQGDQ oDOร•รบPDQร•Q

VRQXoODUร•Qร• LQFHOHGLรทLPL]GH EDQND \RรทXQODรบPDVร•Qร•Q QHW IDL] PDUMODUร•Qร•

DUWร•UDUDNILQDQVDOLVWLNUDUDNDWNร•VDรทODGร•รทร•J|UยOPHNWHGLU$QFDNHQIODV\RQYH

UHNDEHWL Nร•Vร•WOD\ร•Fร• Gย]HQOHPHOHULQ YDUOร•รทร• ILQDQVDO NRQVROLGDV\RQ YH QHW IDL]

PDUMODUร• DUDVร•QGDNL SR]LWLI LOLรบNL\L ER]PDNWD YH QHW IDL] PDUMODUร•Qร• GDUDOWDUDN

EDQNDFร•Oร•NVLVWHPLQGHLVWLNUDUVร•]Oร•รทร•QDUWPDVร•QDQHGHQROPDNWDGร•U

$OOHQ YH *DOH   ILQDQVDO NRQVROLGDV\RQ LOH ILQDQVDO LVWLNUDU

DUDVร•QGDNL LOLรบNL\L LQFHOHPLรบOHUGLU )LQDQVDO NRQVROLGDV\RQD QHGHQ RODQ

\RรทXQODรบPDQร•Q UHNDEHWL D]DOWWร•รทร• EHOLUWLOHQ oDOร•รบPDGD GLรทHU oDOร•รบPDODUร•Q

DNVLQH ILQDQVDO NRQVROLGDV\RQXQ UHNDEHWL D]DOWPDVร•QD UDรทPHQ ILQDQVDO

LVWLNUDUD NDWNร• \DSWร•รทร• VDYร•Qร•Q JHQHOGH GRรทUX ROPDGร•รทร• |QH VยUยOPHNWHGLU

dDOร•รบPDQร•Q VRQXoODUร•QD J|UH ILQDQVDO NRQVROLGDV\RQXQ J|VWHUJHVL RODQ

EDQND \RรทXQODรบPDVร• LOH ILQDQVDO LVWLNUDU DUDVร•QGD oRN \ย]Oย ELU LOLรบNL  ย‹?ยŒ *,T ( @44# f 3 *,T ( @_+ *  ( # (  ( _,   <T ( @_+ *, ( # (  ('.5, ( T  *# */# 3   # .D, 3 9   !.5, 3 # 6 


 

EXOXQPDNWDGร•U+HUยONHQLQNRรบXOODUร•Qร•QIDUNOร•YHNDUPDรบร•NROPDVร•QHGHQL\OH

ILQDQVDO NRQVROLGDV\RQ LOH ILQDQVDO LVWLNUDU DUDVร•QGDNL D\Qร• \|QOย ELU LOLรบNLQLQ

ROPDGร•รทร• J|]OHPOHQPLรบWLU gUQHรทLQ ILQDQVDO VLVWHPLQ HWNLQ YH YHULPOL

oDOร•รบPDVร•GXUXPXQGDILQDQVDONRQVROLGDV\RQXQUHNDEHWLD]DOWPDVร•QHGHQL\OH

ILQDQVDOLVWLNUDUDROXPOXNDWNร•\DSPD\DFDรทร•Qร•J|VWHUPLรบWLU

+DUWPDQQ&DUOHWWLYH6SDJQDOR  JHOLรบPLรบยONHOHUGHD]VD\ร•GD

EDQNDQร•Q DUWร•N EDQNDFร•Oร•N VHNW|UยQยQ \ย]GH ยถLQL ROXรบWXUGXรทXQX

J|VWHUPLรบOHUGLU %X oHUoHYHGH EDQND ELUOHรบPHOHULQLQ VRQXFXQGD RUWD\D

oร•NDQ ILQDQVDO NRQVROLGDV\RQXQ UHHO VHNW|UH NXOODQGร•Uร•ODQ NUHGLOHUGHNL

UHNDEHW NRรบXOODUร•QD OLNLGLWHOHULQH YH D\ร•UGร•NODUร• NDUรบร•Oร•NODUD HWNLOHULQLQ

LQFHOHQPHVL JHUHNWLรทLQL YXUJXODPร•รบODUGร•U %X DPDoOD EDQND ELUOHรบPHOHULQLQ

NUHGL UHNDEHWLQH EDQNDODUร•Q Gร•รบ รบRNODUD NDUรบร• D\ร•UGร•NODUร• Nร•VD YDGHOL OLNLW

YDUOร•NODUร•QD YH WRSODP OLNLGLWHOHULQH HWNLOHULQL LQFHOHPLรบOHUGLU %LOLQGLรทL ย]HUH

EDQNDODU NUHGL NXOODQGร•UPDN LoLQ ELUELUOHUL\OH UHNDEHW HWPHNWH OLNLGLWH

รบRNODUร•QD NDUรบร• Nร•VD YDGHOL OLNLW YDUOร•NODU EXOXQGXUPDNWD YH JHUHNWLรทLQGH

LQWHUEDQN SL\DVDODUร•QGDQ ILQDQVPDQ LKWL\DoODUร•Qร• VDรทODPDNWDGร•U %X oHUoHYHGH oDOร•รบPDQร•Q VRQXoODUร•QD J|UH EDQND ELUOHรบPHOHUL ELUOHรบHQ

EDQNDODUGD LoVHO SDUD SL\DVDVร• ROXรบWXUPDNWD YH ILQDQVDO PDOL\HWOHULQL

D]DOWDUDN NUHGL IDL] RUDQODUร•QGD GยรบยรบH \RO DoPDNWDGร•U 'ROD\ร•Vร•\OD

NRQVROLGDV\RQ VRQXFXQGD ER]XODQ UHNDEHW RUWDPร•Qร•Q ROXPVX] HWNLOHUL

PDOL\HWOHULQ D]DOPDVร• VRQXFXQGD NUHGL IDL] RUDQODUร•Qร•Q GยรบPHVL LOH RUWDGDQ

NDONPDNWDGร•U (OGH HGLOHQ LNLQFL VRQXo LVH EDQNDODUร•Q ELUOHรบPH VRQUDVร•QGD

OLNLGLWHรบRNODUร•QDNDUรบร•GDKDID]ODNร•VDYDGHOLOLNLWYDUOร•NEXOXQGXUDELOPHOHULGLU

%XQXQ WHPHO QHGHQL RODUDN EDQNDODUร•Q NXOODQGร•UGร•รทร• NUHGLOHUGH oHรบLWOLOLรทLQ V DUWPDVร•Qร•Q  EDQNDODUร•Q OLNLGLWHOHULQL ROXPOX HWNLOHPHVL RODUDN J|VWHULOPLรบWLU $\Uร•FD EDQNDODUร•Q YH EDQNDFร•Oร•N VLVWHPLQLQ OLNLGLWH ULVNLQGHNL GHรทLรบLPOHU YH

likidite

ihtiyaรงlaUร• GD GHรทHUOHQGLULOPLรบWLU %X E|OยPGH Eย\ยN |OoHNOL

ELUOHรบPHOHUGH EHNOHQHQ OLNLGLWH LKWL\DFร•Qร•Q DUWWร•รทร• YH PHUNH] EDQNDODUร•Qร•Q

GDKD ID]OD OLNLGLWH WHPLQ HWPHN ]RUXQGD NDODFDรทร• EHOLUWLOPLรบWLU %DQNDFร•Oร•N

VHNW|UยQGH UHNDEHWLQ GDKD \RรทXQ ROPDVร• GXUXPXQGD EDQNDODU GLรทHU

EDQNDODUGDQ GDKD UDKDW IRQODQDELOHFHรทL LoLQ PHUNH] EDQNDODUร• GDKD D]

OLNLGLWHLOHV|]NRQXVXLKWL\DFร•NDUรบร•OD\DELOPHNWHGLU

 ยยŽย ยย‘ย’ย“ยย”ย’ ย•ยย– ย’ ย– ย’ ย—ย’ ย˜ -@- _&   * ('.# * ('(  ( :.(  *# (  ( 4# , !$3 Z*  (p, ( !.# * (  *# */-@!   :!B+( (  4*$(  *4~ T # . 3 $*.p, \#  *# .=)= .5ย™ Z == .:( # .*,  *# ย€&*9Z*  (Z: 3Z\ + * *#  *R-'@!  :4 9.' .   ! .5, 3 # 6 


 

รนDK|]NDQ  |]HOOLNOH|OoHNHNRQRPLVLDoร•Vร•QGDQJHOLรบPLรบยONH

EDQNDODUร•QD Nร•\DVOD oRN NยoยN DNWLI Eย\ยNOยNOHULQH sahip olan Tรผrk

EDQNDODUร•Qร•QXOXVODUDUDVร•DODQGDIDDOL\HWWHEXOXQPDODUร•Qร•QELUEDรบNDLIDGHLOH

IDDOL\HWOHULQLQ HWNLOL RODELOPHVLQLQ |OoHNOHULQLQ Eย\ยPHVL LOH \DNร•QGDQ LOJLOL

EXOXQGXรทXQX EHOLUWPHNWHGLU 7ยUN EDQNDFร•Oร•N VLVWHPLQGH DOW\DSร• \|QยQGHQ

JOREDO EDQNDFร•Oร•N VLVWHPOHUL LOH UHNDEHW HGHELOHFHN \HWHUOLOLNWH EDQNDODU

EXOXQPDVร•QD UDรทPHQ VRUXQXQ |OoHN IDNW|UยQH RGDNODQGร•รทร• VDYร• oDOร•รบPDGD

RUWD\D NRQXOPDNWDGร•U $\Uร•FD EDQNDFร•Oร•N VHNW|UยQGH  NUL]OHUL

VRQUDVร•QGD EDรบOD\DQ EDQND ELUOHรบPH YH ILQDQVDO konsolidasyon sรผrecinin

GDKD EDรบODQJร•o QRNWDVร•QGD ROGXรทX GD V|\OHQPHNWHGLU =DWHQ \DรบDQDQ

ELUOHรบPH YH VDWร•Q DOPDODUร•Q JUXS LoL KDUHNHWOHU YH\D WDVIL\H VยUHFLQGH

PH\GDQDJHOGLรทLGHoDOร•รบPDGDYXUJXODQPDNWDGร•U$QFDN*DUDQWL%DQNDVร•YH

2VPDQOร• %DQNDVร• ELUOHรบPHVLQLQ GHรทHUOHQGLULOGLรทL Nร•Vร•PGD RUWD\D NRQDQ

HWNLQOLN ILQDQVDO SR]LV\RQXQ L\LOHรบWLULOPHVL |OoHN HNRQRPLVL KLVVHGDU

Doร•Vร•QGDQ ND]DQoODU YH ELUOHรบPH VRQUDVร• LON G|QHPH LOLรบNLQ GLรทHU |OoยPOHU

ELUOHรบPH\H \|QHOWLOHQ PRWLYDV\RQODUร•Q L\L WHVSLW HGLOPLรบ ROGXรทXQX YH VยUHFLQ

EDรบDUร•\OD WDPDPODQGร•รทร•Qร• J|VWHUPHNWHGLU รนDK|]NDQ   VRQ RODUDN

EDQNDFร•Oร•N VHNW|UยQGH รบX DQ PHYFXW \RรทXQODรบPDQร•Q DUWPDVร• EHNOHQWLVLQH

EDรทOร• RODUDN NยoยN |OoHNOL EDQNDODUร•Q ELUOHรบHUHN UHNDEHW JยFย \ยNVHN GDKD

JยoOย

EDQNDODU

ROXรบWXUPDVร•

NRQXVXQD

RGDNODQPDODUร•

JHUHNWLรทLQL

EHOLUWPHNWHGLU 'ROD\ร•Vร•\OD EDQND ELUOHรบPHOHULQL WHรบYLN HGLFL Gย]HQOHPHOHULQ

\DSร•OPDVร•Qร•Q ]RUXQOX ROGXรทX LIDGH HGLOPHNWHGLU %XQXQ DOWHUQDWLI \|QWHPL

RODQLoVHOEย\ยPHQLQPHYFXWND\QDNODUร•QNDSDVLWHVLQHEDรทOร•RODUDNPยmkรผn

RODPD\DFDรทร•oDOร•รบPDGDLIDGHHGLOPHNWHGLU$NVLGXUXPGDQHWIDL]PDUMODUร•YH

NDSVDPOร• UHNDEHWH EDรทOร• RUWD\D oร•NDFDN EDรบDUร•Vร•]Oร•NODUร•Q \DVDO RWRULWHOHUFH

VDรทODQDFDNODUWHรบYLNOHULOHGDKLJLGHULOHPH\HFHรทLYXUJXODQPDNWDGร•U

)LWFK   .DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD

EDQNDFร•Oร•N VHNW|UยQยQ \DSร•ODQGร•Uร•OPDVร• SURJUDPร• oHUoHYHVLQGH ILQDQVDO

NRQVROLGDV\RQXQ JHUoHNOHรบWLรทLQL YH ILQDQVDO NRQVROLGDV\RQXQ ILQDQVDO

LVWLNUDUDNDWNร•\DSWร•รทร•Qร•J|VWHUPLรบWLU%XDPDoODQHWIDL]PDUMร•DNWLIJHWLULVLYH

VHUPD\HQLQ JHWLULVLQGHNL L\LOHรบPHOHULQ EDQNDFร•Oร•N VHNW|UยQยQ SHUIRUPDQVร•Qร•

DUWร•UDUDNILQDQVDOLVWLNUDUDNDWNร•\DSWร•รทร•Qร•EXOPXรบODUGร•U




 

.XPFX   ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH VHNW|UGHNL SD\ร•Qร•

DUWร•UPDN LVWH\HQ NXUXOXรบODUร•Q IDL] Gร•รบร• JLGHUOHULQLQ \ยNVHN ROGXรทXQX LIDGH

HWPHNWHGLU )LQDQV VHNW|UยQGH IDL] Gร•รบร• JHOLUOHULQ IDL] Gร•รบร• JLGHUOHUL

NDUรบร•OD\DPDPDVร•Qร•Q HQ Eย\ยN QHGHQOHULQGHQ ELUL RODUDN GD Eย\ย\HELOPHN

LoLQ UHNDEHWWH IDL] Gร•รบร• JHOLUOHUGHQ IHUDJDW HWPH ]RUXQOXOXรทXQGDQ

ND\QDNODQGร•รทร•Qร•

EHOLUWPHNWHGLU

Bu

รงerรงevede

sektรถrdeki

yeniden

\DSร•ODQPDQร•Q NยoยN EDQNDODUร•Q VHNW|U Gร•รบร•QD oร•NPDVร•QD \RO DoDFDN Dรบร•Uร•

UHNDEHW RUWDPร•Qร• GHรทLรบWLUPHNWHQ |OoHN HNRQRPLVLQLQ QLPHWOHULQGHQ

\DUDUODQDUDN ILQDQVDO LVWLNUDUD |QFHOLN YHULOPHVLQGHQ JHoPHNWH ROGXรทXQX

YXUJXODPDNWDGร•U 6RQXo

L  รธQFHOHQHQ DPSLULN oDOร•รบPDODUGD ILQDQVDO NRQVROLGDV\RQXQ

HWNLQOLN YH YHULPOLOLรทL DUWร•UGร•รทร•QD GDLU J|Uยรบ D\Uร•Oร•NODUร• ROGXรทX

J|UยOPHNWHGLUdLOOL  $OWXQEDรบYH0RO\QHX[  (UWXรทUXOYH=DLP

  0LVKNLQ  YH   $PLKXG YH 0LOOHU   &LQJL YH 7DUร•P

  &XPPLQV YH 5XELR 0LVVDQV   dDQND\D YH g]   <DNร•Fร•

YHdDQND\D  ILQDQVDONRQVROLGDV\RQVRQUDVร•QGDEDQNDFร•Oร•NVHNW|UยQGH

HWNLQOLรทLQ YH YHULPOLOLรทLQ DUWWร•รทร•Qร• RUWD\D NR\PDNWDGร•U %XQXQ WHPHO

รบDUWODUร•QGDQ ELULVLQLQ EDQNDFร•Oร•N VLVWHPLQGH |OoHรทLQ DUWDQ JHWLULVL ROPDVร•

JHUHNWLรทL รบHNOLQGH LIDGH HGLOPHNWHGLU 'LรทHU \DQGDQ D\Qร• oDOร•รบPDODUGD

EDQNDFร•Oร•N VLVWHPLQGH \RรทXQODรบPDQร•Q D]DOPDVร• GXUXPXQGD HWNLQOLรทLQ YH

YHULPOLOLรทLQD]DOGร•รทร•GDRUWD\DNRQXOPXรบWXU'LรทHU\DQGDQ%HUJHUYH+DQQDQ

  <ร•OGร•Uร•P   *   +XJKHV 0HVWHU YH 0RRQ   YH

$PHO %DUQHV 3DQHWWD YH 6DOOHR   ILQDQVDO NRQVROLGDV\RQXQ VLVWHPLQ

GDKD D] HWNLQ YH YHULPOL oDOร•รบPDVร•QD QHGHQ ROGXรทXQX EXOPXรบODUGร•U $\Uร•FD

(UWXรทUXOYH=DLP  YH&LQJLYH7DUร•P  7ยUNL\Hย]HULQH\DSWร•NODUร•

oDOร•รบPDODUGD HQ HWNLQ EDQND JUXSODUร•Qร•Q Vร•UDVร•\OD \DEDQFร• |]HO YH NDPX

EDQNDODUร• ROGXรทX \DEDQFร• YH |]HO EDQNDODUร•Q GD NDPX EDQNDODUร•QD RUDQOD

GDKD YHULPOL ROGXรทX EXOJXODPร•รบODUGร•U =DLP   g]NDQ   GLรทHU

oDOร•รบPDODUร•Q DNVLQH NDPX EDQNDODUร•Qร•Q |]HO EDQNDODUD RUDQOD GDKD HWNLQ

ROGXรทXQXEXOPXรบODUGร•U




 

LL  )LQDQVDO NRQVROLGDV\RQXQ XOXVDO HNRQRPLGHNL UHNDEHW

NRรบXOODUร•Qร• ROXPVX] HWNLOHGLรทL NRQXVXQGD ILNLU ELUOLรทL ROXรบPDPร•รบWร•U

(UWXรทUXO YH =DLP   $\Gร•QOร•   'HQL]HU   YH *   YH

*ยQDO   EDQND \RรทXQODรบPDVร•Qร•Q SL\DVDGD EXOXQDQ Eย\ยN |OoHNOL

EDQNDODUร•Q Eย\ยNOยNOHULQLQ UHNDEHW \DSร•Vร• ย]HULQGH ROXPVX] HWNL \DUDWDUDN

PDOL VLVWHPH \HQL JLULรบOHUL HQJHOOHGLรทLQL IL\DWODUร• \ยNVHOWWLรทLQL EXOPXรบODUGร•U

'LรทHU \DQGDQ EX J|UยรบOHULQ WDP WHUVLQH 0LVKNLQ   YH $QJHOLQL YH Cetorelli (2000)โ€™ye gรถre finansal konsolidasyon ulusal ekonomideki rekabet

NRรบXOODUร•Qร•DUWWร•UPDNWDGร•UBu รงerรงevede, literatรผrde finansal konsolidasyonun

UHNDEHW NRรบXOODUร•QD HWNLOHUL ย]HULQGH WDP ELU ILNLU ELUOLรทL ROPDGร•รทร•

DQODรบร•OPDNWDGร•U )LQDQVDO NRQVROLGDV\RQXQ UHNDEHW NRรบXOODUร•QD HWNLOHULQLQ

ยONHGHQยONH\HGHรทLรบWLรทLDQODรบร•OPDNWDGร•U

LLL  )LQDQVDO NRQVROLGDV\RQ ILQDQVDO VLVWHPLQ LVWLNUDUร•QD NDWNร•

\DSWร•รทร• DQFDN ILQDQVDO NXUXOXรบODUร•Q ยณEDWPD\DFDN NDGDU Eย\ยNยด KDOH

JHOPHVLQLQ VLVWHPLN ULVN YH RSHUDV\RQHO ULVN WHKOLNHVLQL DUWร•UGร•รทร•

DQODรบร•OPDNWDGร•U 0LVKNLQ   YH *   ILQDQVDO NRQVROLGDV\RQ

VRQUDVร•QGD ED]ร• EDQNDODUร•Q EDWPD\DFDN NDGDU Eย\ยN KDOH JHOPHVLQLQ ULVN

ROXรบWXUGXรทXQX DQFDN PHYGXDWD JยYHQFHQLQ Vร•Qร•UODQGร•Uร•OPDVร•Qร•Q YH HWNLQ

EDQND GHQHWLPLQLQ EX WHKOLNH\L D]DOWDFDรทร•Qร• LIDGH HWPLรบWLU $\Uร•FD

RSHUDV\RQHO ULVNLQ GH |QHPLQL DUWร•UGร•รทร• DQODรบร•OPDNWDGร•U 'LรทHU \DQGDQ

ILQDQVDO NRQVROLGDV\RQ PHYGXDWD JยYHQFHQLQ Vร•Qร•UODQGร•Uร•OPDVร•QD RODQDN

VDรทODPDVร• YH DKODNL ER]XOPDQร•Q PRUDO KD]DUG  |QยQH JHoLOPHVLQL

VDรทODPDNWDGร•U )LQDQVDO NXUXOXรบODU |OoHN HNRQRPLVLQLQ DYDQWDMODUร•QGDQ

\DUDUODQDUDN XOXVODUDUDVร• UHNDEHW JยFยQย DUWร•UPDNWDGร•U %XQODUD HN RODUDN

0DFH\ YH 0LOOHU   ILQDQVDO Doร•GDQ ]D\ร•I EDQNDODUร•Q NRQVROLGDV\RQ

DUDFร•Oร•รทร•\OD WDVIL\H HGLOGLรทLQL EHOLUWPLรบWLU $\Uร•FD FRรทUDIL ULVNOHULQ D]DOGร•รทร• GD

EX oDOร•รบPDODUGD RUWD\D NRQXOPDNWDGร•U %HQ]HU J|UยรบOHU 0HUFDQ YH <RODODQ

  &XPPLQV YH 5XELR 0LVVDQV   6HUGDU =HQJLQREX] YH 2UKDQ

(2001), Beck, Demirgรผรง.XQW YH /HYLQH   $OOHQ YH *DOH  

+DUWPDQQ &DUOHWWL YH 6SDJQDOR   รนDK|]NDQ   YH .XPFX  

WDUDIร•QGDQGDLIDGHHGLOPHNWHGLU

LY  6RQXo RODUDN OLWHUDWยUGH JHQHO NDQร• ILQDQVDO NRQVROLGDV\RQXQ

N|Wย EDQNDODUร•Q WDVIL\H HGLOPHVLQL VDรทODPDVร• YH\D N|Wย EDQNDODUร•Q WDVIL\H 


 

HGLOPHVL VRQXFXQGD RUWD\D oร•NPDVร• QHGHQL\OH EDQNDFร•Oร•N VLVWHPLQLQ GDKD

YHULPOL oDOร•รบPDVร•QD RODQDN VDรทOD\DFDรทร•Gร•U 8OXVODUDUDVร• UHNDEHW JยFย DUWDQ

HWNLQ YH YHULPOL oDOร•รบDQ VHNW|UยQ LVH GDKD LVWLNUDUOร• oDOร•รบDFDรทร• OLWHUDWยUGH

|]HOOLNOH YXUJXODQPDNWDGร•U $QFDN ILQDQVDO NRQVROLGDV\RQXQ UHNDEHW

NRรบXOODUร•Qร• ROXPVX] HWNLOHGLรทLQH YH ILQDQVDO LVWLNUDUD NDWNร• \DSPDGร•รทร•QD GDLU

J|UยรบOHU GH OLWHUDWยUGH |QHPOL \HU WXWPDNWDGร•U 'ROD\ร•Vร•\OD ILQDQVDO

NRQVROLGDV\RQXQ ILQDQVDO VLVWHP ย]HULQGHNL HWNLOHULQLQ ยONHOHULQ NRรบXOODUร•QD

J|UH GHรทLรบWLรทL GยรบยQยOPHNWHGLU 'LรทHU \DQGDQ NRQVROLGDV\RQXQ ILQDQVDO

LVWLNUDUD \DSWร•รทร• NDWNร•ODU Gร•รบร•QGD \DUDWDFDรทร• ULVNOHULQ GH J|] |QยQGH

EXOXQGXUXOPDVร•JHUHNWLรทLDQODรบร•OPDNWDGร•U




 

 hdh1&h%g/h0 'h1<$'$)ø1$16$/.2162/ø'$6<21$/$1,1'$.ø*(/øù0(/(5 )LQDQV SL\DVDODUÕQGDNL \DSÕVDO G|QúPOHU JHQHO RODUDN \DúDQÕODQ

NUL]OHU VRQUDVÕQGD RUWD\D oÕNPÕúWÕU %DQNDFÕOÕN VLVWHPLQGHNL GH÷LúLP GH VRQ š› \ÕOLoLQGH\DúDQDQROXPVX]JHOLúPHOHULOH LYPHND]DQPÕúWÕU

6|] NRQXVX ROXPVX]OXNODUÕQ DUGÕQGDQ |]HOOLNOH ¶OÕ \ÕOODUGDQ

VRQUD NUL]OHUH NDUúÕ \HQL \DNODúÕPODU JHOLúWLULOLS XOXVODUDUDVÕ EDQNDFÕOÕN

VLVWHPLQLQ LVWLNUDUÕQÕQ DUWWÕUÕOPDVÕ \ROXQGD o|]POHU UHWLOPH\H oDOÕúÕOPÕúWÕU

%X oHUoHYHGH HYUHQVHO EDQNDFÕOÕN NDYUDPÕ RUWD\D oÕNPÕú YH XOXVDO

HNRQRPLOHUGHILQDQVDONRQVROLGDV\RQ|QHPND]DQPÕúWÕU

%DQNDFÕOÕNVLVWHPLQLQGHQHWLPDOWÕQDDOÕQPDVÕ\HQLGHQ\DSÕODQGÕUPD

DPDFÕ\OD ELUoRN EDQNDQÕQ JHoLFL RODUDN GHYOHW NXUXPODUÕQD YH\D PHYGXDW

JYHQFHVL IRQODUÕQD GHYUHGLOPHVL NXUWDUÕOPDVÕ PPNQ ROPD\DQ EDQNDODUÕQ

WDVIL\H HGLOHUHN DNWLIOHULQLQ DoÕN DUWÕUPD \ROX LOH VDWÕOPDVÕ GúN PDOL\HWOH

OLNLGLWH DNWDUÕPÕ VD÷ODQDQ ED]Õ EDQNDODUGDQ GXUXPODUÕ G]HOWLOHQOHULQ VDWÕúD

oÕNDUÕOPDVÕ Jo GXUXPGDNL ED]Õ EDQNDODUÕQ SUREOHPOL NUHGLOHULQLQ GHYLU

DOÕQDUDNEDQNDELUOHúPHOHULQLQWHúYLNHGLOPHVL]RUGXUXPGDNLED]ÕEDQNDODUD

VHUPD\H JLULúL VD÷OD\DELOPHN DPDFÕ\OD \DEDQFÕ VHUPD\H ]HULQGHNL

VÕQÕUODPDODUÕQ D]DOWÕOPDVÕ LIODV NDQXQODUÕQGD \HQLOLNOHU \DSÕOPDVÕ ILQDQVDO

NRQVROLGDV\RQX KÕ]ODQGÕUPÕúWÕU 7DEOR  YH 7DEOR ¶GH GH GQ\D

JHQHOLQGHILQDQVDONRQVROLGDV\RQXQJ|VWHUJHVLRODQEDQNDELUOHúPHYHVDWÕQ

DOPDODUÕQKÕ]ODQGÕ÷ÕJ|UOPHNWHGLU   

  œž  1973 Bretton Woods sisteminin çökmesi ve petrol krizi, 1994 Tekila Krizi, 1997 Ÿ ¡   ¢£¤<¥B¦ ¢§Ÿ£¨©ªc«G¬'Ÿ¤ ¦ ¡ ­§¡ §® ¯ ¢£ §a°¤±¡ ¤Ÿ¤¢²­® ¯ ³ ´ šµ µ¶ Ÿ  ¡   ¢£¤a·Gª¬'Ÿ¤ ¸ ¢  ¢¹­® ¯ ³'§²º¯ ® »B§ ¬¯[¼§²½¤¾¨ ¢Ÿ¤ ¸ £¤¿£ª ® ºª¢ ¡ ª©ª  ¢À¤® Á »4¤¬ Y° ª ¨¡ ª»4¬ª³¡ ª ­¡ ¤®   ¢9°¤±¡   ¤¡ ¤®  ¤® ¤¬  ¢£¤!¬¤Ÿ  ¡ »!¤­5Á ¤£  ® à 


 

7$%/2)ø1$16$/6(.7g5'(*(5d(./(ù(1%ø5/(ù0(9(6$7,1$/0$/$5 0ø/<$5$%''2/$5,h=(5ø 

Ì ÍÍÎ Ú4Û ÜpÝ Þß?àIÞ áDâã1ä åäæ ç!è Þéê ë ñÞòÞÜóÛ sìö ð æ ô Û Ý ãâ Ü èGõ Ý â ܁ê gGhijhkl m!npoqUr sqq1ol o tÄ

Ì ÍÍ?Ì

ÌÍÍÏÐÌ ÍÍÑÒÌ ÍÍÓ

o q

ì

oo

oí

ss1ö o

osö í

îïö ÷

sîö ÷

ÌÍÍÔ

ÌÍÍÕÖÌÍÍ×

sî

s1o

ÌÍÍØÙÌÍÍÍ

í?ï

ð ë íì oo î?ö qøðïö qùsîîö qúí?îoö qûsïoö q

7$%/2'h1<$1,1(1%h<h.%$1.$/$5,1,1$.7ø)%h<h./höh1h1* h/.(/(5ø1ø1*6<ø+¶<$25$1, 

üDýYþ1ÿ üDýYþ1ÿ üDýYþ1ÿ üDýYþ1ÿ

ã ÿLÏÎ ã ÿ LÑÎ ã ÿ /ÓÎ ã ÿ RÔÎ

Ì ÍØÎ o ï?ö ð sð?ö ð îq?ö ë îð?ö í

gGhijhkl m!npoqUr sqq1ol o tÄ

Ì ÍÍÎ îoö ì íqö î í÷ö q ðs1ö ë

ÌÍÍÌ îðö s ííGö í ðoö ð ð÷ö ì

ÌÍÍÏ îí1ö s íí1ö o ð1oö ð ð÷?ö ì

Ì ÍÍÑ îìö q íìö î ðí1ö o ìq?ö ð

Ì ÍÍÓ îìö ð í?÷?ö q ðð?ö o ìGoö ï

ÌÍÍÔ î÷ö ð í ë öð ðì1ö ë ìíGö q

ÌÍÍÕ îì1ö ë íïö q ðì1ö ë ìì1ö q

ÌÍÍ× î ë öo ð1oö o ìGoö í ìï?ö q

Ì ÍÍØ îï?ö ë ðsö ÷ ìî?ö s ÷1oö s

'Q\D JHQHOLQGH ILQDQVDO NRQVROLGDV\RQXQ KÕ]ODQGÕ÷Õ J|UOPHNWHGLU

7DEOR  YH 7DEOR   'Q\DQÕQ HQ E\N EDQNDODUÕQÕQ NRQVROLGH DNWLI š š büyüklüklerinin, G ONHOHULQLQ *6<ø+  RUDQÕ  – 1998 döneminde ILQDQVDO NRQVROLGDV\RQXQ HWNLVL\OH KÕ]OD DUWPÕúWÕU $\QÕ G|QHPGH HQ E\N

 EDQNDQÕQ DNWLI E\NO÷QQ * ONHOHULQLQ *6<ø+¶\D RUDQÕ \]GH

19,5’ten \]GH¶H HQE\NEDQNDQÕQ \]GH¶WHQ\]GH¶\H

HQE\NEDQNDQÕQ\]GH¶GHQ\]GH¶\HHQE\NEDQNDQÕQ

LVH \]GH ¶WHQ \]GH ¶\H \NVHOPLúWLU %\N EDQNDODUÕQ GDKD GD

E\PHVL

GL÷HU

EDQNDODUÕ

UHNDEHW

JoOHULQL

NRUuyabilmeleri

için

X]PDQODúPD\D YH\D EDQND ELUOHúPHOHULQH YH VDWÕQ DOPDODUD ]RUODPÕú

RUWDPD X\XP VD÷OD\DPD\DQ EDQNDODU PDOL JFQ \LWLUHUHN WDVIL\H

ROPXúODUGÕU * 

)LQDQVDO NRQVROLGDV\RQXQ EDQNDFÕOÕN VLVWHPLQH NDWWÕ÷Õ GH÷LúLP

LYPHVLQLQ GDKD DoÕN DQODúÕODELOPHVL DoÕVÕQGDQ ILQDQVDO NRQVROLGDV\RQXQ

EXJQ ELOH GDKD \R÷XQ |UQHNOHULQLQ \DúDQGÕ÷Õ $%' $YUXSD %LUOL÷L YH

JHOLúPHNWH RODQ HNRQRPLOHUGHNL YHULOHUL HOH DOPDN ID\GDOÕ RODFDNWÕU %X

E|OPGHILQDQVDONRQVROLGDV\RQXQGQ\DQÕQHQE\NHNRQRPLVLRODQ$%'

*ONHOHULYHJHOLúPHNWHRODQHNRQRPLOHUGHNLJHOLúLPLLQFHOHQHFHNWLU   œpœ š'Æ  ¥Å ¦ ¡ ­§¡ §® ¯ ¢ ¯ ¢BÁ ¨¾ ¡ ¤»e¥_Ç?ÈDÉ Ê1¸ ¬ 'Á ¨ ¾ ¡ ¤»b£¦ ¢Ÿ¤9¦ ® §Á ¯ »!¯ ¢ ¯ ¢BŸ¤­¡ ¤±  ­DŸ¤®   ¬  ¢ ¯ Ë ¤£§9§Á »B§­5Á § £¯ ® à 


 

$%')LQDQVDO6LVWHPLQGH.RQVROLGDV\RQ(รทLOLPL $%' GH  ODUGDQ  OHUH NDGDU  LOH  DUDVร•QGD

GHรทLรบHQ WLFDUL EDQND VD\ร•Vร•QGD GLNNDWH GHรทHU ELU LVWLNUDU sรถz konusudur.

 OHULQ EDรบร•QGDQ LWLEDUHQ WLFDUL EDQNDODUร•Q VD\ร•Vร•QGD GUDPDWLN ELU Gยรบยรบ

EDรบODPร•รบWร•U (Q Eย\ยN  EDQNDQร•Q WRSODP DNWLI Eย\ยNOยรทยQยQ EDQNDFร•Oร•N VHNW|Uย LoLQGHNL SD\ร•   1997 dรถneminde yรผzde 18,5โ€™ten yรผzde 23,7โ€™ye

\ยNVHOPLรบWLU 6|] NRQXVX G|QHPGH HQ Eย\ยN  EDQNDQร•Q WRSODP DNWLI

Eย\ยNOยรทยQยQ EDQNDFร•Oร•N VHNW|Uย LoLQGHNL SD\ร• \ย]GH ยถWHQ \ย]GH ยถH

\ยNVHOPLรบWLU 0LVKNLQ   $%' GH EDQND VD\ร•Vร•Qร•Q D]DOPDVร•Qร•Q QHGHQL

 OHULOH ODUร•QEDรบร•QGD\DรบDQDQHWNLOLVHNW|UHO]RUOXNODUGร•UรนDK|]NDQ

  PHYGXDWร•Q PDOL\HW DYDQWDMร•Qร•Q D]DOPDVร• IRQODUร•Q NXOODQร•Pร•QGDQ

VDรทODQDQ JHOLU DYDQWDMร•Qร•Q D]DOPDVร• YH JHOHQHNVHO EDQNDFร•Oร•รทร•Q NDUODUร•QGDNL

D]DOPDHรทLOLPLQLNRQVROLGDV\RQXQWHPHOQHGHQOHULRODUDNHOHDOPDNWDGร•U

'LรทHU \DQGDQ NDUOร•Oร•NODUร•Qร• NRUXPD DPDFร•\OD Eย\ยN ULVN DODQ

EDQNDODUร•Q NDUรบร•ODรบWร•NODUร• NUHGL ND\ร•SODUร• PHYGXDWD VDรทODQDQ JยYHQFHQLQ

EDQNDODUร•Q GLรทHU ILQDQVDO NXUXOXรบODUD NDUรบร• RODQ UHNDEHW JยFยQย D]DOWPDVร•

Eย\ยN รบLUNHWOHULQ PHQNXO Nร•\PHWOHU SL\DVDODUร•QGDQ NROD\FD ERUo EXOPDODUร•

QHGHQL\OH EDQNDODUร•Q GยรบยN NDOLWHGH ERUoODQร•Fร•ODUOD PXKDWDS NDOPDVร• $%'

EDQNDFร•Oร•N VLVWHPLQLQ NRQVROLGDV\RQ VยUHFLQH JLUPHVLQLQ QHGHQOHUL DUDVร•QGD

VD\ร•OPDNWDGร•U $PLKXGYH0LOOHU 

7$%/2$%'%$1.$&,/,.6(.7g5h1'(.รธ0(9'8$7*h9(1&(6รธ1(7$%รธ 7รธ&$5รธ%$1.$9('รธรถ(5.858/8รน/$5,16$<,6, <HQLJLULรบOHUYH 7DULK NRQYHUVL\RQODU                          7RSODP 

*|QยOOย ELUOHรบPHOHU             

7DVIL\H]RUXQOX ELUOHรบPHOHUYHGLรทHU oร•Nร•รบODU             

gGhijhkl i  U

m h hย„  r oรฏรฏรฌt ร„_hh  j h hUh h   ยžร„ Bgj   i?jLr !j   ?jt รถ#"  $ h %hjkh$   &h 'j j(" hh )*k ) ) ) + h  j  * h , "  ?k"  ยžร„ 

%DQND VD\ร•Vร•             


 

<XNDUÕGDNL WDEORGD GDJ|UOG÷ ]HUH $%' EDQNDFÕOÕNVHNW|UQGH

   G|QHPLQGH  \HQL JLULú YH FRQYHUVLRQ  J|QOO

ELUOHúPH YH  WDVIL\H J|QOV] ELUOHúPH YH GL÷HU oÕNÕú JHUoHNOHúPLúWLU

*|QOO YH J|QOV] ELUOHúPH WDVIL\H YH GL÷HU oÕNÕúODUÕQ \HQL JLULúOHUGHQ

\NVHN ROPDVÕ QHGHQL\OH GH V|] NRQXVX G|QHPGH EDQND VD\ÕVÕ ¶WHQ

¶HNDGDUJHULOHPLúWLU\ÕOÕQDNDGDUEDQNDFÕOÕNVLVWHPLQHRODQ\HQL

JLULúOHULQ oÕNÕúODUGDQ ID]OD ROPDVÕQÕQ HWNLVL\OH ¶\D \NVHOHQ EDQND

VD\ÕVÕGDKDVRQUDD]DOPDWUHQGLQHJLUHUHN\ÕOÕLWLEDUL\OH¶HNDGDU

JHULOHPLúWLU%DúNDELULIDGH\OH¶OHULQRUWDVÕQDNDGDUJ|QOlü ve gönülsüz

ELUOHúPHOHU WDVIL\HOHU YH GL÷HU oÕNÕúODUD UD÷PHQ \HQL JLULúOHULQ GDKD ID]OD ROPDVÕQÕQ HWNLVL\OH ILQDQVDO NRQVROLGDV\RQ JHUoHNOHúHPHPLú DQFDN GDKD

VRQUDNL \ÕOODUGD |]HOOLNOH J|QOO EDQND ELUOHúPHOHULQLQ HWNLVL\OH ILQDQVDO

NRQVROLGDV\RQ GDOJDVÕQÕQ $%' EDQNDFÕOÕN VHNW|UQGH GH \R÷XQ ELU úHNLOGH

\DúDQGÕ÷ÕJ|UOPHNWHGLU

7$%/2%$1.$9(7$6$558).858/8ù/$5,6$<,6,

7LFDUL 'H÷LúLP %DQNDODU   7DULK                               7RSODP'H÷LúLP   %DQNDODU 7DVDUUXI.XUXOXúODUÕ

7DVDUUXI .XUXOXúODUÕ  'H÷LúLP                      

gGhijhkl i  U

m h h„  r oïïìt Ä_hh  j h hUh h   žÄ .-h h )*Qk ) ) ) + h 4r "   * " t ö/" h h )*  k 4k  h "  *  Br h  j 0 hj 1 hjŠh $ h"  ?jt ö2 " hk " h h )*2% hjkh h 1 r 3)" ) h  h j04%h?jkt ö?i h <k 5?k 5 h "  *  ?r %)   j 0>hj 6 h?jYh $ h "  ?jt   & 5  5  j 7 5 , k" , )[  k 5%   k 5  r $  "5) j  j  t h 8 5   9 +"  ž Ä $%' EDQNDFÕOÕN VHNW|UQGH   1994 döneminde bDQND VD\ÕVÕ

\]GHD]DODUDN¶GHQ¶HJHULOHPLúWLU6|]NRQXVXG|QHPGH š'Æ WDVDUUXI NXUXOXúODUÕQÕQ  VD\ÕVÕ LVH \]GH  D]DODUDN ¶GDQ ¶\H   œ :  ; ¤¬¤® ® šª'µËB¶ ­› ª ® ª¡ ª±¡ ¤® ´Á ¦­§Á ¯ ¯ ¡ §® £§¢c»4§¼£ª¤ÁDÁ ¨ ¾ ¡ ¤Ÿ  ¾c­'¨¢ªÁB­® § £¯ ¬¯¼§® §¢c­ª ® ª ¡ ª±¡ ¤®_¨ ¡ ¤® ¤­QÁ ¤ ¢  »9¡ ¤¢»!¤­5Á ¤£  ® à «=<5>G¸ ¢£ § ¬¨¢® ¤¬  ¢£¤!£¯ ©§®Á ¦­§Á ¯ ¯­® §£¯ ¡ §® ¯ ¢ ¯5¼§® »4§¡ §® ¯ ¢§9£§R¯ ³¯ ¢B¼§® ¯ ¡ »9¯ ±'Á ¯ ® à 


 

JHULOHPLúWLU 7DEOR   %DQND YHWDVDUUXI NXUXOXúODUÕQÕQ VD\ÕVÕQGDNL D]DOPD

GDILQDQVDONRQVROLGDV\RQXQJHUoHNOHúWL÷LQLJ|VWHUPHNWHGLU

7$%/2$.7ø)%h<h./h./h./(5ø1(*g5(%$1.$%ø5/(ù0(/(5ø

áBä ý ä ? áBä ý ä ? ç Ü â Ý ä ò ä ý èâ Û ç Ü â Ý ä ò ä ý è1â Û ü è Û ýÞý1Ý Þ?ÜpÛ ý A õCB Ý â à ü è Û ý1Û Ý Þý1Ý ÞÜóÛ ý A õ=B Ý â à Ú4ÿ ã ÿÝ ÿ Ú4ÿ ã ÿÝ ÿ Ú â ý â Ý â Ü ä ý ü è Û ý1Û à Ú â ý â Ý â Ü ä ý Ú4ÿ ã ÿÝ ÿ áBä ý ä ? ä ü è Û ý1Û à áBä ý ä ?óä áBä ý ä ?óäç Ü â Ý ä ò ä @ áDâã1ä åä ç Ü â Ýäò ä áDâã1ä å1ä D âã1äæ F ê D âãä @E@_æ F ê o G qnpoq H oö q G qnóo qH s÷ íðq oì1ö q s G oqn sð H ðö o G o qn sðH síq oÄ í?ðq îoö o î G sðn ðq H o ð?ö s G sðnžðqH ðíGo oÄ ð1oï ís1ö ë í G ðqnóo qq H  î 1 í ö G ì ë÷  ð  q p n  o  q  q H  o Ä 1 î  o s ìì1ö ð ë ð G oqqnžðqq H ïî?ö ï G o qqn ðqqH oÄ s÷î oÄ îq÷ ïì1ö í ì G ðqqnpo   î  o 1 í ö ï G ðq÷ ðqqnóo oío ë ÷ö ì ÷ G o 1nžð  ïë î?ö o G o1n ð5 oÄ ísï oîí ë îö ÷  G I  G I  ð Ä  ì  ì ? ð ö ð ð    o Ä  ì  í î  ð   î í  o o ÷?ö s ë õ B Ýâ à A C ÕJ ÑÓ× A õCB Ý â à ÕJ ÑÓ× gGhijhkli  U m h h „r oïïìt Ä_hh  j h hUh h   žÄ G  HLK33  i! j M ONP h  ö G 4K39  ih M ONQ h  Ä E3R2 j  *9h h   &5 j h k =%h?jkh  h  S j hi  / ö   05  C j  * " h k O%h?jkh  h  6 j  j  k   "  hT%h?jkhU hi  j jö/  05    j  * " h k ("  h V%hjkW h hi   jW h  hj  5 žX Ä -h % ?j )1 j  h &Y" h h *Z j [ h   \  0  X j  * " hk X 5 j   ] j "  h  %h?jk h  hi   j  jö   0   j  * " h k 8"  h Y%hjk h hi   j, h  hj  5 žÄ 7DEOR  DNWLI E\NONOHULQH J|UH WLFDUL EDQNDODUÕQ ELUOHúPH

RUDQODUÕQÕJ|VWHUPHNWHGLU6ROSDQHOGHNLYHULOHUVDWÕQDODQEDQNDODUÕQHGLQGL÷L

EDQND VD\ÕVÕQÕ J|VWHUPHNWHGLU %\N EDQNDODUÕQ HQ DNWLI DOÕFÕODU ROGX÷X

DQODúÕOPDNOD ELUOLNWH DNWLI E\NO÷  PLO\DU $%' GRODUÕ ]HULQGH RODQ

EDQNDODUÕQ  VDWÕQ DOPDQÕQ ¶VLQL \DNODúÕN \]GH ¶L  JHUoHNOHúWLUGL÷L DQODúÕOPDNWDGÕU $\UÕFD   1994 döneminde 5 milyar

GRODUÕQ]HULQGHDNWLI E\NO÷QH VDKLS ELU EDQNDRUWDODPD EDQNDVDWÕQ

DOPÕúWÕU 'L÷HU \DQGDQ HQ NoN  EDQNDGDQ VDGHFH ELU WDQHVL EDQND

VDWÕQ DOPD \ROXQD JLWPLúWLU 7DEOR¶QXQ VRO WDUDIÕ ³E\N EDOÕ÷ÕQ NoN EDOÕ÷Õ

\HGL÷L´ GúQFHVLQH \RO DoPDNWDGÕU $QFDN HGLQLOHQ EDQNDODU DoÕVÕQGDQ

ELUOHúPH HWNLQOL÷LQLQ |OoOG÷ WDEORQXQ VD÷ WDUDIÕ EX \DNODúÕPÕ

GR÷UXODPDPDNWDGÕU (GLQLOHQ  EDQNDQÕQ ¶LQLQ  PLO\RQ $%'

GRODUÕQGDQNoNDNWLIE\NO÷HVDKLSEDQNDODUROPDVÕQDUD÷PHQHQNoN

VÕQÕIWDNL HGLQLOHQ EDQNDODUÕQ V|] NRQXVX VÕQÕIWDNL WRSODP EDQNDODUD RUDQÕ

\]GH  LNHQ HQ E\N VÕQÕI DUDOÕ÷ÕQGD V|] NRQXVX RUDQ \]GH ¶GLU

'ROD\ÕVÕ\OD ELUOHúPH YH HGLQLPOHULQ E\N EDQNDODU DUDVÕQGD GDKD \R÷XQ

JHUoHNOHúWL÷L YH ILQDQVDO NRQVROLGDV\RQXQ |]HOOLNOH E\N |OoHNOL EDQNDODUÕQ

ELUOHúPHOHULQGHQND\QDNODQGÕ÷ÕRUWD\DoÕNPDNWDGÕU 


 

7$%/2$%')ø1$166ø67(0ø1'(*(5d(./(ù(1%ø5/(ù0(9(6$7,1 $/0$/$5 0ø/<$5$%''2/$5, 

^__`

^___

abbb

abb^

abba

– fm c ’ Zd• – fm c ’ od'• – fm c ’ od'• – fm c ’ od'• – fm c ’ Zd• e5fgh ihUjn kl — e5fgh ihUjn kl — e5fgh ihpjn kl — e5fgh ihpjn kl — e5fgh ih jn k l— š8 v › w šzyµ š'Æ ´ ¶ šµš w ¶ Æš{ š|y švv w ¶ q  f rh ŽCsZs– s”– f t ^#u ´x x ´ ´ }=~ –’ € f € i t a u Æ { µ {y ¶  Æ ' š Æ  š µ Æ vw š {w v w µ { y Æ  š y › { Æ ´ ´ ´ ´ ´x  f €d f r h – h d y š š Æ x v ´Æ Æ ¶{ ¶ µ Æš{ µ › ´ Æ Æ› x {Æ š šw¶ ¶ ´x x ´ ´ fi f Zst  ’  • i u µ{ Æ{ ´ µ wy w v y y vv ¶ ´v vš µ w ´ ´ x je ’ ƒ  • f rh – jh d ‚ y ›š ¶v ´ ¶ {µ#y { ¶ y {Æš { Æ  Æ w ¶ v š  Æ ¶ µ ´ ´x x ´ x ´w k  ¶ Æ

Æ µ y v{ š y vÆ { { š y{ v¶ {› { Æ Ê1¤Ÿ¤Á „ Ǥ©¡ ­ ´ x´ ´ ´x ´ … ' š › yy š w  Æ › š v µ v yµ Æ Æ yy › »9¡ ¤­ x ´ x ´ x ´ ´ ´y † ' š #y ¶ Æ {v Æ › y  š

¶ ¶ › v w µ š š š  š  µ Æ š ¨»9¯ ¬'Ÿ¨¢Âª ¡ ª ­ ´x ´ ´ ´ ´š

Æ µ µ {µ š v v Æ › { š { Æ

Æ › y µ <¤­ » ´x ´ ´ x ´ ´ – fm ^‡ a_ˆ ˆ^8‰ Š ‹ ^‡ ^^a ^8ˆ ŒŠ ` _ˆ _ aa‹ Š  ` ` ^8ˆ‹ Š ^ ‰‰#ˆ `Š ‰ jkl Ž ‘’“” ‘ •–— ‘˜™9” ‘š ›— œ ž Ÿ ›‘” ‘•ž Ÿ ž –ž ™  Z¡¢¤£X— ˜¥9’ –— –¦ –§¦ — ¨.œ™5‘’ –¦3’¥ œ,™ž4© ™ªž¥ — ¥ œV§Ÿ — ’#™ž ¦ ™— Ÿ ‘Ÿ ¨9«— ›’#™— ¬ ­™¦ ™5— ® ¦ —¥©™\ž ¥ —¥ œV­‘¥ §œ,‘ §Ÿ — ’#™ž ¦ ™5— Ÿ ‘ŸŸ ¯#™5— œ,™’ž ™­5Ÿ — °   ±¢!²!³ ™5¦š Ÿ ‘‘•.§Ÿ — ’#™ž ¦ ™— Ÿ5’ ´ ¯´’š Ÿ ‘‘ •.§Ÿ — ’#™ž ¦ ™5— Ÿ ‘ ­™‘P’ — ™­Ÿ’#— ž¥5›µ ™5— •›‘¦ —¥ ‘ 6’­—O¶™‘Ÿ §4«Ÿ —/’#™•Ÿ œ9Ÿ içermektedir.

'L÷HU \DQGDQ VRQ \ÕOODUGD \DúDQDQ JHOLúPHOHUL LQFHOHGL÷LPL]GH

EDQNDFÕOÕN VHNW|UQGH \DúDQDQ NRQVROLGDV\RQXQ GL÷HU VHNW|UOHUGH GHYDP

HWWL÷L EDQNDFÕOÕN VHNW|UQGH LVH D]DOGÕ÷Õ YH |QHPLQL \LWLUGL÷L J|UOPHNWHGLU

¶GH EDQNDFÕOÕN VHNW|UQGH  PLO\DU GRODU ELUOHúPH YH VDWÕQ DOPD

JHUoHNOHúLUNHQ ¶GH  PLO\DU GRODU RODUDN JHUoHNOHúPLúWLU $UDFÕ

NXUXOXúODU |]HO ILQDQV NXUXOXúODUÕ WDVDUUXI úLUNHWOHUL YH VLJRUWDFÕOÕNWD GD EX

G|QHPGH ELUOHúPH YH VDWÕQ DOPDODUÕQ D]DOPDVÕQD UD÷PHQ NRQVROLGDV\RQXQ

GHYDPHWWL÷LDQODúÕOPDNWDGÕU

$%' ILQDQV VHNW|UQGH ¶OÕ \ÕOODUGD NRQVROLGDV\RQH÷LOLPL LVH EX

E|OPGH GH÷LO *12 ülkelerinde \DúDQDQ ILQDQVDO NRQVROLGDV\RQ H÷LOLPL

EDúOÕ÷ÕDOWÕQGDLQFHOHQHFHNWLU

*hONHOHULQGH%LUOHúPHYH6DWÕQ$OPDODU *HOLúPLú HNRQRPLOHULQ ILQDQV VLVWHPOHULQGH NRQVROLGDV\RQ H÷LOLPLQL

HQ L\L úHNLOGH \DQVÕWPDVÕ QHGHQL\OH * ONHOHULQGH ELUOHúPH YH VDWÕQ

DOPDODUÕ VWUDWHMLN DQODúPD YH MRLQW YHQWXUH VD\ÕVÕQÕ LQFHOHPHN ID\GDOÕ

RODFDNWÕU  




 

7$%/2*h/.(/(5ø)ø1$16$/6ø67(0ø1'(%ø5/(ù0(9(('ø1ø0(öø/ø0ø 0ø/<$5$%''2/$5, 

–‡ ^__^·^8__a ^__‹¸^8__ˆ ^__¹^8__Œ ^__‰¸^8__` ^___ jkl Æ xx y ¶š»vv x¼x ÆÆ x µv¼w#y›¼w#yƽw ¶ƽw#yš»w xx¾x´ { µš { › šÁ{w ›Â{#y µÂ v µ wÃyw { š8{ ´ ´ ´ ´ ´ x ´ x ¶ › ´ Æ Æ x › ´ š y x Æ ´ š Æ µ{ ´ Æ š à yyš

v ¶ ¶x ›x ›x

w ¶ š š x š› › š š'µ š{{ š'Æš µš{ w µ š ´Æ { y v šv š x ´ ¶Â{ Æ ´ µÂ{{ ´ ›Â v µ ´ µ š¶š à ¶ ´ ´ ´x x ´ š Æ v ÆÄyy ¶¼v šw¼vw ¶ x y Æ x µÆ x ww¼w Æƽw š x¼x ¶yÅv à µÆ ¶ Æy ´ ÆÇ{{ ´ yÈ{ Æ ´ x v ¶ ´ x y ¶ ´ w š8 { µ ´ y ¶ x ´ y Æ#yw ´ x { w µ ´ Æ { šµ ´ µ š à {w › w Æ š›š µ µ š›Ð y š{ š š x Ð y šxv šw µ š v ¶ÒÆ›{ š à {w x š{ ´ ¶Éy ´ ¶ v w w y w ' š Æ û Æ  š › yv y š šv µ {{ Æ Æ v{ ´ x ´ ´ ´ ´x ´ ´ ´ šµ µ¼{ šš» { ¶šÊy x š»v Æ v¼v{ ÆÄy ¶ ›¼v{yËv{{Éy ¶¶Ìy à yyy { šÍ{ š ´ v Æ x ´ w Ƶ ´ wÂ{#y ´ x š8{ x ´ Æ y x ´ y š'¶w ´ š {w{ Æ w › ´ { š à š xx v#y ¶ µ š›Æ ¶w ¶ › š'Æ{ š|y µ š|y v š|y x š›{ š à ›w ¶ v { y µ š µ

š š v¼w › {{Îvv š ¶ µ {Ãyy v Æ w#y w ´ x ´ ´ ´ ´ ´ ´ ´ w š š|y µ š{{ š{Ð y š x ¶ÒÆ›š ÆšÒ { Æ ÆÆøšµÒ v Ƶ x š à w ¶Æ š ´µ { { Æ ´w š¶ à ´ w ´ { ¶ ´ø y šw ´ x v › ´ ¶Â{ Æ ´ ¶Â { ¶ ´ y š¶š à ¶ ´ { ÆyËv#y µ x š x¼x ¶ƽww{ ¶v x ¶#y Æùµ ›š ¶w#y ¶ ¶w¾w à { ›y {w µÂ { ¶ ÆÇ { ¶ y Ƶ{Ìy µv ´ š {v{ ´ Æ š à x Æ{ ´ ´ ´ x v ´ ÆÇv{ ´ y š8v š ´ x µw

^8__b ¿ s •’ “’

º

¿ s • ‘ h ” h

; ¨ ¾ ¡ ¤»À>§ © §® º

e d'• Ə ’ “’

; ¨ ¾ ¡ ¤»À>§ © §® º

¯ ® ­§ÁǤŸ ¬  ¯ ® ­§ÁǤŸ  ¬ 

¯ ® ­§ÁǤŸ ¬  ; ¨¾ ¡ ¤»À>§ © §® e d'• Əž‘ h ” h º ¯ ® ­§ÁǤŸ  ¬  » >§ © §® ; ¨¾ ¡ ¤À  f €d f rh – h d º ¯ ® ­§ÁǤŸ  ¬  » >§ © §® ; ¨¾ ¡ ¤À º e ’ƒ  • f ¯ ® ­§ÁǤŸ  ¬  k » >§ © §® ; ¨¾ ¡ ¤À q  f rh Ž sZs m – f  Ï n ’ — º ¯ ® ­§ÁǤŸ  ¬  C  » >§ © §® ; ¨¾ ¡ ¤À º ¯ ® ­§ÁǤŸ  ¬  – fm  ¨ ¾ ¡ ¤ Ð » >§ © §® ; jkl ¥_Ò Ç?ÈDÉ ÊcÉ Ñ Ã › ´ Æ#y ¤Ÿ  Ó Ô Õ

Ž ‘’“ÖØ×Ù¡ڝ ±ÚÚ¡“ ¡¢Z°

› ´ Æ Æ

› ´ Æ š

› ´ { v

› ´ Æ w

› ´ w ›

› ´ y v

š ´ { ¶

Æ ´ { ›

š ´ v w

› ´ ¶ Æ

 G|QHPLQGH * ONHOHULQLQ PDOL VLVWHPLQGH

JHUoHNOHúHQELUOHúPHYHVDWÕQDOPDODUDEDNWÕ÷ÕPÕ]GD

• <XUWLoLELUOHúPHYHVDWÕQDOPDODUÕQÕQ\XUWGÕúÕQDJ|UHGDKDD÷ÕUOÕNOÕ

ROGX÷X WRSODP ELUOHúPHOHULQ YH VDWÕQ DOPDODUÕQ \]GH ¶LQLQ 

PLO\DU $%' GRODUÕ  \XUW LoLQGHQ \]GH ¶VLQLQ  PLO\DU $%' GRODUÕ 

\XUW GÕúÕQGDQ ND\QDNODQGÕ÷Õ DQODúÕOPDNWDGÕU ùLUNHW VD\ÕVÕ DoÕVÕQGDQ

EDNÕOGÕ÷ÕQGD LVH PDOL VHNW|UGH  \XUW LoL YH  \XUW GÕúÕ ELUOHúPH YH

VDWÕQDOPD\DúDQPÕúWÕU

• %LUOHúPH YH VDWÕQ DOPDODUÕQ  PLO\DU $%' GRODUÕ GL÷HU ELU

ifadeyle yüzde 84,4’ü sektör içerisinde, 253 miO\DU $%' GRODUÕ LVH VHNW|U

GÕúÕQGDJHUoHNOHúPLúWLU%XoHUoHYHGHVHNW|UGÕúÕELUOHúPHYHVDWÕQDOPDODUD

ILQDQVDONXUXOXúODUÕQVÕFDNEDNPDGÕ÷ÕDQODúÕOPDNWDGÕU

•  WULO\RQ GRODU GH÷HULQGHNL ELUOHúPH YH VDWÕQ DOPDODUÕQ \]GH

¶VLQLQ EDQNDFÕOÕN VHNW|UQGH yüzde 17’sinin sigorta sektöründe, yüzde

¶LQLQDUDFÕNXUXOXúODUYHGL÷HUOHULQGHJHUoHNOHúPLúWLU




 

• %LUOHúPH YH VDWÕQ DOPDODUÕQ *6<ø+¶\D RUDQÕ  YH ¶GD HQ

VW G]H\OHULQH XODúDUDN \]GH  YH \]GH  RODUDN JHUoHNOHúPLú YH

 –  \ÕOODUÕ DUDVÕQGD ILQDQVDO NRQVROLGDV\RQXQ *6<ø+¶\D RUDQÕQÕQ

\]GH¶HXODúPDVÕQÕVD÷ODPÕúWÕU 7DEOR 

7$%/2$%')ø1$166ø67(0ø1'(%ø5/(ù0(9(6$7,1$/0$(öø/ø0ø 0ø/<$5$%''2/$5, 

¿ s •’ “’

º

¯ ® ­§ÁǤŸ ¬  ; ¨¾ ¡ ¤ »Ð>§ © §® ¿ s • ‘ h ” h º ¯ ® ­§ÁǤŸ  ¬  » >§ © §® ; ¨¾ ¡ ¤ Ð e d'• Ə’ “’ º ¯ ® ­§ÁǤŸ  ¬  » >§ © §® ; ¨¾ ¡ ¤ Ð e d'• Əž‘ h ” h º ¯ ® ­§ÁǤŸ  ¬  » >§ © §® ; ¨¾ ¡ ¤ Ð  f €d frh – h d º ¯ ® ­§ÁǤŸ  ¬  » >§ © §® ; ¨¾ ¡ ¤ Ð º e ’ƒ  • f ¯ ® ­§ÁǤŸ  ¬  k » >§ © §® ; ¨¾ ¡ ¤ Ð q  f rh ŽCsZs m – f  Ï n ’ — º ¯ ® ­§ÁǤŸ  ¬   » >§ © §® ; ¨¾ ¡ ¤ Ð º ¯ ® ­§ÁǤŸ  ¬  – fm » >§ © §® ; ¨¾ ¡ ¤ Ð jkl ¥_Ò Ç?ÈDÉ ÊcÉ Ñ¯ ¢£ §­¯ ¤Ÿ  Ó ÔXÕ

Ž ‘’“ÖØ×Ù¡ڝ ±ÚÚ¡“ ¡¢Z°

–‡ ^__bÛ^__^Ü^8__aÛ^__‹Û^__ˆÝ^__ ¸^__ŒÝ^__‰ ^__`Þ^___ jkl š xx Æ› µ½ { › ¶Ë { µyËyy{¼y µ{¼yv šÄ v ›ƽy¶Æß{v›à{ à w µ ¶ y v  Æ Æ ´ š Æ› ´ x { Æ ´ ›È{ Æ ´ yáw x ´ wÂy w ´ { š¶ x ´ ¶ {w š ´ ¶ w µ ´ ¶ ¶w#y à › ´ Æ › š|y µ š'Æ š'Æ š'µ š¶ Æ w Æv { › š¶ x š ´y › ´y › ´š › ´¶ Æ ´š v µøšš Æ

š š Ö › |y wâ{ š š w µ Æ

´ ´ ´ ´ ´x ´ š8 v ¶ùÆ›š ƶ#yã{ x ¶¼y š›¼y vv¼y š x yvw¼y {{ Ƶ x { à y w ¶ v v ÆÆ ´ ›Öš¶ ´ ¶ Ƶ ´ vÈ{ Æ ´ ›Èw#y ´ ¶Èv Æ ´ Æ šw x ´ › Ƶ ¶ ´ { µ ¶ ´ { ¶›w ´ y ´ Æ ¶ Æ Æ {{

{ ¶ yv vw v{ w Æ wy ¶y

v › x › ´y › ´y Æ ´› { { Æ ´v w ¶ { Æš ´ w ¶ ¶ ´ š š{ ´ š šzyv ´ x ´ ´ x ´ ù š8{ š šv ÆùÆy{Ë{ Æ x { vË{ µ ›Ë{{#yã{w#yã{y ¶ Æy ¶ Æ Ã µš š x y y Æ › ´ ¶Öšv ´ ›ûš¶ ´ v Æ { ´ Æäw{ ´ {È{y ´ µ š{w ´ › Ƶ µ ´ x w › ´ y x µw ´ Æ ´ Æ{ { y { {w v v µ y wåyw Æ x x x x xx x x š ´{ š ´{ v › v w v w v ›øš8{ w Æä v ¶ š { Æ š8{ Æ ´ ´ ´ ´ ´x ´ ´x ´ x ´ x { Æ {v ƶ yy v{ µ µ µ µ› ¶v ›š xx x x › ´š › ´y › ´w ¶ ´v v y y š'› ´ ›Çy{ ´ x ƶ ´ { šw ´ ¶ ššµ ´ y ´x ´ š'¶ x Æ Æ {½{ šw¼y › x yvvËv š'ƽy x µËv ƵËv ›wæ { ¶›à{ à µ ¶#y v ¶  Æ Æ ´ v Æ› ´ wÇ{ Æ ´ ¶È{#y ´ v ¶Æ ´ x v ¶ ´ v šµw ´ ¶ { ¶ x ´ v š š š ´ y µv{ ´ š ´ › ´š

› ´y

› ´{

› ´v

› ´v

š ´š

› ´¶

Æ ´y

y y

´

š ´Æ

š ´{

 G|QHPLQGH $%' PDOL VLVWHPLQGH JHUoHNOHúHQ

ELUOHúPHYHVDWÕQDOPDODUDEDNWÕ÷ÕPÕ]GD

• <XUWLoLELUOHúPHYHVDWÕQDOPDODUÕQÕQ\XUWGÕúÕQDJ|UHGDKDD÷ÕUOÕNOÕ

ROGX÷XWRSODPELUOHúPHOHULQYHVDWÕQDOPDODUÕQ\]GH¶QQ PLO\DU

$%' GRODUÕ  \XUW LoLQGHQ \]GH ¶VLQLQ  PLO\DU $%' GRODUÕ  \XUW

GÕúÕQGDQ ND\QDNODQGÕ÷ÕDQODúÕOPDNWDGÕUùLUNHWVD\ÕVÕDoÕVÕQGDQEDNÕOGÕ÷ÕQGD

LVH PDOL VHNW|UGH  \XUW LoL YH  \XUW GÕúÕ ELUOHúPH YH VDWÕQ DOPD

\DúDQPÕúWÕU

• %LUOHúPH YH VDWÕQ DOPDODUÕQ  PLO\DU $%' GRODUÕ GL÷HU ELU

LIDGH\OH\]GH¶VLVHNW|ULoHULVLQGHPLO\DUGRODUÕLVHVHNW|UGÕúÕQGD

JHUoHNOHúPLúWLU%XoHUoHYHGHVHNW|UGÕúÕELUOHúPHYHVDWÕQDOPDODUDILQDQVDO

NXUXOXúODUÕQVÕFDNEDNPDGÕ÷ÕDQODúÕOPDNWDGÕU 


 

•  PLO\DU $%' GRODUÕ GH÷HULQGHNL ELUOHúPH YH VDWÕQ DOPDODUÕQ

\]GH ¶QQ EDQNDFÕOÕN VHNW|UQGH \]GH ¶QQ VLJRUWD VHNW|UQGH

\]GH¶QQDUDFÕNXUXOXúODUYHGL÷HUVHNW|UOHULQGHJHUoHNOHúPLúWLU

• %LUOHúPH YH VDWÕQ DOPDODUÕQ *6<ø+¶\D RUDQÕ  YH ¶GD HQ

VW G]H\OHULQH XODúDUDN VÕUDVÕ\OD \]GH  YH  RODUDN JHUoHNOHúPLú YH

V|] NRQXVX G|QHPGH ILQDQVDO NRQVROLGDV\RQXQ *6<ø+¶\D RUDQÕQÕQ \]GH

¶H XODúPDVÕQÕ VD÷ODPÕúWÕU 7DEOR   %X RUDQODU *12

ülke

RUWDODPDODUÕQÕQ ]HULQGH ROPDVÕ QHGHQL\OH $%'¶QLQ ILQDQVDO NRQVROLGDV\RQ

DODQÕQGDGQ\D\D|QFONHWWL÷LQLJ|VWHUPHNWHGLU

7$%/2$%)ø1$166ø67(0ø1'(%ø5/(ù0(9(6$7,1$/0$ 0ø/<$5$%''2/$5, 

ó(ô1Ü éóÛ õÛÇöç Ÿ — ’#™žèO¥ •¥ ›µ¦ œø÷=™ù™5— ç ó(ô1ܞé èä ß ä ö Ÿ — ’#™žèO¥ •¥ ›µ¦ œø÷=™ù™5— ç á Þ5éZþÜóÛ õ?Û ö Ÿ — ’#™žèO¥ •¥ ›µ¦ œø÷=™ù™5— ç á Þ5éZþÜ èä ß ä ö Ÿ — ’#™žèO¥ •¥ ›µ¦ œø÷=™ù™5— ç Ú â ý âÿ?ä Ý ä ö Ÿ — ’#™žèO¥ •¥ ›µ¦ œø÷=™ù™5— á Û õ Ü é â öç Ÿ — ’#™žèO¥ •¥ ›µ¦ œø÷=™ù™5— ç Ü â?ÿ ä  1ô ÜÙ1ô Ý ô öç Ÿ — ’#™žèO¥ •¥ ßÝ â Ü ž ñ4Û ò1Þ?Ü ›µ¦ œø÷=™ù™5— öç Ÿ — ’#™žèO¥ •¥ ›µ¦ œø÷=™ù™5— A õCB Ý â à Ö(è  ¯°  ¥ 9¢

–‡ ^__b ^8__^ ^__a ^__‹ ^8__ˆ ^__  ^__Œ ^__‰ ^__` ^___ jkl éê ±±ëì±±±í¡ë±î±¡ïì±Ú±ì±±éî¡ë±ð¡éé ±ñÚࡨ ïòò ¡#ê¨ ñ ¡#ñ¨ Ú ¡#ñ¨ ¡ ±ò5¨ ê ¡±¨ ñ ±ñ¨ ë ±é5¨ ï êê¨ ò ëé¨ é ¡#±ò5¨ ± ñ¡#ñ° ê ú ñ ññ ñ± ñÚ òê é± êê ë± ëé é5¡åòïñ ê¨ ñ Ú5¨ ë ú¨ ¡ãñ¨ ê ú5¨ é é¨ ± ò¨ ¡ð±¡¨ ë ¡ò¨ ñ ±¡¨ ï ïÚ° Ú éòαÚïì±Úòû¡êëì±ÚÚí¡ëëü±Úêæ¡ë ñý±Úú ±úúࡨ ëé¡ ï5¨ êí¡Ú¨ ï ¡ú¨ ê ±ë5¨ ± ¡#ñ¨ ú ±ë¨ ¡ úÚ5¨ ¡ êò5¨ ê éê5¨ ñ ¡ú¡¨ ë ñÚë° ê úò êú òï ò ñ éò ëê ëé ëÚ ê¡ éë êéë ¡ú5¨ ± ú5¨ ï ú¨ ò ±5¨ Ú ¡¨ ë ú¨ ï ±5¨ ëä±±¨ é ±ê5¨ é ¡ò5¨ ± ïò° é ò5¡ ¡úòí¡ú¡ì¡¡Úí¡ñéí¡¡êí¡Úïî¡¡Úáñë ¡êïࡨ ±±ê ¡é5¨ ñ ¡Ú¨ ò ¡¡¨ ê ¡Ú5¨ ñ ï5¨ ¡È±é¨ ñ ë¨ òÈñê¨ Ú é¡¨ ò ¡¡ú5¨ é ú±ê5° ¡ ±é ñê ñï ññ úé òê éÚ éê ê¡ ñ¡åòÚé ú5¨ ê ±¨ Ú ú¨ ïí¡Ú5¨ é ò5¨ é Ú¨ ïí¡é5¨ ï úò5¨ é ±ë¨ ± ¡ë5¨ ¡ ¡#±ê5° é ú± ï5¡ ëñ êë ï5¡ ¡Ú±í¡¡ñÎéë òòË¡Ú5¡áë5¡ê ¡¨ ëα¨ ú ¡¨ é ï¨ ¡ ¡¨ ú ú¨ é ê5¨ êÍê¨ éÊú5¨ úÈ¡ò5¨ ± ò¡° é ¡¡Úì±é±î±êñî±±±î±éòì±éñî±ïúä±êñý±êñ ú¡¡ ±5¨ ò ñï ±±¨ ë ¡#ñ¨ ë ¡é¨ ± úÚ5¨ ± ¡ê¨ ¡ ú±5¨ Ú úú5¨ Ú ëë5¨ ñ ¡Úú¨ Ú ¡ñé5¨ Ú òÚñ° ò Ú5¨ ñ

Ú5¨ ±

Ú¨ ±

Ú¨ òìÚ5¨ ±ú

Ú¨ ñ

Ú¨ ñß¡¨ ¡ò

¡¨ úË¡¨ ïîÚ5° êë

Ž ‘’“ÖØ×Ù¡ڝ ±ÚÚ¡“ ¡¢Z°

$% ILQDQV VHNW|UQGH    G|QHPLQGH JHUoHNOHúHQ

ELUOHúPH YH VDWÕQ DOPDODUÕ LQFHOHGL÷LPL]GH DúD÷ÕGDNL VRQXoODUD

XODúÕOPDNWDGÕU

• <XUWLoLELUOHúPHYHVDWÕQDOPDODUÕQÕQ\XUWGÕúÕQDJ|UHGDKDD÷ÕUOÕNOÕ

ROGX÷X WRSODP ELUOHúPHOHULQ YH VDWÕQ DOPDODUÕQ \]GH ¶VLQLQ 

PLO\DU $%' GRODUÕ  \XUW LoLQGHQ \]GH ¶LQLQ  PLO\DU $%' GRODUÕ 

ND\QDNODQGÕ÷Õ DQODúÕOPDNWDGÕUùLUNHW VD\ÕVÕ DoÕVÕQGDQ EDNÕOGÕ÷ÕQGD LVH PDOL 


 

VHNW|UGH  \XUW LoL YH  \XUW GÕúÕ ELUOHúPH YH VDWÕQ DOPD \DúDQPÕúWÕU

<XUW GÕúÕ NRQVROLGDV\RQ $% ONHOHULQLQ PDOL VLVWHPOHULQLQ $% VÕQÕUODUÕ

LoHULVLQGHKÕ]ODNRQVROLGHROPDVÕQGDQND\QDNODPÕúWÕU

• %LUOHúPH YH VDWÕQ DOPDODUÕQ  PLO\DU $%' GRODUÕ GL÷HU ELU

LIDGH\OH \]GH ¶ VHNW|U LoHULVLQGH  PLO\DU GRODUÕ LVH VHNW|U GÕúÕQGD

JHUoHNOHúPLúWLU$%PDOLVLVWHPLQGHVHNW|UGÕúÕELUOHúPHYHVDWÕQDOPDODUD*

 ONHOHULQH J|UH ILQDQVDO NXUXOXúODUÕQ GDKD VÕFDN EDNWÕ÷Õ YH XOXVDO PDOL

VLVWHPOHULQ ILQDQVDONRQVROLGDV\RQDUDFÕOÕ÷Õ\OD\DYDú\DYDúELUELUL\OHHQWHJUH

ROGX÷XDQODúÕOPDNWDGÕU

•  PLO\DU $%' GRODUÕ GH÷HULQGHNL ELUOHúPH YH VDWÕQ DOPDODUÕQ

\]GH ¶QQ EDQNDFÕOÕN VHNW|UQGH \]GH ¶QQ VLJRUWD VHNW|UQGH

\]GH¶QQDUDFÕNXUXOXúODUYHGL÷HUVHNW|UOHUGHJHUoHNOHúPLúWLU

• %LUOHúPH YH VDWÕQ DOPDODUÕQ *6<ø+¶\D RUDQÕ  YH ¶GD HQ

VWG]H\OHULQHXODúDUDNVÕUDVÕ\OD\]GHYHRODUDNJHUoHNOHúPLú

YHV|]NRQXVXG|QHPGHILQDQVDONRQVROLGDV\RQXQ*6<ø+¶\DRUDQÕQÕQ\]GH

¶HXODúPDVÕQÕVD÷ODPÕúWÕU 7DEOR 

7$%/2-$321)ø1$16$/6ø67(0ø1'(%ø5/(ù0(9(6$7,1$/0$ 0ø/<$5$%''2/$5, 

Ì ÍÍÎ

ÌÍÍÌ

ò ¡¡ öç Ÿ — ’#™žèO ¥ •¥ ›µ¦ œø÷O™ù™5—Âë¨ ± Ú5¨ ± × × ó(ô1Ü é èä ß ä öç Ÿ — ’#™žèO ¥ •¥ ›µ¦ œø÷O™ù™5— × × ç Ÿ — # ’  ™  ž O è    ¥  • ¥ ñ ï á Þ éþ ÜóÛ õÛ ö ›µ¦ œø÷O™ù™5—Âë¨ ¡ × ç Ÿ — # ’  ™  ž O è    ¥  • ¥ ¡ ± á Þ5éZþÜ è ä ß ä ö ›µ¦ œø÷O™ù™5—ÂÚ¨ ¡ÎÚ5¨ ± ç ò ë Ú â ý âÿ?ä Ý ä ö Ÿ — ’#™žèO ¥ •¥ ›µ¦ œø÷O™ù™5—Âë¨ ± × × ± á Û õ ܞé â öç Ÿ — ’#™žèO ¥ •¥ ›µ¦ œø÷O™ù™5— × Ú5¨ ± ç Ü âÿä  ô1ÜEôGÝ ô öç Ÿ — ’#™žèO ¥ •¥ × ¡ ß Ý â Ü žñBÛ ò1Þ?Ü ›µ¦ œø÷O™ù™5— × × çö Ÿ — ’#™žèO ¥ •¥ ò ¡¡  ›  µ ¦   ø œ O ÷  ™  ù 5 ™  —  ë ¨ ± 5 Ú ¨± A õCB Ý â à ÖXè   ¯° × ¥ 9¢ Ú¨ ±é ó(ôGÜ éóÛ õ?Û

Ì ÍÍÏ

ÌÍÍÑ

Ì ÍÍÓ

ÌÍÍÔ

Ì ÍÍÕ

ÌÍÍ×

ñ

ï

±

±

ë úú¨ ë ¡ × ë úú¨ ë ¡ × ñ úú¨ ë × × ò × ï úú¨ ë

¡é × ¡ × ¡ò × ú × ï × ± × é × ¡ë ×

úÚ × ± × ú Ú × ± × ¡ñ × ± × ¡#ê × ú± ×

Ú¨ Úñ

Ú5¨ êê

×

×

×

¡

¡

± ×

×

¡ ×

ò

×

é ×

ú ×

± ×

×

¡ ê 5Ú ¨ ± × × ú Ú5¨ ë ï ¡ ×

Ú5¨ Ú±

±

×

× × × ú × ò

Ž ‘’“ÖØ×Ù¡ڝ ±ÚÚ¡“ ¡¢Z°



± × × ¡ ± × × ± × ú

Ì ÍÍØ

ÌÍÍÍ A õCB Ý J

±ï ¡Úêß±±¡ Ú¨ ¡ìéê5¨ Ú ¡±¡¨ ú ê ò ¡é ¡¨ ê ú5¨ ñ ò¨ Ú ú¡ ïé ±Úï ¡° ¡ éë ¡±ú ñ ¡ñ ±ï Ú¨ ê ¡¨ ñ ú¨ ú ¡Ú ñï ¡Úë ¡ éò¨ ê ¡±Ú5¨ ë ú é ¡ê Ú¨ ê ±° ± ú ±± òò ¡¡ñ Ú¨ ¡ ¡¨ ê ±5¨ ò úò ¡¡¡ ±úë ¡¨ éûéï¨ ñ ¡±ê¨ ú Ú¨ Úñ

¡¨ ë±

Ú¨ ú¡


 

 G|QHPLQGH -DSRQ ILQDQV VLVWHPLQGH JHUoHNOHúHQ

ELUOHúPHYHVDWÕQDOPDODUÕLQFHOHGL÷LPL]GH

• Yurt içi biUOHúPHYHVDWÕQDOPDODUÕQÕQ\XUWGÕúÕQDJ|UHGDKDD÷ÕUOÕNOÕ

ROGX÷XWRSODPELUOHúPHOHULQYHVDWÕQDOPDODUÕQ\]GH¶VÕQÕQ PLO\DU

$%' GRODUÕ  \XUW LoLQGHQ \]GH ¶QQ  PLO\DU $%' GRODUÕ  ND\QDNODQGÕ÷Õ

DQODúÕOPDNWDGÕU ùLUNHW VD\ÕVÕ DoÕVÕQGDQ EDNÕOGÕ÷ÕQGD LVH PDOL VHNW|UGH 

\XUW LoL YH  \XUW GÕúÕ ELUOHúPH YH VDWÕQ DOPD \DúDQPÕúWÕU )LQDQVDO

konsolidasyonun, Japonya’da G ONHOHULQH NÕ\DVOD GDKD GúN ER\XWWD

\DúDQPÕúWÕU

• %LUOHúPH YH VDWÕQ DOPDODUÕQ  PLO\DU $%' GRODUÕ GL÷HU ELU

LIDGH\OH \]GH ¶ VHNW|U LoHULVLQGH  PLO\DU GRODUÕ LVH VHNW|U GÕúÕQGD

JHUoHNOHúPLúWLU

•  PLO\DU $%' GRODUÕ GH÷HULQGHNL ELUOHúPH YH VDWÕQ DOPDODUÕQ

\]GH ¶VÕQÕQ EDQNDFÕOÕN VHNW|UQGH \]GH ¶VL VLJRUWDFÕOÕN VHNW|UQGH

\]GH¶VLDUDFÕNXUXOXúODUYHGL÷HUVHNW|UOHUGHJHUoHNOHúPLúWLU%XDQODPGD

ILQDQVDO VLVWHPGH NRQVROLGDV\RQXQ PRWRUXQXQ EDQNDFÕOÕN VHNW|U ROGX÷X

DQODúÕOPDNWDGÕU

• %LUOHúPH YH VDWÕQ DOPDODU *6<ø+¶\D RUDQÕ VDGHFH ¶GD \]GH

 JHUoHNOHúHUHN FLGGL VHYL\HOHUH XODúPÕú YH ILQDQVDO NRQVROLGDV\RQXQ

*6<ø+¶\DRUDQÕQÕQ\]GH¶HXODúPDVÕQÕVD÷ODPÕúWÕU 7DEOR $QFDN bu oran yüzde 0,8 olan GONHOHULQHJ|UHGúNWU 7$%/2-2ø179(1785(9(675$7(-ø.$1/$ù0$6$<,6,

 $%' .DQDGD -DSRQ\D $YXVWUDO\D %HOoLND )UDQVD $OPDQ\D øWDO\D +ROODQGD øVSDQ\D øVYHo øVYLoUH øQJLOWHUH 7RSODP * 

              

Ž ‘’“ÖØ×Ù¡ڝ ±ÚÚ¡“ ¡¢Z°

              

              

              

              



              

              

              

              

 7RSODP                            


 

* ยONHOHULQLQILQDQV VLVWHPOHULQGH JHUoHNOHรบHQ MRLQW YHQWXUH

YHVWUDWHMLNDQODรบPDVD\ร•Vร•LQFHOHQGLรทLQGH

โ€ข   1999 dรถneminde toplam 3.005 joint venture ve stratejik

DQODรบPD \DSร•OPร•รบWร•U  \ร•Oร•QGD  RODQ VD\ร•Qร•Q  \ร•Oร• LWLEDUL\OH ยถH

\ยNVHOPHVL MRLQW YHQWXUH YH VWUDWHMLN DQODรบPDODUร•Q |QHPLQLQ DUWWร•รทร•Qร•

gรถstermektedir (Tablo 3.11). 

โ€ข \ร•OODUร•DUDVร•QGDMRLQWYHQWXUHYHVWUDWHMLNDQODรบPDODUร•Q

HQ \RรทXQ ROGXรทX ยONHOHU Vร•UDVร•\OD $%' รธQJLOWHUH -DSRQ\D $YXVWUDO\D YH

.DQDGDยถGร•U 'LรทHU \DQGDQ WRSODP V|]OHรบPHOHULQ \ย]GH ยถL $%'ยถQGH

JHUoHNOHรบPLรบWLU 7DEOR   รธQJLOWHUH Gร•รบร•QGDNL $% ยONHOHULQGH V|] NRQXVX

V|]OHรบPHOHUH SHN LWLEDU HGLOPHGLรทL J|UยOPHNWHGLU 6DGHFH $OPDQ\D YH

Fransaโ€™da 1997   WDULKOHUL DUDVร•QGD EX WยU V|]OHรบPHOHULQ |Q SODQD

oร•NWร•รทร• J|UยOPHNWHGLU 7DEOR   $%' รธQJLOWHUH .DQDGD $YXVWUDO\D YH Japonyaโ€™da da benzer bir trend gรถrรผlmektedir. Bir anlamda, joint venture ve

VWUDWHMLN DQODรบPDODUร•Q  VRQUDVร•QGD ILQDQV VHNW|UยQGH |Q SODQD oร•NWร•รทร•

gรถrรผlmektedir. 

โ€ข $%'ยถQGH  \ร•Oร• LWLEDUL\OH \ร•OGD  V|]OHรบPH LP]DODQร•UNHQ EX

UDNDP\ร•Oร•LoHULVLQGH\HQLV|]OHรบPHLP]DODQPร•รบWร•U *hONHOHUL0DOL6LVWHP<DSร•Vร•Qร•Q*HOLรบLPL

* ยONHOHUL ILQDQV VLVWHPL ย]HULQH \DSร•ODQ LVWDWLVWLNOHU ILQDQVDO

NRQVROLGDV\RQXQ

VLJRUWDFร•Oร•N

YH

EDQNDFร•Oร•N

ย]HULQGH

\RรทXQODรบWร•รทร•Qร•

gรถstermektedir. Bu รงerรงevede G12 รผlkeleri finans sistemlerinde faaliyet

J|VWHUHQ EDQND YH VLJRUWD รบLUNHWOHULQLQ VD\ร•Vร•Qร• YH V|] NRQXVX VHNW|UOHUGHNL

\RรทXQODรบPDODUร•LQFHOHPHNJHUHNPHNWHGLU       


 

7$%/2*h/.(/(5ø1'(%$1.$9(6ø*257$Úø5.(7ø6$<,6,

    ABD





  

















18,711

15,304

15,043

13,859

13,090

12,422

11,790

11,280

10,758

10,305

10,070

Kanada

11

66

67

71

68

65

61

52

53

54

53

Japonya

157

154

153

151

150

150

173

175

174

170

Avustralya

16

Belçika

34

31

31

33

42

42

42

42

45

44

115

119

121

150

147

143

140

131

119

117

Fransa

1,981

1,823

1,701

1,635

1,618

1,453

1,404

1,288

1,242

 ! "# !

4,719

4,460

4,200

4,038

3,872

3,784

3,674

3,577

3,403

379

368

351

335

284

271

264

255

248

239

180

173

177

175

173

174

172

169

162

169

327

323

319

316

316

318

313

307

498

450

108

109

112

116

124

124

457

444

434

419

393

382

370

360

 1 507  

  1 491 

 1 469 

  1 462 

  1 458 

  1 484  

  1 467 

  1 468 

Almanya

$ % ! & # ! $ ' ( ) 598 $ ' *) + ( & , *" ( + ( -./ 0   1 346  2 3 4576 8. 4 9: ;76   < 4  < 6 

Hollanda

198

ABD

126

  1 448 

 1 418  



  















1,409

1,350

1,316

1,262

1,241

1,201

1,150

1,134

1,109

Kanada

3,167

147

146

151

150

146

Japonya

22

30

30

30

30

31

31

44

45

46

47

Avustralya

48

60

59

54

48

50

50

50

48

46

38

40

43

42

32

30

27

27

80

141

149

147

143

138

138

140

138

135

126

381

338

342

326

327

319

323

320

319

318

314

62

71

74

76

77

83

87

$ % ! & # ! $ ' ( ) 15 $ ' *) + ( & , *" ( + ( -./ 0  =>6 ?<576 8.@ 4 A;76   < 4  < 6 

96

96

97

98

95

96

99

107

108

109

30

30

32

31

29

28

29

30

37

40

29

29

30

30

30

31

31

32

31

32

205

202

196

194

191

174

177

177

176

Belçika Fransa

 ! "# !

Almanya Hollanda

84

 1  

 1  

 1  

 1  

 1  

 1  

 1  

 1  

 1  

  



  















1,575

2,406

2,423

2,409

2,387

2,411

2,430

2,418

2,456

2,499

212

224

218

213

210

62

59

59

58

55

56

58

64

65

65

64

201

166

157

160

161

162

166

170

172

172

176

176

169

163

93

90

92

93

Fransa

388

463

489

467

466

356

345

343

312

307

300

Almanya

395

399

407

410

403

334

337

334

331

328

327

294

291

ABD Kanada Japonya Avustralya Belçika

 ! "# !

164

166

162

166

155

154

156

143

$ % ! & # ! 294 $ ' ( ) 73 97 $ ' *) + ( 89 & , *" ( + ( 570 -./ 0  1    1   Â&#x17D;Â? Â?Â&#x2018;Â?Â&#x2019;Â&#x201C;Ă&#x2013;Ă&#x2DC;Ă&#x2014;Ă&#x2122;ÂĄĂ&#x161;Â? ¹Ă&#x161;Ă&#x161;ÂĄÂ&#x201C; ÂĄ¢Z°

385

391

393

314

280

288

286

338

315

299

278

254

246

236

99

100

112

109

111

99

100

120

120

93

93

95

98

96

96

100

105

106

571

566

576

574

594

578

599

594

Hollanda

372

385

 1  

 1  

 1  

1   

 1  

 1  

 1  

1   

 1  

*  ONHOHUL ILQDQV VHNW|U Q Q \DSĂ&#x2022;VĂ&#x2022;QĂ&#x2022; LQFHOHGLáLPL]GH JHQHO

RODUDN ILQDQVDO VLVWHPGH IDDOL\HW J|VWHUHQ EDQND YH VLJRUWD ĂşLUNHWL VD\Ă&#x2022;VĂ&#x2022;QĂ&#x2022;Q

D]DOGĂ&#x2022;áĂ&#x2022; J|rĂźlmektedir. Bu durum sĂśz konusu Ăźlkelerin ekonomilerinde

ILQDQVDONRQVROLGDV\RQ\DĂşDQGĂ&#x2022;áĂ&#x2022;QĂ&#x2022;GRáUXODPDNWDGĂ&#x2022;U 7DEOR 

%DQND VD\Ă&#x2022;VĂ&#x2022; LQFHOHQGLáLQGH G Q\DQĂ&#x2022;Q HQ E \ N HNRQRPLVL RODQ

$%' ILQDQVDO VLVWHPLQGH IDDOL\HW J|VWHUHQ EDQND VD\Ă&#x2022;VĂ&#x2022;  


 

dönemLQGH\]GHD]DODUDN¶GHQ¶HJHULOH\HUHNEDQNDFÕOÕN

VLVWHPLQGH NRQVROLGDV\RQ H÷LOLPLQL GR÷UXODPDNWDGÕU %DQND VD\ÕVÕ  

 \ÕOODUÕ DUDVÕQGD )UDQVD¶GD ¶GHQ ¶\H $OPDQ\D¶GD ¶GDQ

¶H øQJLOWHUH¶GH ¶GHQ ¶H øVYLoUe’de 457’den 360’a, Hollanda’da

¶GHQ ¶D øWDO\D¶GD ¶GDQ ¶H .DQDGD¶GD ¶GDQ ¶H øVSDQ\D¶GD

¶GHQ ¶\H øVYHo¶WH ¶GHQ ¶H JHULOHPLúWLU 'Q\DQÕQ  E\N

ekonomisi olan Japonya’da ise 1980   \ÕOODUÕ DUDVÕQGD EDQND VD\ÕVÕ

157’den ¶H \NVHOPLúWLU %HQ]HU úHNLOGH %HOoLND YH $YXVWUDO\D¶GD GD

¶OÕ\ÕOODUGDEDQNDVD\ÕVÕDUWPÕúWÕU 7DEOR 

+D\DW VLJRUWDVÕ úLUNHWOHULQLQ VD\ÕVÕ LQFHOHQGL÷LQGH $%'

$YXVWUDO\D .DQDGD %HOoLND øWDO\D )UDQVD $OPDQ\D YH øQJLOWHUH ILQDQVDO

VLVWHPOHULQGH KD\DW VLJRUWDVÕ úLUNHWOHULQLQ VD\ÕVÕQÕQ D]DOGÕ÷Õ J|UOPHNWHGLU

'L÷HU \DQGDQ -DSRQ\D %HOoLND +ROODQGD øVYHo øVYLoUH¶GH KD\DW VLJRUWDVÕ

úLUNHWOHULQLQ VD\ÕVÕQÕQ DUWWÕ÷Õ J|UOPHNWHGLU $%' HNRQRPLVL LoLQ EX JHULOHPH

\ÕOODUÕDUDVÕQGD\]GH¶WU$OPDQ\D¶GDLVHD]DOÕú \]GH 

VÕQÕUOÕNDOPÕúWÕU-DSRQ\D¶GDD\QÕG|QHPGHKD\DWVLJRUWDVÕúLUNHWOHULQLQVD\ÕVÕ

¶GDQ¶H\NVHOPLúWLU 7DEOR 

'L÷HU VLJRUWD úLUNHWOHULQLQ VD\ÕVÕ LQFHOHQGL÷LQGH $YXVWUDO\D

%HOoLND øWDO\D )UDQVD $OPDQ\D +ROODQGD øVSDQ\D YH øQJLOWHUH ILQDQVDO

VLVWHPOHULQGH KD\DW VLJRUWDVÕ úLUNHWOHULQLQ VD\ÕVÕQÕQ D]DOGÕ÷Õ J|UOPHNWHGLU

'L÷HU\DQGDQ$%'øVYHoYHøVYLoUH¶GHKD\DWVLJRUWDVÕúLUNHWOHULQLQVD\ÕVÕQÕQ

DUWWÕ÷Õ J|UOPHNWHGLU .DQDGD YH -DSRQ\D¶GD LVH FLGGL ELU GH÷LúLNOLN

J|UOPHPHNWHGLU $%' HNRQRPLVLQGH GL÷HU VLJRUWD úLUNHWOHULQLQ ¶OL

\ÕOODUGD KÕ]OD DUWWÕ÷Õ \]GH   DQFDN ¶OÕ \ÕOODUGD FLGGL ELU GH÷LúLNOLN

\DúDQPDGÕ÷Õ DQODúÕOPDNWDGÕU -DSRQ\D¶GD ¶GH  RODQ VD\Õ ¶D

sadece 64’e yükseOPLúWLU $OPDQ\D¶GD LVH ¶GH  RODQ úLUNHW VD\ÕVÕ

¶GD¶\HJHULOHPLúWLU 7DEOR  




 

D E FHG SUTWV d7eLfe@g@e heLijLfke Sml7no p q eLr ke Belçika sLq eLfo e Str uHeLfke v p eLr ke wAjLr r eLfg@e v oieLfke v o l>x@y v o l7z y@q x v f{Lz r p xLq x D E FtP

SUTWV d7eLfe@g@e heLijLfke Sml7no p q eLr ke Belçika

sLq eLfo e Str uHeLfke v p eLr ke wAjLr r eLfg@e v oieLfke v o l>x@y v o l7z y@q x v f{Lz r p xLq x D E FHGK SUTWV d7eLfe@g@e heLijLfke Sml7no p q eLr ke Belçika sLq eLfo e Str uHeLfke v p eLr ke wAjLr r eLfg@e v oieLfke v o l>x@y v o l7z y@q x v f{Lz r p xLq x D E FHGP

SUTWV d7eLfe@g@e heLijLfke Sml7no p q eLr ke Belçika

7$%/2*h/.(/(5ø1'(%$1.$<2ö81/$ù0$6,

GI@J@K XZY [>\ `7Y \ [@]7Y \

[@[ GI@J@K c XZY [X [>aLY _ ]@`7Y _ _@\LY X

\@aLY c

GI@J@K [>^LY \[ XLb b `7Y ] `>bLY X

_`7Y X

GI@J@K [XZY [ `ZcY ] b@bLY ]

GI@I@K \LY ]>\ c] ]7Y c cbLY a

GI@ILG XZY ^[ c ]7Y _ ] [>_LY _

GI@I@M XZY ^X c ]7Y ` `7Y ] [>\LY X

GI@I>N XZY [ [ZcY _ `7Y \ [>\LY X

GI@IO XZY XL_ [>^LY a `7Y _ [ZcY a

GI@I@P XZY `>a [ZcY [ `7Y _ [>^LY \

GI@I@Q XZY bX [ZcY X `7Y [ [>^LY _

GI@I@R XZY a] [ZcY \ aLY \ [>^LY X

GI@I@J aLY _] [ZcY _ aLY b [>^LY a

GI@I@I aLY ca [>^LY ] aLY X [ZcY [

_@^LY ^

`@`7Y X

`@`7Y b

`@`7Y [

`>_LY ]

`>_LY X

`XZY ]

`@]7Y ]

]>^LY ]

`>bLY c

caLY ^

cb

[@[

[@[

[X

[Zc

[Zc

[@`

[@[

c [7Y ]

c@cY a

c@cY X

c@cY `

c@cY `

c [7Y b

caLY c

c ]7Y b

[X

GI@I@K c@cY \ `>^LY [ \7cY a ]@[7Y c XLa _7cY b c ]7Y c

GI@ILG c\LY b[ `ZcY ] \7cY ] ]>_LY c

]>\LY ] \@aLY \ `@[7Y ^ _@\LY [ XLaLY ^

]@]7Y b X>`7Y \ `@] _@\LY \ XLaLY a

GI@I@M c_LY c X `>\LY ` \@^LY ] ]>\ `>^LY b `@]7Y [ ca [>_LY b ]@]7Y b XL_LY ` a` _XZY _ XLaLY [

GI@I>N c_LY a@b ]>^LY [ \@^LY [ ]ZcY a `>^LY [ `@]7Y _ c] [@`7Y b ]@] XL\LY ` a@_ _@\LY X XLbLY b

GI@IO c `7Y _[ ]>\ \@^LY \ `>bLY _ _@bLY b `>aLY c c_LY [ [@]7Y ] ]@`7Y ] XLaLY _ a` _XZY ] XLbLY `

GI@I@P c `7Y `@` ]>\LY X [>bLY _ `@]7Y a _@bLY b `>aLY c c_LY a \@\LY a ]@`7Y c XLaLY [ aX _`7Y ] _@^LY X

GI@I@Q cbLY a] ]XZY [ [>bLY [ `>aLY ` _@bLY b `>aLY a c ]7Y X \@\LY ` ]>_LY X XLaLY X a7c _]7Y a _XZY \

GI@I@K c ]7Y [@] aXZY _ _[7Y \ a@_LY c `>_LY X `>_LY `

GI@ILG GI@I@M GI@I>N [>^LY c@c|[ZcY [Zc~[>\LY ^[ a@_LY c a@_LY _ b@^LY _ _@\LY a _@\ _7cY a a`7Y _ a`7Y a a@_ ]>_LY c ]>_LY [ a[7Y a a[7Y _ a@\LY X

GI@IO [XZY [X b@\LY _ _7cY ] a@\LY [ ]>_LY X aXZY c

GI@I@P GI@I@Q [>_LY [>\}[>aLY a` bXZY X bXZY a _7c _@^LY ` a7cY ] a@\LY ] ]>_LY ] ]@`7Y _ aXZY c aXZY `

GI@I@R GI@I@J [>bLY \7c\@_LY `>\ b@_LY ] b@_LY X _[7Y \ _7c a`7Y ] a`7Y _ ]>aLY b a@^LY [ a@_LY \ a@_LY [

GI@I@I \`7Y ] bXZY b XLaLY a a] a[7Y _ aXZY ` _`7Y ] b@^LY a

`@]7Y a caLY \

GI@I@R GI@I@J GI@I@I [>^LY `Zc|[@`7Y cb}[@`7Y _` ]@]7Y a ]@]7Y ] ]@]7Y c \7c \@^LY b [>bLY a ]>_ ]>\LY b ]>\LY b `@[7Y a `@`7Y ] ]ZcY ` ]>^LY [ ]>^LY [ `>bLY \ cbLY c caLY a \[7Y a \@aLY \ \@bLY \ ]>bLY X a7cY ] a[7Y [ X>]7Y [ a] aX _@\LY ]

`>aLY c

a XZY ^ `>^LY [ ]@`7Y ^

a@_LY a _@aLY \ a@\

\]7Y _ a`7Y a `ZcY a b@\

\@aLY _ a`7Y [ `ZcY \ b@\

XL^LY c a`7Y [ `>^LY X b@\

XLbLY ] a@_LY ` `@[ b[

_@^ aXZY b `@[ b@^

XLaLY a a]7Y b `@[7Y X b7c

_XZY ` b@^LY [ `ZcY a b@^

`>_LY `

`>a

`>_LY ]

`@`7Y c

`>_LY X

`>_LY \

`@`

`>_LY _

]@]7Y ]

GI@I@M GI@I>N GI@IO GI@I@P [>_LY a@\}[@]7Y a@b}[>bLY `Zc\7cY [>_ b[7Y \ b@\LY b b@_LY X b@_LY b `>\LY [ `ZcY a `ZcY \ `Zc b[7Y ] b[ a@bLY a a@aLY _ a[7Y \ a[7Y X a[7Y X a[7Y a

GI@I@Q \XZY ]@` b`7Y \ `>^LY X a@bLY ` a[7Y a

GI@I@K GI@ILG [@[7Y ^@a}[XZY a` b7cY [ b7cY b `X `>\LY ] b7c b7cY a

GI@I@R GI@I@J GI@I@I \@_LY XL\}XAcY \@aX>[7Y _@_ b`7Y a b`7Y ` b`7Y _ `>^ _@aLY [ _` b7cY ] b7cY b b[7Y a aXZY a a`7Y \ a]7Y a

sLq eLfo e Str uHeLfke v p eLr ke X>`7Y [ X>]7Y \ XLaLY a _@aLY X _@bLY c _]7Y a `@[7Y \ `>_ wAjLr r eLfg@e a]7Y a a@bLY \ b@^LY ] b@^LY c b@^LY [ a@bLY ] a@bLY ` b[ b@\LY b bXZY c v oieLfke v o l>x@y a[7Y ^ b@^ b@_ b@_ b@_ bX b[ b@\ b[ v o l7z y@q x v f{Lz r p xLq x ]>\LY c ]>_LY X ]@[7Y a ]@[7Y b ]ZcY ` ]ZcY c ]ZcY b ]>^LY _ a[7Y a Ž ‘’“ÖØ×Ù¡ڝ ±ÚÚ¡“ ¡¢Z° B /›ù–‘¦ §œ,[•™’ž C— ­™’ Ÿ ™‘[«´´’1§Ÿ — ’#™ž ¦ ™5— Ÿ ‘ø’8ž Ÿ šQ«´´’¦ ´’ ¦ ™— Ÿ ž ›µ¦ œ.¥ ‘¥ ‘¨,•™’ž C— ´‘Lž ›µ¦ œV’ž Ÿ š «´´’ ¦ ´ ù´‘™›— ‘¥ ­5¥ —°

*12 ülkeleri EDQNDFÕOÕNVHNW|UQQILQDQVDO\DSÕVÕLQFHOHQGL÷LQGH

EDQND ELUOHúPHOHUL YH VDWÕQ DOPDODU YH WDVIL\HOHU VRQXFXQGD \R÷XQODúPDQÕQ

DUWWÕ÷ÕYHVHNW|UGHNRQVROLGDV\RQ\DúDQGÕ÷ÕJ|UOPHNWHGLU 7DEOR  


 

(Q Eย\ยN EDQNDQร•Q \RรทXQODรบPDVร• LQFHOHQGLรทLQGH ABDโ€™nde

   G|QHPLQGH \RรทXQODรบPDQร•Q \ย]GH ยถGHQ \ย]GH ยถ\H

\ยNVHOGLรทL J|UยOPHNWHGLU 'ยQ\DQร•Q LNLQFL Eย\ยN HNRQRPLVL RODQ -DSRQ\DยถGD

LVH D\Qร• G|QHPGH \RรทXQODรบPDQร•Q \ย]GH ยถWHQ \ย]GH ยถH \ยNVHOGLรทL

J|UยOPHNWHGLU .DQDGD +ROODQGD YH รธQJLOWHUHยถGH GH \RรทXQODรบPD DUWPร•รบWร•U

$YXVWUDO\DยถGD LVH ยถGH \ย]GH  RODQ \RรทXQODรบPD ยถGD \ย]GH

ยถ\H JHULOHPLรบ รธVYHoยถWH ยถGH \ย]GH  RODQ \RรทXQODรบPD  \ร•Oร•

LWLEDUL\OH D\Qร• NDOPร•รบWร•U $QFDN V|] NRQXsu

iki

รผlkede

\RรทXQODรบPDQร•Q\ยNVHNROGXรทXJ|UยOPHNWHGLU 7DEOR 

de

halen

รธON  EDQNDQร•Q \RรทXQODรบPDVร• LQFHOHQGLรทLQGH ABDโ€™nde 1980

 G|QHPLQGH \RรทXQODรบPDQร•Q \ย]GH ยถGHQ \ย]GH ยถ\D \ยNVHOGLรทL

J|UยOPHNWHGLU-DSRQ\DยถGDLVHD\Qร•G|QHPGH\RรทXQODรบPDQร•Q\ย]GHยถWHQ

\ย]GH ยถH \ยNVHOGLรทL J|UยOPHNWHGLU $OPDQ\DยถGD LVH \RรทXQODรบPD \ย]GH

ยถGHQ\ย]GHยถH\ยNVHOVHGHKDOHQHQGยรบยN\RรทXQODรบPD\DVDKLSยONH

NRQXPXQGDGร•U .DQDGD %HOoLND )UDQVD +ROODQGD รธWDO\D รธVSDQ\D รธVYHo

รธVYLoUH YH รธQJLOWHUHยถGH GH \RรทXQODรบPD DUWPร•รบWร•U $YXVWUDO\DยถGD LVH ยถGH

\ย]GH  RODQ\RรทXQODรบPDQร•Q ยถGD\ย]GHยถD JHULOHPHVLQH UDรทPHQ

\RรทXQODรบPDQร•QKDOHQoRN\ยNVHNROGXรทXJ|UยOPHNWHGLU 7DEOR 

รธON  EDQNDQร•Q \RรทXQODรบPDVร• LQFHOHQGLรทLQGH ABDโ€™nde 1980

 G|QHPLQGH \RรทXQODรบPDQร•Q \ย]GH ยถGHQ \ย]GH ยถ\H \ยNVHOGLรทL

J|UยOPHNWHGLU -DSRQ\DยถGD LVH D\Qร• G|QHPGH \RรทXQODรบPDQร•Q \ย]GH 

Gย]H\LQGH NDOGร•รทร• J|UยOPHNWHGLU .DQDGD %HOoLND )UDQVD +ROODQGD รธWDO\D

รธVSDQ\D รธVYHo YH รธQJLOWHUHยถGH GH \RรทXQODรบPD DUWPร•รบWร•U $YXVWUDO\DยถGD LVH

ยถGH \ย]GH  RODQ \RรทXQODรบPDQร•Q ยถGD \ย]GH ยถ\H JHULOHPHVLQH

UDรทPHQ\RรทXQODรบPD\ยNVHNVHYL\HOHULQLNRUXPXรบWXU 7DEOR 

รธON  EDQND \RรทXQODรบPDVร• LQFHOHQGLรทLQGH ABDโ€™nde 1980

G|QHPLQGH \RรทXQODรบPDQร•Q \ย]GH ยถGHQ \ย]GH ยถH \ยNVHOGLรทL

J|UยOPHNWHGLU-DSRQ\DยถGDLVHD\Qร•G|QHPGH\RรทXQODรบPDQร•Q\ย]GHยถGHQ

\ย]GH ยถ\D JHULOHGLรทL J|UยOPHNWHGLU .DQDGD %HOoLND +ROODQGD รธWDO\D

รธVYHo YH รธQJLOWHUHยถGH GH ยถOร• \ร•OODUGD \RรทXQODรบPD DUWPร•รบWร•U $YXVWUDO\DยถGD

LVH ยถGH \ย]GH  RODQ \RรทXQODรบPDQร•Q ยถGD \ย]GH  ยถH

JHULOHPLรบWLU 7DEOR 




 

7$%/2*h/.(/(5ø+$<$76ø*257$6,6(.7g5h1'(<2ö81/$ù0$

€  ‚„ƒ

¦LœL• ™ š@š ¡˜ ¡>¡• – ¦>˜

…†>†@‰ ”L• – ¦LœL• ™ ¦L™L• š ¡˜L• › ¡>¡• ™ ¦L˜L• –

…†>†@Š ”L• —>˜ ¦>œ7• ™ ¦>™7• ” ¡™ ¡ ¦Z• š ¦>˜7• ”

…†>†‹ ™L• ”@š ¦>œ7• ” ¦@›Z• › ¡–7• ™ ¡ ¦Z• — ¦@›Z• ¦

…†>†@Œ ™L• ›>” ¡–7• ” ¦Z¡@• ¡ ¦>–7• ¦ ¡™7• — ¡ ¦Z• š ¦>˜7• —

…†>†@ ™L• œ› ¡™7• ” ¦Z¡@• ¦ ¦>˜7• ” ¡”7• ™ ¡ ¦Z• ¦ ¦@›Z• ˜

…†>†@Ž –L• ”>– ¡™7• › ¦@¦Z• ¦ š¦Z• – ¡”7• – ¡ ¦Z• ¦ ¦@›

…†@†>‡ –L• —L– ¡™7• ˜ ¦@¦Z• › ¦>–7• ” ¦>¦ ¡š7• — ¦@›Z• š

¡šL• œ

¡¦7• ¡

¡šL• ›

¡š7• š

¡ —Z• ›

¡š

¡˜7• ¦

¡š7• —

¡š7• ¦

…†@‡@ˆ

…†@†@ˆ

…†@†L…

›>›7• ” ™@¦7• ¦

›LšL• ” –>šL• ˜ —L™L• ¦ ¦L”L• ” ›L˜L• –

›LšL• › –>œL• ” —L™L• ” ¦L”L• ¡ ›LšL• š

…†>†@‰ ¦>™7• ¡ › ›LšL• ™ ›L˜L• ™ ˜Z¡• š ¦L”L• — ›LšL• ›

…†>†@Š ¦>–L• —>˜ ›>š7• ™ ›@—Z• ¡ —>”7• ¦ ¦>”7• › ›>š7• š

…†>†‹ ¦>˜L• ”› ›@—Z• ¡ ›Z¡@• ˜ —>™7• ˜ ¦>”7• ˜ ›>š7• ¡

…†>†@Œ ¦>˜L• š¦ ›>˜7• › ›@—Z• ¦ ›>œ —>”7• › ¦>”7• ˜ ›Z¡@• —

…†>†@ ¦>˜L• –@š ›>™7• — ›>š7• – ˜@™7• š ˜@š7• ” ¦>”7• ¡ ›>œ7• ˜

…†>†@Ž ¦L˜L• ˜@— –@œ7• › ›>˜7• ¡ ›Z¡@• › ˜@š7• ¦ ¦>™7• ” ˜@”

…†@†>‡ ¦L˜L• ¡” –@š7• ¡ ˜@š7• ™ ›Lœ ˜@™7• — ¦>”7• ” ˜@–7• –

š@›7• š

š>˜L• š

š@—7• ¦

š@™7• ¡

š@˜7• ”

š—Z• –

š@˜7• ›

š—Z• ™

š@™7• ›

…†@‡@ˆ

…†@†@ˆ

…†@†L…

™>™L• › ”Z¡• ™

™>˜L• — ™>–L• ¡ ›L™L• š —LšL• ” –>–L• ˜

™>˜L• ¡ ™@˜ ›L™L• ™ —>¦7• ˜ –>˜L• š

…†>†@‰ —>œ7• ¡” ™@—7• ” ™Z¡• ˜ –>˜L• ˜ —LšL• — –@›7• ¡

…†>†@Š š@”L• ˜@˜ ™—Z• – ™@œ7• › ›>”7• – —>š7• › –@˜7• ”

…†>†‹ š@™L• ¦>™ ™—Z• ™ –@™7• — ›>™7• ” —>š7• ˜ –›

…†>†@Œ š@™L• š@˜ ™¦Z• ™ ™—Z• ™ –›Z• ¦ ›>”7• – —@—Z• š –—Z• ›

…†>†@ š@”L• ™@š ™›Z• ¡ ™@š7• – –›Z• š –@š7• — —>š7• ” –—Z• š

…†>†@Ž š>”L• ›>› ™@œ ™@˜ –›Z• ” –@˜7• ˜ —>š7• › –@š

…†@†>‡ š>”L• —>¦ ™@¦ –@š7• › –›Z• š ™@œ7• ¦ —>˜7• ˜ –7¡@• –

˜>œL• ˜

˜>œL• ˜

—L”L• ˜

˜@š7• ˜

˜7¡@• š

—>”7• ¡

˜¦Z• ¡

˜7¡@• ¡

˜>™

…†@‡@ˆ …†@†@ˆ …†@†L… …†>†@‰ …†>†@Š …†>†‹ …†>†@Œ …†>†@ …†>†@Ž ‘“’ —>™7• –@š —>™L• –@™ —>–L• ˜@” —>™L• œ@™ ˜7¡• š¦ ˜Z¡• –@› ZžLŸž@ >ž ™›Z• ” ™@”7• ˜ ™@š7• ¡ ¢ž>£@¤>Ÿ¥ž ”>–L• ˜ ”@›7• › ”@›7• › ”@›7• › ”›Z• › ”›Z• › ”›Z• — ”—Z• ™ ”—Z• ” “§7¨© ª « ž>¬ ¥ž ”@—7• ” ”@¦7• › ”Z¡• ™ ”>œL• – ”@œ7• ˜ ™@™7• š ™›Z• – ™@–7• ¦ ™@–7• ¡ Belçika ­7« ž>Ÿ©ž –>™L• ” –>”L• š ™>–L• ˜ ™@œ7• š –@”7• ™ ™7¡@• ™ ™—Z• ™ ™›Z• ˜ m¬ ®¯ž>Ÿ¥ž ˜@—7• ¦ ˜@¦7• ˜ ˜>šL• — ˜—Z• ¦ ˜—Z• ¦ ˜—Z• ” ˜— ˜—Z• ¦ ° ª žL¬ ¥ž ±“¤>¬ ¬ ž>Ÿ@ @ž ™>šL• ˜ ™Z¡• › ™@¦7• ™ ™@š7• ¦ ™@š7• ™ ™¦Z• ” ™¦Z• ™ ™7¡@• š ° ©£žLŸ¥ž ° © §>²>³ ° © §L´ ³« ² ° Ÿ@µ>´ ¬ ª ²>« ² ›>¦7• š ›A¡• ™ ›LœL• ˜ ›@—Z• — ›@¦Z• ¦ ›Z¡ ›>š7• ¦ ›Z¡ Ž ‘’“ÖØ×Ù¡ڝ  ±ÚÚ¡“ ¡¢Z° B /›ù–‘¦ §œ,[•™’ž C— ­™’ Ÿ ™‘[«´´’1§Ÿ — ’#™ž ¦ ™5— Ÿ ‘ø’8ž Ÿ šQ«´´’¦ ´’ ¦ ™— Ÿ ž ›µ¦ œ.¥ ‘¥ ‘¨,•™’ž C «´´’ ¦ ´ ù´‘™›— ‘¥ ­5¥ —°

…†@†>‡ ˜@¦7• œZ¡ ™@˜7• ¡ ™¦Z• ™ ™@–7• – ”7¡@• › ˜@˜7• ™ –@”7• ™

‘“’ ZžLŸž@ >ž ¢ž>£@¤>Ÿ¥ž “§7¨© ª « ž>¬ ¥ž Belçika ­7« ž>Ÿ©ž m¬ ®¯ž>Ÿ¥ž ° ª žL¬ ¥ž ±“¤>¬ ¬ ž>Ÿ@ @ž ° ©£žLŸ¥ž ° © §>²>³ ° © §L´ ³« ² ° Ÿ@µ>´ ¬ ª ²>« ² €  ‚·¶ ‘“’ ZžLŸž@ >ž ¢ž>£@¤>Ÿ¥ž “§7¨© ª « ž>¬ ¥ž Belçika ­7« ž>Ÿ©ž m¬ ®¯ž>Ÿ¥ž ° ª žL¬ ¥ž ±“¤>¬ ¬ ž>Ÿ@ @ž ° ©£žLŸ¥ž ° © §>²>³ ° © §L´ ³« ² ° Ÿ@µ>´ ¬ ª ²>« ² €  ‚„ƒL¸ ‘“’ ZžLŸž@ >ž ¢ž>£@¤>Ÿ¥ž “§7¨© ª « ž>¬ ¥ž Belçika ­7« ž>Ÿ©ž m¬ ®¯ž>Ÿ¥ž ° ª žL¬ ¥ž ±“¤>¬ ¬ ž>Ÿ@ @ž ° ©£žLŸ¥ž ° © §>²>³ ° © §L´ ³« ² ° Ÿ@µ>´ ¬ ª ²>« ² €  ‚„ƒL¶

…†@‡@ˆ

…†@†@ˆ

…†@†L…

¦LšL• ™ š>–L• ¦

¦A¡• ¡ š@¦7• — ¡¦7• ™ ¡¦7• ¡ ¦L˜L• ”

*12

ülkeleri

…†@†>† ¡™L• › ¦Lœ ¡šL• ¦

…†@†>† –@šL• š ˜@› ¦>”L• —

…†@†>† ™¦7• ¡ –>” —>šL• ™

…†@†>† ™>˜ ”>œ ˜—7• ›

–¦Z• ™ rün toplam aktif

KD\DW VLJRUWDVÕ VHNW|UQQ ILQDQVDO \DSÕVÕ

LQFHOHQGL÷LQGH ELUOHúPH VDWÕQ DOPD YH WDVIL\HOHU VRQXFXQGD VHNW|UGH

\R÷XQODúPDQÕQDUWPDVÕNRQVROLGDV\RQDLúDUHWHWPHNWHGLU 7DEOR 

(QE\NúLUNHWLQ\R÷XQODúPDVÕLQFHOHQGL÷LQGHABD’nde 1992

 \ÕOODUÕ DUDVÕQGD \R÷XQODúPD \]GH ¶GHQ \]GH ¶\H JHULOHPLúWLU

Japonya’da da 1980 G|QHPLQGH \R÷XQODúPD RUDQÕQÕQ \]GH ¶GHQ

\]GH ¶\D JHULOHGL÷L J|UOPHNWHGLU (Q GúN \R÷XQODúPD RUDQÕ 


 

EDQNDFร•Oร•NVHNW|UยQGHROGXรทXJLEL$OPDQ\Dยถ\DDLWWLU$]ELUDUWร•รบROVDGD

\ร•Oร• LWLEDUL\OH \RรทXQODรบPD \ย]GH  RODUDN JHUoHNOHรบPLรบWLU .DQDGD

+ROODQGD YH รธQJLOWHUH \RรทXQODรบPDQร•Q D] GD ROVD DUWWร•รทร• GLรทHU ยONHOHUGLU

Fransaโ€™da ise 1990โ€™da yรผzde 12,8 olan yoรทXQODรบPD ยถGD \ย]GH ยถ\H

\ยNVHOPLรบWLU 7DEOR 

รธONรบLUNHWLQ\RรทXQODรบPDVร•LQFHOHQGLรทLQGHABDโ€™nde 1992 

G|QHPLQGH \RรทXQODรบPD \ย]GH ยถGHQ \ย]GH ยถ\H JHULOHPLรบWLU

Japonyaโ€™da ise 1980   \ร•OODUร• DUDVร•QGD \RรทXQODรบPDQร•Q \ย]GH ยถGDQ

\ย]GH ยถH \ยNVHOGLรทL J|UยOPHNWHGLU (Q GยรบยN \RรทXQODรบPD RUDQร•QD VDKLS

$OPDQ\DยถGD LVH ยถGD \ย]GH  RODQ\RรทXQODรบPD ยถGD \ย]GH ยถH

JHULOHPLรบWLU.DQDGD)UDQVDYHรธQJLOWHUHยถGHGH\RรทXQODรบPDDUWPร•รบWร•U<ยNVHN

\RรทXQODรบPD RUDQODUร•QD VDKLS $YXVWralya ve Hollandaโ€™da ise 1990โ€™da yรผzde

 YH \ย]GH  RODQ \RรทXQODรบPD ยถGD \ย]GH  YH \ย]GH ยถ\H

JHULOHPLรบWLU 7DEOR 

รธONรบLUNHWLQ\RรทXQODรบPDVร•LQFHOHQGLรทLQGHABDโ€™nde 1992

G|QHPLQGH \RรทXQODรบPD \ย]GH ยถGHQ \ย]GH ยถH \ยNVHOPLรบWLU

Japonyaโ€™da 1980 G|QHPLQGH \RรทXQODรบPD \ย]GH ยถGDQ \ย]GH

ยถ\D JHULOHPLรบWLU (Q VRQ YHULOHUH J|UH $OPDQ\D \ย]GH  LOH HQ GยรบยN

\RรทXQODรบPD\D .DQDGD \ย]GH  LOH HQ \ยNVHN \RรทXQODรบPD\D VDKLS ยONH

NRQXPXQGD EXOXQPDNWDGร•U )UDQVD YH รธQJLOWHUHยถGH GH \RรทXQODรบPD DUWDUNHQ

\ยNVHN\RรทXQODรบPDRUDQODUร•QDVDKLS$YXVWUDO\DYH+ROODQGDGD\RรทXQODรบPD

D]DOPร•รบWร•U 7DEOR 

รธON  รบLUNHWLQ \RรทXQODรบPDVร• LQFHOHQGLรทLQGH ABDโ€™nde 1992

\ร•Oร•QGD \ย]GH  RODQ \RรทXQODรบPD RUDQร• ยถGH \ย]GH ยถ\H

yรผkselmLรบWLU -DSRQ\DยถGD    \ร•OODUร• DUDVร•QGD \RรทXQODรบPD \ย]GH

ยถWHQ\ย]GHยถHJHULOHPLรบWLU$OPDQ\D\RรทXQODรบPDQร•QHQGยรบยNROGXรทX

ยONH GXUXPXQGDGร•U .DQDGD $YXVWUDO\D +ROODQGDยถGD \RรทXQODรบPD D]DOPร•รบ

)UDQVDYHรธQJLOWHUHยถGH\RรทXQODรบPDDUWPร•รบWร•U 7DEOR 




  

7$%/2*h/.(/(5ø'øö(56ø*257$6(.7g5/(5ø1'(<2ö81/$ù0$

¹ º »½¼

Ç‘È“É ÕZÖL×Ö@Ø>Ö ÙÖ>Ú@Û>×ÜÖ Ç“Ý7Þß à á ÖLâ ÜÖ Belçika ã7á Ö>×ßÖ Ç‘â ä¯Ö>×ÜÖ å à Ö7â ÜÖ æ“ÛLâ â Ö>×@Ø@Ö å ßÚÖL×ÜÖ å ß Ý>ç>è å ß Ý7é èá ç å ×@êLé â à ç>á ç ¹ º »HÄ Ç‘È“É ÕZÖL×Ö@Ø>Ö ÙÖ>Ú@Û>×ÜÖ Ç“Ý7Þß à á ÖLâ ÜÖ Belçika ã7á Ö>×ßÖ Ç‘â ä¯Ö>×ÜÖ å à Ö7â ÜÖ æ“ÛLâ â Ö>×@Ø@Ö å ßÚÖL×ÜÖ å ß Ý>ç>è å ß Ý7é èá ç å ×@êLé â à ç>á ç ¹ º »½¼À Ç‘È“É ÕZÖL×Ö@Ø>Ö ÙÖ>Ú@Û>×ÜÖ Ç“Ý7Þß à á ÖLâ ÜÖ Belçika ã7á Ö>×ßÖ Ç‘â ä¯Ö>×ÜÖ å à Ö7â ÜÖ æ“ÛLâ â Ö>×@Ø@Ö å ßÚÖL×ÜÖ å ß Ý>ç>è å ß Ý7é èá ç å ×@êLé â à ç>á ç ¹ º »½¼Ä

¼¾@¿@À Ê7Ë Ì@Í ÔÐLË Ô

¼¾@¿@À Ò>Î7Ë Ê@Î ÏLÊLË Ð

¼¾@¿@À ÎÑZË Ê@Í Ð@Ï7Ë Ó

¼¾@¾@À Ê7Ë Ì@Î ÔÐLË Ï ÍLË Í ÔÌ ÊLË Ò ÔÎLË Ò

¼¾@¾L¼ Ê7Ë Ï>Ð ÔÐLË Î ÔÒ ÍLË Í Ê ÔÒ7Ë Ô

¼¾>¾@Á Ê7Ë Î@Í ÔÐLË Ï ÔÎLË Í ÍLË Í ÐLË Ñ Ô>ÔË Ñ

¼¾>¾@Â ÊLË Ñ@Ò ÔÐ7Ë Ô Ô@Ô@Ë Ó Í7Ë Ï Ð7Ë Ó ÔÌ7Ë Î

¼¾>¾Ã ÊLË ÓÏ Ô ÑZË Í Ô@Ô@Ë Ó Í7Ë Ê Ð7Ë Ï Í7Ë Î

¼¾>¾@Ä ÊLË Ð@Ð ÔÐ Ô@Ô@Ë Ð ÔÌ7Ë Ð Ð7Ë Ô ÔÌ7Ë Ï

¼¾>¾@Å ÍLË Ò@Ò Ô ÑZË Í Ô@Ô@Ë Î Ô ÑZË Ï Ð7Ë Ô Ô@Ô

¼¾>¾@Æ ÍLË Ó>Î ÔÐ7Ë Ò Ô@Ô@Ë Î Ô ÑZË Ð ÑZË Í Ô@Ô@Ë Ó

¼¾@¾>¿ ÍLË ÑAÔ ÔÐ7Ë Î Ô@Ô@Ë Ò ÔÓ7Ë Ó Í7Ë Ò Ô@Ô@Ë Ê

Ô Ò7Ë Ð ¼¾@¾@À Ò>Î7Ë Ó@Î Ó>ÓLË Ò Î@Ï7Ë Ò ÏAÔË Ñ ÒLÌLË Ó Î>ÊLË Ð

>Ô ÔË Ê ¼¾@¾L¼ Ò>Î7Ë Ñ>Í Ó@Ó ÎZÔË Í ÏAÔË Ô Ò>Ì Î>ÓLË Ï

>Ô ÔË Ï ¼¾>¾@Á Ò>Î7Ë Ì@Ê Ó@Ï7Ë Ñ Î>ÊLË Ð ÏLÌLË Ñ ÔÍLË Ð Î>ÎLË Í

@Ô Ô@Ë Ñ ¼¾>¾@Â Ò>ÎLË Ò@Ñ ÓÏ Ò>Ê7Ë Ó Î@Í7Ë Í ÔÍ7Ë Ó Î@Ì7Ë Ô

@Ô Ô@Ë Ñ Ô ÒZË Í ¼¾>¾Ã ¼¾>¾@Ä Ò>ÎLË Î7Ô}Ò>ÓLË ÓÒ Ó@Î7Ë Ê Ó@Î7Ë Í Ò>Í7Ë Î Ò@ÑZË Ó Ï>Ì7Ë Í Ï@ÒZË Í ÔÍ7Ë Ó ÔÍ7Ë Ï Ò>Ð7Ë Ò Ò>Í7Ë Ô

Ô Ê7Ë Ô ¼¾>¾@Å Ò@Ñ7Ë ÓÏ Ó@Î7Ë Ñ Ò@ÑZË Î Ï@ÑZË Ô ÔÍ7Ë Í Ò>Í7Ë Ñ

Ô Ð7Ë Í ¼¾>¾@Æ ÒLÐLË Ó>Ð Ó@Î7Ë Ð Ò>Ð7Ë Ô ÓÑZË Ò Ò>Ì7Ë Ô Î7Ô@Ë Ô

>Ò Ï ¼¾@¾>¿ ÒLÍLË Ð@Ò Ó@Î7Ë Ð Ò@ÑZË Ñ Ó>Ê Ò@ÒZË Ð Î@Ì7Ë Ô

ÏLÊLË Ì

ÏLÊLË Ê

ÏLÊLË Ò

Ï>Í7Ë Í

Ï>Í7Ë Ñ

Ó@Ì7Ë Ï

ÓÏZË Î

Ó@Î7Ë Ð

Ñ>Ê7Ë Ô

¼¾@¾@À Î@Ð7Ë Ï>Ó Ð>ÍLË Ð ÏLÊLË Ð Ñ@Ò ÎZÔË Ð Ó>ÐLË Ó

¼¾@¾L¼ Î@Ð7Ë Ì@Ê Ð>ÍLË Î ÏAÔË Ð ÑAÔË Ï ÎZÔË Î Ó@Ò7Ë Ñ

¼¾>¾@Á ÎÑZË Í@Ê Ð>ÊLË Í Ï>Ï7Ë Ò ÑLÌLË Ô Î>ÌLË Í Ó>ÌLË Ï

¼¾>¾@Â ÎÑ7Ë ÏZÔ Ð@Ê7Ë Ó Î@Í7Ë Í Ó@Í7Ë Ò Î@Ì7Ë Ê Ï@ÏZË Ð

¼¾>¾Ã ÎÑ7Ë Î@Í Ð@Ê7Ë Ó Ï@ÏZË Ð Ñ>Ì7Ë Ñ Î7Ô@Ë Ô Ï>Ì7Ë Ó

¼¾>¾@Ä Î@ÊLË Ñ>Î Ð@Ê7Ë Ð ÏZÔ@Ë Ò Ñ>Ó7Ë Ï Î7Ô@Ë Ô Ï@ÒZË Ó

¼¾>¾@Å Ï>ÌLË Ñ>Í Ð@Ð7Ë Í Ï>Ì7Ë Ê Ñ@ÑZË Ê Î7Ô@Ë Ï Ï>Î

¼¾>¾@Æ Ï>Ò7Ë ÔÒ Ð@Ð7Ë Ï Î@Ð7Ë Ó Ð@Ó7Ë Ó Î7Ô@Ë Î Ï@Ï

¼¾@¾>¿ Ï>Ï7Ë ÏLÓ Ð@Ð7Ë Ò Ï>Ì7Ë Í Ð>Ð Î@Î7Ë Ô Ï>Î7Ë Ô

LÑ ÓLË Ñ ¼¾@¾@À Ï@ÑZË Î@Ó Í@Ï7Ë Î Ó>ÊLË Í Ð@Ñ7Ë Ò ÏLÌLË Î Ð>ÌLË Í

>Ñ Ê ¼¾@¾L¼ Ï@ÑZË Ì@Í Í@Ï7Ë Ò Ó>ÓLË Ò Ð>ÓLË Ó ÏLÌLË Ô Ñ>Ï7Ë Í

LÑ ÓLË Ð ¼¾>¾@Á Ï@ÑZË Ò>Ê Í@Ï7Ë Ò Ð>ÓLË Ò Ð>ÎLË Ó Ï>Ì Ñ>Ò7Ë Ô

@Ñ ÑZË Ô ¼¾>¾@Â Ï>ÓLË Ï>Ê ÍÏZË Ò Ñ@ÒZË Ï ÐÒZË Í Ï>Ì Ó@Ó7Ë Ô

>Ñ Ó7Ë Ï ¼¾>¾Ã Ï@Ï7Ë Í@Ð ÍÏZË Î Ó@Ð7Ë Ï ÐÏZË Ï Ï>Ì7Ë Ó Ï>Í7Ë Í

>Ñ Ó7Ë Î ¼¾>¾@Ä Ï>ÐLË ÌÒ ÍÏZË Ï Ó7Ô@Ë Ð Ê@Ì7Ë Ò Ï>Ì7Ë Ò Ó7Ô@Ë Î

@Ñ Ñ ¼¾>¾@Å Ï>ÊLË Í@Ð Í@Î7Ë Î ÓÒZË Î Ê@Ì7Ë Ñ Ï>Ì ÓÒZË Ï

>Ñ Ó7Ë Ó ¼¾>¾@Æ Ó>ÌLË Î@Ò ÍÒZË Ï Ó@Ì7Ë Î Ê@Ó Î@Í7Ë Ð Ó@Î7Ë Ò

@Ð Ð7Ë Ð ¼¾@¾>¿ Ó@Ò7Ë ÔÏ ÍÒZË Ò Ó@Ì7Ë Í ÊÑZË Ó ÏAÔ ÓÒZË Î

¼¾@¾>¾

ÔÑ ÍLË Ô

¼¾@¾>¾

Ó@Ñ Ò@Ò7Ë Ó

¼¾@¾>¾

Ð>Ó Î@ÎLË Ó

¼¾@¿@À ¼¾@¾>¾ Ç‘È“É ÏLÓLË Í ÕZÖL×Ö@Ø>Ö ÙÖ>Ú@Û>×ÜÖ Í@Ò7Ë Ð Ç“Ý7Þß à á ÖLâ ÜÖ Belçika ã7á Ö>×ßÖ Ê>Ó Ç‘â ä¯Ö>×ÜÖ ÏZÔË Î å à Ö7â ÜÖ æ“ÛLâ â Ö>×@Ø@Ö å ßÚÖL×ÜÖ å ß Ý>ç>è å ß Ý7é èá ç å ×@êLé â à ç>á ç Ð>ÎLË Ô Ð>ÓLË Ï Ð@Ò7Ë Ê ÐÒZË Í Ð7Ô@Ë Ñ Ð7Ô@Ë Ô Ð7Ô@Ë Í Ð@Ì7Ë Ó ÊÒZË Ê Ž ‘’“ÖØ×Ù¡ڝ ±ÚÚ¡“ ¡¢Z° B /›ù–‘¦ §œ,[•™’ž C— ­™’ Ÿ ™‘[«´´’1§Ÿ — ’#™ž ¦ ™5— Ÿ ‘ø’8ž Ÿ šQ«´´’¦ ´’ ¦ ™— Ÿ ž ›µ¦ œ.¥ ‘¥ ‘¨,•™’ž C— ´‘Lž ›µ¦ œV’ž Ÿ š «´´’ ¦ ´ ù´‘™›— ‘¥ ­5¥ —°

*12

ülkeleri

GL÷HU

VLJRUWD

VHNW|UQQ

ILQDQVDO

\DSÕVÕ

LQFHOHQGL÷LQGHELUOHúPHVDWÕQDOPDYHWDVIL\HOHUVRQXFXQGD\R÷XQODúPDQÕQ

DUWWÕ÷ÕYHNRQVROLGDV\RQJHUoHNOHúWL÷LJ|UOPHNWHGLU 7DEOR 

(QE\NúLUNHWLQ\R÷XQODúPDVÕLQFHOHQGL÷LQGHABD’nde 1980

 \ÕOODUÕ DUDVÕQGD \R÷XQODúPDQÕQ \]GH ¶GHQ \]GH ¶\D \NVHOGL÷L

J|UOPHNWHGLU -DSRQ\D¶GD GD D\QÕ G|QHPLQGH \R÷XQODúPD RUDQÕ \]GH

¶GHQ \]GH ¶H \NVHOPLúWLU (Q GúN \R÷XQODúPD RUDQÕ EDQNDFÕOÕN 


 

YH KD\DW VLJRUWDVร• VHNW|UยQGH ROGXรทX JLEL $OPDQ\Dยถ\D DLW ROVD GD ยถGH

\ย]GH  RODQ \RรทXQODรบPD ยถGD \ย]GH ยถH \ยNVHOPLรบWLU )UDQVD YH

รธQJLOWHUHยถGH \RรทXQODรบPD DUWPร•รบ +ROODQGDยถGD LVH \RรทXQODรบPD D]DOPร•รบWร•U

7DEOR 

รธON  รบLUNHWLQ \RรทXQODรบPDVร• LQFHOHQGLรทLQGH ABDโ€™nde 1980

G|QHPLQGH \RรทXQODรบPD \ย]GH ยถGHQ \ย]GH ยถ\H \ยNVHOPLรบWLU

Japonyaโ€™da ise 1980 DUDVร•QGD \RรทXQODรบPD \ย]GH ยถGHQ \ย]GH

ยถ\H \ยNVHOPLรบWLU $OPDQ\DยถGD ยถGD \ย]GH  RODQ \RรทXQODรบPD

ยถGD \ย]GH ยถH \ยNVHOVH GH KDOHQ HQ GยรบยN \RรทXQODรบPD RUDQร•QD

sahip รผlke konumunu sรผrdรผrmeNWHGLU )UDQVD YH รธQJLOWHUHยถGH \RรทXQODรบPD

DUWPร•รบ$YXVWUDO\DYH+ROODQGDยถGDLVH\RรทXQODรบPDJHULOHPLรบWLU 7DEOR 

รธON  รบLUNHWLQ \RรทXQODรบPDVร• LQFHOHQGLรทLQGH ABDโ€™nde 1980

\ร•Oร•QGD \ย]GH  RODQ \RรทXQODรบPDQร•Q  \ร•Oร•QGD \ย]GH ยถH

\ยNVHOPLรบWLU -Dponyaโ€™da ise 1980 DUDVร•QGD \RรทXQODรบPD \ย]GH

ยถGHQ \ย]GH ยถ\H \ยNVHOPLรบWLU $OPDQ\DยถGD ยถGD \ย]GH  RODQ

\RรทXQODรบPDยถGD \ย]GH ยถH \ยNVHOVH GHKDOHQ HQGยรบยN\RรทXQODรบPD

RUDQร•QD VDKLS ยONH NRQXPXQX VยUGยUPHNWHGLU )UDQVD YH รธQJLOWHUHยถGH

\RรทXQODรบPD DUWPร•รบ $YXVWUDO\D YH +ROODQGDยถGD LVH \RรทXQODรบPD JHULOHPLรบWLU

7DEOR 

รธONรบLUNHWLQ\RรทXQODรบPDVร•LQFHOHQGLรทLQGHABDโ€™nde 1980

G|QHPLQGH \RรทXQODรบPD \ย]GH ยถGDQ \ย]GH ยถH \ยNVHOPLรบWLU

Japonyaโ€™da ise 1980 DUDVร•QGD \RรทXQODรบPD \ย]GH ยถGHQ \ย]GH

ยถ\H JHULOHVH GH HQ \ยNVHN \RรทXQODรบPD RUDQร•QD VDKLSWLU $OPDQ\DยถGD

ยถGD \ย]GH  RODQ \RรทXQODรบPD ยถGD \ย]GH ยถH \ยNVHOVH GH

KDOHQ HQ GยรบยN \RรทXQODรบPD RUDQร•QD VDKLS ยONH NRQXPXQX VยUGยUPHNWHGLU

)UDQVD YH รธQJLOWHUHยถGH \RรทXQODรบPD DUWPร•รบ $YXVWUDO\D YH +ROODQGDยถGD

\RรทXQODรบPDJHULOHPLรบWLU 7DEOR 

 *HOLรบPHNWH 2ODQ hONH %DQNDFร•Oร•N 6LVWHPOHULQGH )LQDQVDO

.RQVROLGDV\RQ(รทLOLPL

%DQNDFร•Oร•N NUL]OHUL VRQUDVร•QGD IDL] RUDQODUร•Qร•Q DUWPDVร• YH \HUHO SDUD

ELULPL GHรทHULQLQ GยรบPHVL ERUo \ยNยQยQ YH ULVNWHQ NRUXQDPD\DQ ERUoOXODUร•Q

DUWPDVร•QD YH EDWร•N NUHGLOHULQ Kร•]OD oRรทDOPDVร•QD QHGHQ ROPXรบWXU %DWร•N 


 

NUHGLOHUH ED÷OÕ ]DUDUODUÕQ JHOLúHQ HNRQRPLOHULQ KHPHQ KHU NHVLPL ]HULQGH

ROXPVX] HWNLOHULQLQ ROPDVÕ LVH VHNW|UGH \HQLGHQ \DSÕODQPD JHUH÷LQL

GR÷XUPXúWXU (UG|QPH]   <HQLGHQ \DSÕODQPDODUGD DPDo EDQNDFÕOÕN

VHNW|UQQ PDOL RSHUDV\RQHO YH \DSÕVDO \|QGHQ JoOHQGLULOPHVL ROPXú

LVWLNUDU SURJUDPODQQÕ X\JXOD\DQ WP ONHOHUGH EHQ]HU ROXúXPODU PH\GDQD

JHOPLúWLU

%UH]LO\D 0HNVLND øVUDLO *QH\GR÷X $V\D YH 'R÷X $YUXSD

ONHOHULQGH

X\JXODQDQ

LVWLNUDU

SURJUDPODUÕQÕQ

ILQDQV

VHNW|UQGH

NRQVROLGDV\RQH÷LOLPL]HULQHHWNLOHULGHYDPHGHQNÕVÕPGDHOHDOÕQDFDNWÕU

7$%/26(dø/0øù*(/øù0(.7(2/$1%$1.$&,/,.6ø67(0/(5ø1'(%$1.$ ë 6$<,6,9(3ø<$6$<2ö81/$ù0$6, 

¡ïïñ

±ÚÚÚ ì ™© ­– ž ž ’Ÿ ¥ 9¢

ì ™©­5– ž ž ’ Ÿm  ¥ .¢ ‘’ è ò  ¥ •¥ ó O

íïî ðmñ öï÷½øùö

Ž ›— ™  ì ö ¦ ™³ ¦ ‘ ­ úûöïüþý ÿ öõý „ö £X—  ‘ž Ÿ ‘ — ™³Ÿ ¦  ì ò ™’•Ÿ ’     ö   ¯ö Çek Cumhuriyeti

ì ˜— Ÿ •ž ‘ ›¦ ›‘

Türkiye

ò

 ¦ ’(ú ‘’# ò

 ¦ ’ ¡Ú ‘’

ï ‘’ ô=‘ ­™’•Ÿ O è ò  ¥ •¥ ó ò

 ¦ ’(ú ‘’ ò

 ¦ ’ ¡Ú ‘’

õ ô=‘ ­™’#•Ÿ

ú Ú ±ò ¡ò

ò ±¨ ë ññ¨ é ñé5¨ ò

ëê¨ ï éë5¨ ú ëú5¨ ò

¡° ±êú¨ ê ï5¡ë¨ ï ¡° Úú¡¨ é

¡ú ¡Ú ¡ú

ñú5¨ ò ñú5¨ ñ ñ¡¨ é

éé¨ é ë±5¨ ± éï¨ ñ

ëïï¨ é ¡° ÚÚò ëòñ¨ ñ

±Úê ±ñò úê

úï5¨ ¡ ñï5¨ ï ñë5¨ ú

éú5¨ ¡ éë5¨ ë ëÚ5¨ ë

éòê5¨ ï ¡° ±±Ú¨ ï ¡° ÚÚò¨ ñ

¡¡ú ¡ïê ±ú

úï5¨ ë òò5¨ ± òê¨ ú

ëÚ¨ é ëò¨ ê ïñ¨ ò

ëêò¨ é ¡° ±éë ¡° úêÚ

òò ñÚ ë± é±

é± òé5¨ ï ò±¨ ë ñÚ5¨ é

ïé ë ñ¨ é ëê¨ ï éï5¨ ¡

±5° ¡Ú¡¨ ò ¡° òéë¨ ë ¡° ±êú¨ ê ïòé¨ ±

ñ± úï éé éï

êï5¨ é ò5¡¨ ò ñú5¨ ò úò5¨ ï

ïÚ¨ ú ëÚ¨ é éé¨ é é±5¨ Ú

¡° éòé ¡° ±ñ¡ ëïï¨ é é5¡Ú¨ ±

Ž ‘’“” ì 3 ±ÚÚ5¡¢Z°” ìž —  šZ¥ ‘ ­‘™• µ¦ ‘œ9¥ §ž¥ —°  ±ÚÚÚQ¥ ¦5• ›‘–¤© ™5— Ÿ ¦ ™5— ŸŸ ¯Ÿ ‘4™5‘P«´´’.úÚp«‘’#P© ™— Ÿ •Ÿ’ –¦ ¦ ‘¥ ¦ œ9¥ §ž¥ — °ì ™© ­–ž!— ’#œ3¦ — ¥CŸ •™Ð¡ïïïQ• ›‘– © ™–¦ §¥ ¦ «Ÿ ¦ ™5‘X™‘ • ›‘(© ™5— Ÿ ¦ ™5— ­5Ÿ —° ó ‘’1•¥ ¦ —¥ — ™•œ3Ÿ(› ž ›— Ÿ ž ™5¦ ™— ­™5‘ ¨   ô X ÷  ­™5‘ © ™  Ÿ ž ˜ Y” = £  ­‘ ™5¦ ­™1™­Ÿ ¦ œ9Ÿ §#ž Ÿ —° £!•]• ­™˜™ ò –¦ – ò • ¦8ž Ÿ ˜— Ÿ#«‘’¦ — ¥ Ÿ ¯™— œ™’8ž ™­Ÿ —°

%UH]LO\D /DWLQ $PHULND QÕQ HQ E\N EDQNDFÕOÕN SD]DUÕQD VDKLS %UH]LO\D GD

\DúDQDQ KHU NUL]LQ VRQUDVÕQGD EDQNDFÕOÕN VLVWHPLQL GR÷UXGDQ HWNLOH\HFHN

JHOLúPHOHU ILQDQV VLVWHPLQLQ \HQLGHQ \DSÕODQPDVÕQÕ ]RUXQOX KDOH JHWLUPLúWLU

 GH X\JXODPD\D NRQDQ ³UHDO SODQÕ´ LOH HQIODV\RQ  KDQHOLGHQ WHN KDQHOL

UDNDPODUD GúHUNHQ EDQNDFÕOÕN VLVWHPLQGH GH E\N SUREOHPOHUH VHEHS

ROPXúWXU (UG|QPH] @ +LSHUHQIODV\RQ G|QHPLQGH VD÷ODQDQ \NVHN

JHWLULOHULQ D]DOPDVÕ VHNW|UH GHYOHW PGDKDOHVLQL JHUHNWLUPLú LNL \ÕOGD WRSODP 


 

 EDQND \HQLGHQ \DSÕODQGÕUPD\D WDEL WXWXOPXú NRQVROLGDV\RQODUOD EDQND

VD\ÕVÕ D]DOWÕOPÕú YH  EDQND VLVWHPLQ \]GH  LQL NRQWURO HGHU KDOH

JHOPLúWLU ,0) 

<NVHN HQIODV\RQ RUWDPÕQGD EDQND YH úXEH VD\ÕODUÕQGD |QHPOL

DUWÕúODU PH\GDQD JHOPLú  OHULQ VRQXQGD  RODQ WLFDUL EDQND VD\ÕVÕ

¶GH  \H GúHUHN \DEDQFÕ EDQNDODUÕQ VHNW|U LoLQGHNL SD\Õ DUWPÕúWÕU

\ÕOÕLWLEDUL\OHVHNW|UGHNLDNWLIOHULQ\]GH VLNDPX\D\]GH VL\HUHO

|]HOEDQNDODUD\]GH VL\DEDQFÕ|]HOEDQNDODUDYH\]GH GH\DEDQFÕ

|]HOEDQNDúXEHOHULQHDLWWLU ,0) 

%LUOHúPH YH GHYUDOPDODU NRQXVXQGD  \ÕOÕQGD EDúOD\DQ 352(5

8OXVDO PDOL VLVWHPLQ \HQLGHQ \DSÕODQGÕUÕOPDVÕ YH JoOHQGLULOPHVL LoLQ WHúYLN

SURJUDPÕ  LOH LOHUOHPH ND\GHGLOPLúWLU 352(5 EDQNDFÕOÕN VHNW|UQGH

ELUOHúPHOHULQKÕ]OÕúHNLOGHJHUoHNOHúWLULOPHVLDPDFÕ\ODYHUJLWHúYLNOHULYHNUHGL



LPNDQODUÕQÕQ VXQXOPDVÕQD LOLúNLQ VLVWHPOHUL NDSVDPDNWDGÕU  6D÷ODQDQ EX avantajdan ilk önce UnibDQND %UH]LO\D¶QÕQ DOWÕQFÕ E\N EDQNDVÕ  %DQFR

1DFLRQDO¶Õ \HGLQFL E\N EDQND  DODUDN /DWLQ $PHULND¶QÕQ  E\N

EDQNDVÕQÕ\DUDWPDNDPDFÕ\OD\DUDUODQPÕúWÕU([FHOO%DQNEXSURJUDPÕGRQXN

DNWLIOHUL GHYOHW WDUDIÕQGDQ WDVIL\H HGLOHQ %DQFR (FRQRPLFR¶QXQ VD÷ODP

NÕVPÕQÕ DOPDN LoLQ NXOODQPÕúWÕU $\UÕFD V|] NRQXVX SURJUDP %DPHULQGXV

%DQFR 0HUFDQWLO GH 5HFLIH %DQRUWH %DQFR 8QLWHG YH %DQFR 0DUWLQHOOL

WDUDIÕQGDQGDX\JXODQPÕúWÕU (UG|QPH] 

g]HOOLNOH  GHQ VRQUD XOXVODUDUDVÕ EDQNDODU GD EDQNDFÕOÕN

VHNW|UQGH \DWÕUÕPODUÕQÕ DUWWÕUPÕúODUGÕU %XQODUÕQ |UQHNOHUL DUDVÕQGD $%1

$0%52 QXQ %DQFR 5HDO H +6%& QLQ %DPHULQGXV D &DL[D *HUDO GH

'HSRVLWRV XQ %DQFR %DQGHULDQGHV H \DSWÕ÷Õ \DWÕUÕPODU J|VWHULOHELOLU $%'

EDQNDODUÕ%UH]LO\D GDHQoRNULVNYH\DWÕUÕPD\|QHOHQEDQNDODUROPXúODUGÕU

*HOLúLP SURJUDPODUÕQÕQ E\N |OoGH WDPDPODQPDVÕ LOH ELUOLNWH

ONH\H JLUHQ \DEDQFÕ EDQNDODU EDQNDFÕOÕN VLVWHPLQGH UHNDEHWL YH DNWLI

NDOLWHVLQL \NVHOWPLúOHUGLU %DQNDODUÕQ NRPLV\RQ JHOLUL VD÷OD\DQ \DWÕUÕP

EDQNDFÕOÕ÷Õ YH NXUXPVDO ILQDQVPDQ IDDOL\HWOHUL DUWÕú J|VWHUPLú %UH]LO\D   !#"

Bu program çerçevesinde yeni banka alacak $&%('*)+%&,&%.-*/ ,&%10&%32 %(/ 435(6 %*'*7 %(6 8 '(8 '9%*7 : 8 '&;(%.) 6 <*;/=/ >)+%('8 0&%1?(7 %('*>%*)@: %1;A8 6 B(CD,16 8 E %F$1%*'*)+%&,(8(0&%&: 8 'G%(7 %('$1%('*)+% ,&%IH0 %&: 8 'G%(7 ;A8 ?A8I$1%('1)+%('8 '>%(7 /&4 %(6 %(6 7 %(6 8 '(8(J1<6 K/ 7 <6 / '/ - : %(71<*;/ 7 > <101/ 01L*6 <1: / ,17 <)+%*-1%&: >%/ >)+%('(8+: %('8 '*>%()@: %1;A8 6 B




 

EDQNDODUร• NRPLV\RQ JHOLUL \DUDWDFDN \HQLยUยQOHU JHOLรบWLUPH\H RGDNODQPร•รบ YH

RSHUDV\RQHO PDOL\HWOHUL GยรบยUPHN LoLQ WHNQRORML \DWร•Uร•PODUร•QD Dรทร•UOร•N

YHUPLรบOHUGLU 3HHNYH5RVHQJUHQ 

.ร•VDFD %UH]LO\Dโ€™da ILQDQVDO VLVWHP \HQLGHQ \DSร•ODQGร•Uร•Oร•UNHQ

EDQNDFร•Oร•N VHNW|UยQGH ELUOHรบPHOHULQ Kร•]Oร• รบHNLOGH JHUoHNOHรบWLULOPHVL DPDFร•\OD

YHUJLWHรบYLNOHULYHNUHGLRODQDNODUร•VDรทODQPร•รบWร•U%DQND\ร•VDWร•QDODQEDQND\D

VDWร•Q DOGร•รทร• EDQNDQร•Q PDOL ]DUDUODUร•Qร• YHUJLOHULQ LSWDO HGLOPHVL VXUHWL\OH

NDSDWPD RODQDรทร• WDQร•QPร•รบWร•U %LU oRN EDQND EX DYDQWDMODUGDQ \DUDUODQPร•รบWร•U

%XX\JXODPDODUVRQXFXQGD7DEORยถGDGDJ|UยOGยรทยJLEL++ +HUILQGDKO

@M

+LUVFKPDQQ  (QGHNVL   \ร•Oร•QGD  LNHQ  \ร•Oร•QGD ยถ\D \ยNVHOPLรบYHVHNW|UGHNRQVROLGDV\RQDUWPร•รบWร•U ,0)  0HNVLND &LGGL HNRQRPLN SUREOHPOHU YH NUL]OHU \DรบD\DQ 0HNVLND X\JXODGร•รทร•

SURJUDPODUOD HQIODV\RQ RUDQร•Qร• ยo KDQHOL UDNDPODUGDQ WHN KDQHOL UDNDPODUD

LQGLUPH\LEDรบDUPร•รบDQFDN7HNLODNUL]LVRQUDVร•\DรบDQDQ devalรผasyon ve

HQIODV\RQXQ \ย]GH ยถOHUH Iร•UODPDVร• EDQNDFร•Oร•N VLVWHPLQGH GHULQ \DUDODU

DoPร•รบWร•U .UL]OH EHUDEHU ILQDQVDO VLVWHPGH |]HOOLNOH PRUWJDJH ELUH\VHO YH

NยoยN LรบOHWPHOHUH YHULOHQ NUHGLOHU Eย\ยN |OoยGH VRUXQOX KDOH JHOPLรบ WDNLS

HGHQ \ร•OODUGD NUL]LQ ER\XWODUร•Qร•Q Eย\ยNOยรทย QHGHQL\OH HWNLOHULQLQ GHYDP

HWPHVL YH ELODQoR WHPL]OHPH oDOร•รบPDODUร• WRSODP DNWLIOHULQ *6<รธ+ \D RUDQร•Qร•

\ย]GH GHQ\ย]GH DJHULOHWPLรบWLU

 NUL]LQGHQ VRQUD WยP EDQNDODU GHYOHWOHรบWLULOPLรบ VHNW|UGH 

RODQ EDQND VD\ร•Vร•  H JHULOHPLรบWLU %DQNDODU GยรบHQ HQIODV\RQ RUWDPร•QD

X\JXQo|]ยPOHUJHOLรบWLUPHNELU\DQDD\DNWDNDODELOPHoDEDVร•QDJLUPLรบOHUYH

WHPHO VWUDWHMLOHULQL PHYFXW SODVPDQODUร•Qร• HQ Nร•VD VยUHGH L\LOHรบWLUPH\H

RGDNODPร•รบODUGร•U

<XUW LoLQGHNL ND\QDN HNVLNOLรทL QHGHQL\OH WDze sermayeye ihtiyaรง

GX\XODQ EDQNDFร•Oร•N VHNW|UยQH \DEDQFร• EDQNDODUร•Q NDWร•Oร•Pร• Kร•]ODDUWPร•รบ 

\ร•Oร•VRQXQGD%%9$ Qร•Q%DQFRPHULYH%6&+ QLQ%DQFD6HUILQ LVDWร•QDOPDVร•LOH   !N

) L*7 7 %('(8 7 %('F0+: %('&;*%(6 :Q$*/ 6 ,&O(' : <(> ;/ 6 BDRS%('*)+%*7 %(6 8 '  HH Endeksi herhangi bir sektรถrdeki konsolida0+,&5('*L O(7 P&> <()/ P&/ ' )+%(6 <7 <6 / '*/ '=: 5(-17 %(>8 ;A8 6 BQY WU/ 7 <  W1W*W*WV%*6 %10(8 '&;*%X;*<*?1<6 %(7 > %()@: %1;A8 6 B  W*W1W*W=: <) Y>T/ 6 <1)@J1<1;: / L1'% -*: 7 /%(,&6 %18 '0&%8 'U,&%[-*Z1/ ,&%(%1)+0&/ %1>\;*%(5() 7 ;/QL&-1?(%&L*,1'*7 L%(6 / 8 Y '%*8 'V 6 <1:<&: > <)@: <AH&W[/ 0 <[$*/ 6IP 5*) / 6 )]<1: / '^J*%(6 5*7 ;(L&?L piyasada herkesin รงok kรผรงรผk paya 0&%(Z1/ -5(7 ;L ?L*'1%/ Y %*6 <1:(<1: > <)@: <*;/ 6A_ ` abIH c(W*W +d B 


 

\DEDQFร• EDQNDODUร•Q WRSODP DNWLIOHULQ LoLQGHNL SD\ร• \ย]GH  QLQ ย]HULQH

oร•NPร•รบWร•U .RQVROLGDV\RQODU VRQXFXQGD 0HNVLND EDQNDFร•Oร•N VHNW|UยQGH

\RรทXQODรบPDDUWPร•รบ YH HQ Eย\ยNยoEDQNDQร•QDNWLIEย\ยNOยรทยVHNW|UยQDNWLI

WRSODPร•Qร•Q\ย]GH LQLROXรบWXUXUKDOHJHOPLรบWLU 3HHNYH5RVHQJUHQ 

6RQXo RODUDN 0HNVLND EDQNDFร•Oร•N VLVWHPL NRQVROLGDsyon sรผrecinde

HQ |QHPOL DGร•PODUร• DWDQ ยONH ROPXรบWXU hONHQLQ HQ Eย\ยN ยo EDQNDVร•

PHYGXDWODUร•Q \ย]GH ยถร•QD VDKLS ROPXรบ YH 7DEOR ยถGD J|UยOGยรทย JLEL

2000 dรถneminde HH endeksi 355 puan birden artarak 1.005

VHYL\HOHULQGHQ ยถD \ยNVHOPLรบWLU %X /DWLQ $PHULND EDQNDFร•Oร•N VLVWHPOHUL

LoHULVLQGHNL HQ Eย\ยN DUWร•รบWร•U %X DUWร•รบร•Q HQ |QHPOL QHGHQL LNLQFL YH ยoยQFย

Eย\ยN EDQNDODUร•Q VHNW|UGH IDDOL\HW J|VWHUHQ HQ Eย\ยN  รธVSDQ\RO EDQNDVร•

WDUDIร•QGDQVDWร•QDOร•QPDVร•Gร•U ,0)  รธVUDLO

 OHULQ LON \DUร•Vร•QGD \DรบDQDQ KLSHUHQIODV\RQ RUWDPร•QGDQ VRQUD

HNRQRPLGHGHQJHOHULQNXUXOPD\DEDรบODPDVร•GDKDVDรทOร•NOร•EDQNDFร•Oร•NVHNW|Uย

EHNOHQWLOHULQL GH EHUDEHULQGH JHWLUPLรบ DQFDN 2UWDGRรทX SUREOHPLQLQ

o|]ยPOHQHPHPHVLQHGHQL\OH\DEDQFร•ODUร•QVHNW|UHLOJLVLVร•Qร•UOร•NDOPร•รบWร•U

 \ร•Oร• LWLEDUL\OH รธVUDLO EDQNDFร•Oร•N VLVWHPL \RรทXQODรบPร•รบ ELU \DSร•\D

VDKLSWLU (Q Eย\ยN EHรบ EDQND VHNW|UยQ \ย]GH  GDQ ID]ODVร•Qร• HOLQGH

EXOXQGXUPDNWDGร•U  WLFDUL  \DWร•Uร•P YH  PRUWJDJH ROPDN ย]HUH 

EDQNDQร•QIDDOL\HWJ|VWHUGLรทLVHNW|UEDQNDVD\ร•Vร•Doร•Vร•QGDQJHQLรบYHUHNDEHWoL

JLEL J|UยQVH GH DVOร•QGD VHNW|UยQ \ย]GH  OXN Nร•VPร•Qร• ROXรบWXUDQ NยoยN

EDQNDODUร•QEย\ยNNร•VPร•EHรบEย\ยNEDQNDQร•QLรบWLUDNLGLU รนDK|]NDQ  *ยQH\GRรทX$V\DhONHOHUL

*ยQH\GRรทX$V\DยONHOHULQGH\ร•Oร•RUWDODUร•QGDEDรบOD\DQYHGDKD

VRQUDGยQ\DQร•QoHรบLWOLยONHOHULQLHWNLOH\HQNUL]HVDVRODUDNSDUDSL\DVDVร•|]HO

RODUDNGDEDQNDFร•Oร•NNUL]LรบHNOLQGHEDรบODPร•รบWร•U%DQNDODUร•QNUHGLKDFLPOHULQLQ

XODรบWร•รทร• \ยNVHN RUDQ NUHGLOHULQ G|QยรบยQGH \DรบDQDQ Vร•Nร•QWร•ODUOD ELUOLNWH

VHNW|UยQ Lo IRQODPDGD NXOODQGร•รทร• Gร•รบ ERUo NUL]LQH \RO DoPร•รบWร•U .UHGL DODQ

LรบOHWPHOHULQ \DรบDGร•รทร• NUL] EDQNDODUร• YH NUHGLW|UOHUL GHULQGHQ HWNLOH\HUHN SHN




 

oRรทXQXQ WDVIL\HVLQH YH VDWร•รบร•QD QHGHQ ROPXรบ YH VHNW|UGHNL \RรทXQODรบPD\ร•

DUWร•UPร•รบWร•U 7%% 

7D\ODQG (QGRQH]\D .RUH YH 0DOH]\D GD EDQNDODUร•Q WDVIL\H

VยUHFLQGHNLDODFDNODUร•Qร•QWRSODPร•*6<รธ+ \DRUDQRODUDN\ย]GH yรผzde 50

DUDOร•รทร•QGDJHUoHNOHรบPLรบWLU.UL]GHQHWNLOHQHQยONHX\JXODPDODUร•QGDEDQNDODUร•

\HQLGHQ \DSร•ODQGร•UPD oDOร•รบPDODUร• VRUXQOX DNWLIOHULQ \|QHWLPL JLEL |]GH D\Qร•

\DNODรบร•PGD IDUNOร•ODรบร•U QLWHOLNWH รบHNLOOHQPLรบWLU gUQHรทLQ EDQND \HQLGHQ

\DSร•ODQGร•UPD SURJUDPODUร•Qร•Q |QHPOL ELU SDUoDVร• RODQ VRUXQOX DNWLIOHULQ

\|QHWLPL NRQXVX *ยQH\GRรทX $V\D ยONHOHULQLQ KHSVLQGH รบLUNHW UHIRUPX YH bรผtรงe reformu ile biUOLNWHHOHDOร•QPร•รบWร•U$QFDN7D\ODQG GDKHUEDQNDQร•QNHQGL

GXUXPX J|] |QยQH DOร•QDUDN D\Uร• D\Uร• \HQLGHQ \DSร•ODQGร•UPD \DNODรบร•Pร•

EHQLPVHQLUNHQ(QGRQH]\D GDWยPEDQNDODULoLQJHQHONXUDOODUNDEXOJ|UPยรบ

YHX\JXODQPร•รบWร•U (UG|QPH] 

*ยQH\GRรทX $V\D EDQNDODUร•Qร•Q Dรบร•Uร• ERUoOXOXNODUร•Qร•Q DOWร•QGD \DWDQ

VHUPD\H \HWHUVL]OLรทL YH GHUHJXODV\RQODU \XUW LoL YH Vร•Qร•U |WHVL ELUOHรบPH

DNร•Pร•Qร•Q \RรทXQODรบPDVร•Qร• RODQDNOร• KDOH JHWLUPLรบWLU 0DOH]\D GDQ -DSRQ\D \D

*ยQH\GRรทX $V\D ยONHOHULQLQ WDPDPร•QGD EDQNDODUร•Q DNWLILQGH EXOXQDQ

SUREOHPOL NUHGLOHU GHYOHWOHU WDUDIร•QGDQ ROXรบWXUXODQ $NWLI <|QHWLP )RQODUร•

WDUDIร•QGDQ VDWร•Q DOร•QDUDN GHVWHN YHULOPH\H oDOร•รบร•OPร•รบWร•U 7D\ODQG GD

EDQNDODUGD WDVIL\H VยUHFLQGHNL NUHGLOHULQ WRSODP NUHGLOHUH RUDQร• \ย]GH 

Endonezya' da yรผzde 36 dรผzeylerine uODรบPร•รบ (QGRQH]\D  GD  RODQ |]HO

PLOOL EDQND VD\ร•Vร• NUL]OHU VRQUDVร•QGD  \H GยรบPยรบ YH VHNW|UยQ \ย]GH  L

GHYOHWNRQWUROยQHJHoPLรบWLU

0DOH]\DยถGD  \ร•O VRQX LWLEDUL\OH ยONHQLQ EDQNDFร•Oร•N VLVWHPLQL

NRQVROLGH HGHUHN YHULPOLOLรทL YH UHNDEHWL DUWร•UPD\ร• KHGHIOH\HQ ELU ELUOHรบPH

SURJUDPร•RUWD\DNR\PXรบWXU$UDOร•NWDULKLLWLEDUL\OHEDQNDQร•QยถVL

 EDQNDFร•Oร•N JUXEXQGD NRQVROLGH HGLOPLรบWLU %ยWยQ EX oDOร•รบPDODUร•Q

VRQXFXQGD EDQNDFร•Oร•N VLVWHPLQGH \RรทXQODรบPD DUWPร•รบ YH ++ HQGHNVL 7DEOR

3.16โ€™da da gรถrรผOGยรทย JLEL   2000 dรถneminde 918,9โ€™dan 1.005,1โ€™e

\ยNVHOPLรบWLU ,0) 

Krizin meydana gelmesinden sonra Eylรผl 1998' de (QGRQH]\D GDNL

\HWNLOLOHU  NDPX EDQNDVร•Qร• %DQN 0DQGLUL DGร• DOWร•QGD WHN ELU EDQNDGD




 

WRSODPÕúWÕU %X EDQNDODUÕQ N|W DNWLIOHUL \HQLGHQ \DSÕODQGÕUPD NXUXPX

,%5$ \D DNWDUÕOPÕúWÕU +D]LQH RSHUDV\RQODUÕ PHUNH]LOHúWLULOPLú YH EX DUDGD

PHUNH]LELUNUHGLELULPLROXúWXUXOPXúWXU7DNLSWHNLDODFDNODUÕQE\NNÕVPÕQÕQ

%DQN0DQGLUL GHNDOPDVÕNDUDUODúWÕUÕOPÕúWÕU

7D\ODQG \DúDGÕ÷Õ ILQDQVDO NUL]GHQ oÕNDELOPHN LoLQ \DEDQFÕ

EDQNDODUDNROD\OÕNODUVD÷ODPÕúWÕU$QFDNEDQNDELUOHúPHOHULYHVDWÕQDOPDODU

NRQXVXQGD PHY]XDW GH÷LúLNOL÷LQH JLGLOPHPLúWLU %XQXQ VRQXFXQGD 7DEOR

¶GD J|UOG÷ JLEL ++ HQGHNVL   2000 döneminde 1.031,7’den 854,4’e geriOHPLúWLU

* .RUH¶GH \HQLGHQ \DSÕODQPDQÕQ DPDFÕ EDQNDFÕOÕN VLVWHPLQLQ o

NDWHJRUL\HD\UÕOPDVÕQÕKHGHIOHPLúWLU

L %\NEDQNDODUÕQELUOHúPHVL\OHROXúDFDN|QFEDQNDODU

LL  .RQXW NUHGLVL VD÷OD\DQ YH SHUDNHQGH EDQNDFÕOÕN \DSDQ RUWD

ölçekli bankalar, 

LLL g]HODODQODUGDX]PDQODúPÕúE|OJHVHONoNEDQNDODU %X DPDoOD KNPHW HWNLQ YH EHOOL E\NONWHNL EDQNDODUÕQ

ELUOHúPHOHULQL WHúYLN HWPLúWLU %DQNDFÕOÕN VLVWHPLQGHNL SHN oRN NoN

EDQNDQÕQ \DUDWWÕ÷Õ YHULPVL]OLN JLGHULOPH\H YH |OoHN HNRQRPLVLQGHQ

\DUDUODQPDN \ROX\OD GDKD UHNDEHWoL ELU RUWDP \DUDWÕOPD\D oDOÕúÕOPÕúWÕU

$\UÕFD .RUH KNPHWL ELUOHúHQ EDQNDODUÕQ VWDWOHULQLQ N|WOHúPHVLQL

HQJHOOHPHN YH ELUOHúHQ EDQNDODUÕQ VHUPD\H \HWHUOLN UDV\RODUÕQÕ L\LOHúWLUPHN

LoLQ NDPX ND\QDNODUÕQGDQ DNWDUPD \DSPÕúWÕU ³)LQDQV 3L\DVDODUÕQÕQ

ø\LOHúWLULOPHVL

.DQXQXQGD´

\DSÕODQ

GH÷LúLNOLNOH

ELUOHúPH

LúOHPOHUL

NROD\ODúWÕUÕOPÕú ILQDQV NXUXOXúODUÕ DUDVÕQGDNL ELUOHúPHOHUH YHUJL WHúYLNOHUL

JHWLULOPLúWLU .DQXQOD )LQDQVDO 'HQHWLP .RPLWHVL¶QH ]RU GXUXPGDNL ILQDQV

NXUXOXúODUÕQD ELUOHúPHOHUL WDOLPDWÕ YHUPH )LQDQV YH (NRQRPLGHQ 6RUXPOX

%DNDQDILQDQVNXUXOXúODUÕQÕQWDVIL\HHGLOPHVLVRQXFXROXúDQJHOLULELUH\VHO\D

GD NXUXPVDO YHUJLGHQ PXDI WXWDELOPH \HWNLVL YHULOPLúWLU %HQ]HU úHNLOGH

%DNDQ¶DELUOHúPHVÕUDVÕQGDVDWÕQDOÕQDQJD\ULPHQNXOOHULQYHUJLOHULQGHLQGLULP

\DSPD YH\D WDPDPHQ PXDI WXWPD KDNNÕ GD WDQÕQPÕúWÕU $QFDN \LQH GH EX

\DSÕODQODUÕQ\HWHUOLOL÷LWDUWÕúPDOÕGÕU%XG|QHPGH7DEOR¶GDGDJ|UOG÷

JLEL ++ HQGHNVL  G|QHPLQGH ¶GDQ ¶\H JHULOHPLúWLU 


 

,0) 01). Finansal konsolidasyon sรผrecinde, .RUH GH NUL] EDรบODQJร•Fร•QGD

 RODQ WLFDUL EDQND VD\ร•Vร•  \ร•Oร• LWLEDUL\OH  \H GยรบPยรบ YH GHYOHW

NRQWUROยQยQ KLo ROPDGร•รทร• VHNW|UGH  EDQND GHYOHW NRQWUROยQH JHoPLรบWLU

รนDK|]NDQ 

'RรทX$YUXSDhONHOHUL

dHN &XPKXUL\HWLยถQGH ยถOร• \ร•OODUGD SL\DVD \RรทXQODรบPDVร• GLรทHU

ยONHOHUH J|UH oRN \ยNVHNWLU $QFDN \DEDQFร• NDWร•Oร•Pร•QGDNL DUWร•รบ YH VHNW|UGH

OLGHURODQYHULPVL]NDPXEDQNDODUร•Qร•QSL\DVDODUGDNLSD\ร•Qร•QD]DOPDVร•SL\DVD

\RรทXQODรบPDVร•Qร• D]DOWPร•รบWร•U 7DEOR ยถGD GD ++ HQGHNVLQLQ 

G|QHPLQGHยถWHQยถHJHULOHPHVLQHUDรทPHQ++HQGHNVLQLQKDOHQ

\ยNVHN VHYL\HOHULQL NRUXGXรทX YH ++ HQGHNVLQGHNL D]DOร•รบร•Q YHULPVL] NDPX

EDQNDODUร•Qร•Q VHNW|UGHNL SD\ODUร•Qร•Q D]DOPDVร•QGDQ ND\QDNODQGร•รทร• J|] |QยQGH

EXOXQGXUXOGXรทXQGD ILQDQVDO SDUoDODQPDQร•Q NRQVROLGH ELU \DSร• VHUJLOH\HQ

EDQNDFร•Oร•N VHNW|UยQย ER]PDGร•รทร• DQODรบร•OPDNWDGร•U =DWHQ  \ร•Oร• LoHULVLQGH

NRQVROLGDV\RQ WUHQGLQLQ \HQLGHQ EDรบODGร•รทร•QD GDLU LรบDUHWOHU GH J|UยOPHNWHGLU

,0) 

7DEOR ยถGD GD J|UยOGยรทย JLEL 0DFDULVWDQโ€™da HH Endeksi ร‡ek

&XPKXUL\HWLยถQGHNL EHQ]HU QHGHQOHUOH Gยรบยรบ WUHQGLVHUJLOHPLรบ YH ยถGHQ

ยถ\HJHULOHPLรบWLU\ร•Oร•LoHULVLQGH,3%ยถQLQELUdHNEDQNDVร•WDUDIร•QGDQ

VDWร•QDOร•QPDVร•NRQVROLGDV\RQWUHQGLQLDUWร•UPร•รบWร•U

3RORQ\Dโ€™da da Merke] $YUXSDยถGDNL GLรทHU ยONHOHUGH \DรบDQDQ

JHOLรบPHOHU SDUDOHOLQGHNL QHGHQOHUOH   2000 dรถneminde HH endeksinin

ยถGDQยถ\HJHULOHGLรทLD\Qร•WDEORGDJ|UยOPHNWHGLU

.ร•VDFD 'RรทX $YUXSD ยONHOHULQGH \DEDQFร• NDWร•Oร•Pร• YH NDPX

EDQNDODUร•Qร•Q YHULPVL]OLรทL VRQXFX SL\DVDGDNL SD\ODUร•Qร•Q D]DOPDVร• YH \HQLGHQ

\DSร•ODQGร•UPD NDSVDPร•QGD WDVIL\H HGLOHQ EDQNDODUQHGHQL\OH EDQNDVD\ร•Vร•Qร•Q

D]DOGร•รทร•

\RรทXQODรบPDQร•Q

DQODรบร•OPDNWDGร•U

DUWWร•รทร•

YH

NRQVROLGDV\RQXQ

JHUoHNOHรบWLรทL

6RQXo

L  ยถOร• \ร•OODUGD KHP JHOLรบPLรบ KHP JHOLรบPHNWH RODQ ยONHOHUGH

EDQNDELUOHรบPHOHULVDWร•QDOPDODUร•YHWDVIL\HOHUQHGHQL\OHWDPDQODPร•\OD 


 

ELU

ILQDQVDO

NRQVROLGDV\RQ

GDOJDVร•

\DรบDQPDNWDGร•U

)LQDQVDO

NRQVROLGDV\RQXQ HQ |QHPOL J|VWHUJHVL RODQ EDQND ELUOHรบPH YH VDWร•Q

DOPDODUร•Qร•Q |]HOOLNOH  \ร•Oร•QGDQ LWLEDUHQ Kร•]ODQGร•รทร• J|UยOPHNWHGLU $\Uร•FD

GยQ\DQร•Q HQ Eย\ยN EDQNDODUร•Qร•Q NRQVROLGH DNWLI Eย\ยNOยNOHULQLQ *

ยONHOHULQLQ *6<รธ+ยถ\D RUDQร•Qร•Q  โ€“  G|QHPLQGH \DNODรบร•N RODUDNLNL\H

NDWODQPร•รบ ROPDVร• GD ILQDQVDO NRQVROLGDV\RQXQ YDUOร•รทร•Qร• WH\LW HWPHNWHGLU

%ย\ยN EDQNDODUร•Q GDKD GD Eย\ยPHVL GLรทHU EDQNDODUร• UHNDEHW JยoOHULQL

NRUX\DELOPHOHUL LoLQ X]PDQODรบPD\D YH\D EDQND ELUOHรบPHOHULQH YH VDWร•Q

DOPDODUD]RUODPDNWD\HQLR\XQNXUDOODUร•QDX\XPVDรทOD\DPD\DQEDQNDODULVH

finansal gรผcรผnรผ yitirerek tasfiye olmakta YH\D GLรทHU EDQNDODUOD ELUOHรบPHN

]RUXQGDNDOPDNWDGร•U

LL  'ยQ\DยถQร•Q HQ Eย\ยN HNRQRPLVL RODQ $%' LQFHOHQGLรทLQGH

EDQNDFร•Oร•N DUDFร• NXUXP YH KD\DW VLJRUWDVร• Gร•รบร•QGDNL VLJRUWDFร•Oร•N

VHNW|UOHULQGH

ILQDQVDO

NRQVROLGDV\RQ

GDOJDVร•Qร•Q

\DรบDQGร•รทร•

DQODรบร•OPร•รบWร•U  โ€“ 2002 dรถneminde ABD finans sisteminde faaliyet

J|VWHUHQ EDQND DUDFร• NXUXP YH KD\DW VLJRUWDVร•Gร•รบร•QGDNL VLJRUWD NXUXOXรบODUร•

VD\ร•Vร•QGD FLGGL JHULOHPHOHU \DรบDQPร•รบWร•U $\Uร•FD EDQNDFร•Oร•N YH GLรทHU

VLJRUWDFร•Oร•N VHNW|UOHULQGH NRQVROLGDV\RQ \DรบDQร•UNHQ KD\DW VLJRUWDFร•Oร•รทร•

sektรถrรผnde finansal parรงalanma gรถrรผlmektedir. 

LLL  * ยONHOHUL LQFHOHQGLรทLQGH ELUOHรบPH YH VDWร•Q DOPDODUร•Q

HWNLVL\OH    G|QHPLQGH ILQDQVDO NRQVROLGDV\RQ |QHP

ND]DQPร•รบWร•U g]HOOLNOH \XUW LoL YH VHNW|U LoL ELUOHรบPH YH VDWร•Q DOPDODUร•Q

\DรบDQGร•รทร• EDQNDFร•Oร•N VHNW|UยQGHQ VRQUD Vร•UDVร•\OD VLJRUWDFร•Oร•N YH DUDFร•

NXUXOXรบODUGD ELUOHรบPH YH VDWร•Q DOPDODUร•Q \DรบDQGร•รทร• J|UยOPHNWHGLU 6HNW|UOHU

DUDVร• YH \XUW Gร•รบร• ELUOHรบPH YH VDWร•Q DOPDODU LVH LNLQFL SODQGD NDOPร•รบWร•U 0DOL

sistemde faaliyet gรถsteren รบLUNHWVD\ร•Vร•QGDGDFLGGLJHULOHPHOHU\DรบDQPร•รบWร•U

LY $YUXSD%LUOLรทLยONHOHULQLQJHQHOLQGHILQDQVDONRQVROLGDV\RQ

DODQร•QGD    \ร•OODUร• DUDVร•QGD * RUWDODPDVร•Qร•Q YH $%'ยถQLQ

JHULVLQGH NDOร•QGร•รทร• J|UยOPHNWHGLU ร–zellikle yurt iรงi ve sektรถr iรงi biUOHรบPH

YH VDWร•Q DOPDODUร•Q \DรบDQGร•รทร• EDQNDFร•Oร•N VHNW|UยQGHQ VRQUD Vร•UDVร•\OD

VLJRUWDFร•Oร•N YH DUDFร• NXUXOXรบODUGD ELUOHรบPH YH VDWร•Q DOPDODUร•Q \DรบDQGร•รทร•

J|UยOPHNWHGLU6HNW|UOHUDUDVร•YH\XUWGร•รบร•ELUOHรบPHYHVDWร•QDOPDODULVHLNLQFL




 

SODQGD NDOPร•รบWร•U *HQHO RODUDN PDOL VLVWHPGH IDDOL\HW J|VWHUHQ รบLUNHW

VD\ร•Vร•QGDGDJHULOHPHOHU\DรบDQGร•รทร•YH\RรทXQODรบPDQร•QDUWWร•รทร•J|UยOPHNWHGLU

Y  -DSRQ\DยถGD ILQDQVDO NRQVROLGDV\RQ    G|QHPLQGH

GLรทHU *ยONHOHULQH J|UH JHULGH NDOPร•รบWร•U ร–zellikle yurt iรงi ve sektรถr iรงi

ELUOHรบPH YH VDWร•Q DOPDODUร•Q \DรบDQGร•รทร• EDQNDFร•Oร•N VHNW|UยQGHQ VRQUD

Vร•UDVร•\OD VLJRUWDFร•Oร•N YH DUDFร• NXUXOXรบODUGD ELUOHรบPH YH VDWร•Q DOPDODUร•Q

\DรบDQGร•รทร• J|UยOPHNWHGLU 6HNW|UOHU DUDVร• YH \XUW Gร•รบร• ELUOHรบPH YH VDWร•Q

DOPDODU LVH LNLQFL SODQGD NDOPร•รบWร•U 0DOL VLVWHPGH IDDOL\HW J|VWHUHQ รบLUNHW

VD\ร•Vร•QGD * ยONHOHULQLQ WHUVLQH DUWร•รบODU \DรบDQPDVร•QD UDรทPHQ EDQNDFร•Oร•N

YH KD\DWVLJRUWDVร•Gร•รบร•QGDNLGLรทHUVLJRUWDFร•Oร•NVHNW|UยQGH\RรทXQODรบPDQร•Q LON

NXUXOXรบDoร•Vร•QGDQ DUWWร•รทร•J|UยOPHNWHGLU GLรทHU

YL  *HQHO RODUDN * ยONHOHULQGH EDQNDFร•Oร•N DUDFร• NXUXOXรบ YH

VLJRUWDFร•Oร•N

VHNW|UOHULQGH

รบLUNHW

VD\ร•ODUร•QGD

D]DOPD

YH

\RรทXQODรบPD ILQDQVDO NRQVROLGDV\RQ VยUHFLQL GRรทUXODVD GD KD\DW

VLJRUWDFร•Oร•รทร•QGD ILQDQVDO SDUoDODQPD ROGXรทX J|UยOPHNWHGLU %X GXUXP

KD\DW VLJRUWDVร• Gร•รบร•QGDNL ILQDQV VHNW|Uย DOW JUXSODUร•Qร•Q GR\XP QRNWDVร•QD

XODรบPDVร• QHGHQL\OH PDOL\HWOHUL YH UHNDEHWL D]DOWPD \ROXQD JLWWLNOHULQL RUWD\D

NR\PDNWDGร•U 3ROLWLND \DSร•Fร•ODUร•Q LVH ILQDQVDO LVWLNUDUD NDWNร• \DUDWDFDรทร•

GยรบยQFHVL\OHEXGXUXPXWHรบYLNHWWLNOHULDQODรบร•OPDNWDGร•U

YLL  6HoLOPLรบ JHOLรบPHNWH RODQ ยONHOHUGH ยถOร• \ร•OODUGD NDPX

EDQNDODUร•Qร•Q YHULPVL]OLรทL VRQXFX SL\DVDGDNL SD\ODUร•Qร•Q D]DOPDVร•

\DEDQFร• NDWร•Oร•Pร•Qร•Q DUWPDVร• YH \HQLGHQ \DSร•ODQGร•UPD NDSVDPร•QGD WDVIL\H

HGLOHQ

EDQNDODU

QHGHQL\OH

EDQND

VD\ร•Vร•Qร•Q

D]DOGร•รทร•

\RรทXQODรบPDQร•Q DUWWร•รทร• YH ILQDQV VLVWHPOHULQGH NRQVROLGDV\RQXQ

JHUoHNOHรบWLรทL J|UยOPHNWHGLU 6HoLOPLรบ JHOLรบPHNWH RODQ ยONH |UQHNOHULQGH

 2000 dรถneminde,'RรทX$YUXSD%UH]LO\D0HNVLNDรธVUDLO*ยQH\GRรทX

$V\D ยONHOHUL EX WHFUยEHOHUL EL]]DW \DรบDPร•รบWร•U 7ยUN EDQNDFร•Oร•N VHNW|UยQGH

LVH\ร•Oร•LOH\ร•Oร•Qร•YHGLรทHUVHoLOPLรบJHOLรบPHNWHRODQยONHEDQNDFร•Oร•N

VLVWHPOHUL LOH 7ยUN EDQNDFร•Oร•N VHNW|UยQย Nร•\DVODGร•รทร•Pร•]GD EDQND VD\ร•Vร•Qร•Q

DUWWร•รทร• ILQDQVDO SDUoDODQPDQร•Q \DรบDQGร•รทร• YH EDQNDFร•Oร•N VLVWHPLQGH

NRQVROLGDV\RQXQGยรบยNNDOGร•รทร•J|UยOPHNWHGLU




 

'g5'h1&h%g/h0 7h5.รธ<(ยถ'()รธ1$16$/.2162/รธ'$6<219( 7h5.%$1.$&,/,.6รธ67(0รธ

7ยUN)LQDQVDO6LVWHPLQH*HQHO%DNร•รบ *ยoOยELUHNRQRPLQLQYDUOร•รทร•Eย\ย\HQYHVDรทOร•NOร•oDOร•รบDQELUILQDQVDO

sektรถr ile mรผmkรผndรผr. EtNLQ ELU ILQDQVDO VLVWHP WDVDUUXIODUร•Q oRN IDUNOร•

ND\QDNODUGDQ WRSODQPDVร• YH YHULPOL DODQODUGD NXOODQร•OPDVร•QD DUDFร•Oร•N HGHU

E|\OHFH KHP \DWร•Uร•PODU KHP GH WDVDUUXI HGHQOHU PHQIDDW VDรทODU 6HUPD\H

SL\DVDVร• KHQย] JHOLรบPH DรบDPDVร•QGD RODQ ยONHPL]GH ILQDQV VHNWรถrรผnรผn

WHPHOLQL 7DEOR ยถGH GH J|UยOGยรทย ย]HUH JHOHQHNVHO RODUDN EDQNDFร•Oร•N

VLVWHPL ROXรบWXUPDNWDGร•U 0DOL ND\QDNODUร•Q oRN Eย\ยN ELU E|OยPย EDQNDODU

WDUDIร•QGDQ WRSODQPDNWD YH NXOODQGร•Uร•OPDNWDGร•U <XUW Gร•รบร• ND\QDNODUร•Q GD

|QHPOL ELU E|OยPย EDQNDODU DUDFร•Oร•รทร•\OD VDรทODQPDNWDGร•U 0DOL 3L\DVDODU

dDOร•รบPD*UXEX  

7$%/2)รธ1$16$/.858/8รน/$5,1$.7รธ)/(5รธ1รธ1'$รถ,/,0,  

%DQNDODU %DQNDGร•รบร•ILQDQVDONXUXOXรบODU g]HOILQDQVNXUXPODUร• 6LJRUWDรนLUNHWOHUL /HDVLQJรนLUNHWOHUL )DNWRULQJรนLUNHWOHUL 7ยNHWLFL)LQDQVPDQรนLUNHWOHUL 6HUPD\H3L\DVDODUร•QGDรธรบOHP<DSDQ$UDFร•.XUXPODU

ef(ghfAijIk lIm n o k i+p n q(fpDersh*tDo uAqIn&v wAxAxySz|{

        

+D]LUDQ         

<DNร•Q G|QHPGH ILQDQVDO VHNW|UH |]HOOLNOH GH EDQNDFร•Oร•N VLVWHPLQH

RODQ JยYHQ FLGGL RODUDN ]HGHOHQPLรบWLU g]HOOLNOH ยONHPL]GH \DรบDQDQ VRQ

ILQDQVDO NUL]OHU ILQDQVDO VLVWHPLQ \HQLGHQ \DSร•ODQGร•Uร•OPDVร•Qร• JยQGHPH

JHWLUPLรบWLU <HQLGHQ \DSร•ODQGร•UPD GD |]HOOLNOH EDQND ELUOHรบPHOHUL YH N|Wย

EDQNDODUร•Q WDVIL\H HGLOPHVL JยQGHPH JHOPLรบ YH 7ยUN EDQNDFร•Oร•N VHNW|UยQGH 


 

Kร•]Oร• ELU NRQVROLGDV\RQ VยUHFL \DรบDQPร•รบWร•U .RQVROLGDV\RQ VยUHFLQLQ

\DรบDQGร•รทร• EDQNDFร•Oร•N VHNW|UยQยQ LVH PDOL VHNW|U LoHULVLQGHNL SD\ร• +D]LUDQ

 LWLEDUL\OH \ย]GH  RODUDN JHUoHNOHรบPLรบWLU 0DOL 3L\DVDODU dDOร•รบPD

*UXEX 

$\Uร•FD EDQNDGร•รบร• ILQDQVDO NXUXOXรบODUD LOLรบNLQ FLGGL Gย]HQOHPHOHU

\DSร•OPDPDVร• GLรทHU VHNW|UOHULQ Vร•รท NDOPDVร•QGD HWNHQ ROPXรบWXU%X VHNW|UOHUH

LOLรบNLQ Gย]HQOHPHOHULQXOXVODUDUDVร• NULWHUOHUH X\JXQKDOH JHWLULOPHVL YH PDNUR

HNRQRPLN LVWLNUDUร•Q VDรทODQPDVร• GXUXPXQGD EDQNDGร•รบร• ILQDQVDO NXUXOXรบODUร•Q

ILQDQVDOVLVWHPLoHULVLQGHNLSD\ร•DUWDFDNWร•U

7$%/2$5$/,.รธ7รธ%$5รธ</(0(9'8$7%$1.$/$5,1,1$.7รธ) รซ|} %h<h./hรถh1h1)รธ1$16$/6รธ67(0รธdรธ1'(.รธ3$<,  h/.(g51(./(5รธ 

ef(ghfAijI~^Ah*g1fย€fShIi1fqAย

hONH$Gร• $%' $UMDQWLQ %UH]LO\D )LOLSLQOHU )UDQVD +ROODQGD รธVYHo -DSRQ\D .DQDGD .RUH 0DOH]\D 0DFDULVWDQ 0HNVLND Norveรง 3HUX รนLOL 7D\ODQG <HQL=HODQGD 7ยUNL\H

3D\ร•                     

DรผnyD |UQHNOHULQL LQFHOHGLรทLPL]GH GH VHoLOPLรบ ยONHOHUH Nร•\DVOD 7ยUN

ILQDQVDO VLVWHPLQGH PHYGXDW EDQNDODUร•Qร•Q SD\ร•Qร•Q oRN \ยNVHN ROGXรทX

DQODรบร•OPDNWDGร•U 'ROD\ร•Vร•\OD 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ WRSODP ILQDQVDO

VLVWHP LoHULVLQGHNL SD\ร•Qร•Q \ย]GH  ROGXรทX YH EDQNDGร•รบร• ILQDQVDO

NXUXOXรบODUOD LOJLOL รบLUNHW ED]ร•QGD YHULOHUH XODรบร•ODPDGร•รทร• YH JHQHO RODUDN EX

NXUXOXรบODUร•Q EDQNDODUร•Q LรบWLUDNOHUL ROGXรทX J|] |QยQH DOร•QGร•รทร•QGD PHYGXDW

  !#ย‚

 ยƒย„*' ,&%V$&%('*)+%10(8 HQ> <1J1;L&%&: $1%('1)+%(7 %(6 8 '(8 ': 5(-*7 %*>ย…2 / '1%(' 0&%(7s01/ 0]: <>ย†/ P+<6 / 0&/ ' ;*<) / -1%&,(8 '(8 hesaplarken, reel sektรถrรผn _ ,1L*6 : / P&/12 / '1%('&0 ;A8 Y 8S) L16 L*7 L Y Y 7 %(6 d > <1J1;L&%&:$1%('*)+%(7 %*6 8 '1%,1ย„*) ย„*>7 ย„*7 ย„*) 7 <6 / ' in, reel sektรถrรผn toplam finansal yรผkรผmlรผlรผkleri / P&/ '&;*<() / -1%&,(8 '(81) L*7 7 %('*>[8 : 8 6 B1ย‡8 0&%*E %IH1$&%('*)+%*E*8 7 8 ?I8 '%('&% 2 %*%*7 / , <&:A)+5('*L 01L5(7 %(') 6 <*;/ยˆ,1%*) 7 % Y 8 >8 '&;(%('Z1%(6 <()]<1:<*;(/ 7 >/ Y : / 6 B 


 

EDQNDODUร•Qร•Q LQFHOHQPHVLQLQ ILQDQVDO VLVWHPLQ WDPDPร•Qร•Q DQODรบร•OPDVร• LoLQ

\HWHUOLRODFDรทร•GยรบยQยOPHNWHGLU

6RQUDVร•0DOL3L\DVDODUร•Q6HUEHVWOHรบPHVLYH'HULQOHรบPHVL ยถOL \ร•OODUOD ELUOLNWH GยQ\D HNRQRPLVL Kร•]Oร• ELU GHรทLรบLP VยUHFLQH

JLUPLรบWLU %X GHรทLรบLP VยUHFLQLQ |QHPOL XQVXUODUร•QGDQ ELUL XOXVODUDUDVร•

VHUPD\H DNร•PODUร•Qร•Q |QยQGHNL HQJHOOHULQ NDONPDVร• YH IRQ DNร•PODUร•Qร•Q

NRPSR]LV\RQXQXQ GHรทLรบPLรบ ROPDVร•Gร•U %X G|QHPGH ELUoRN JHOLรบPHNWH RODQ

ยONH ILQDQVDO VLVWHPOHULQL VHUEHVWOHรบWLUPLรบWLU $QFDN ILQDQVDO VHUEHVWOHรบPH

VยUHFL EDVLW ELU WHUFLK PHVHOHVL GHรทLO ELU \HUGH NDoร•Qร•OPD] ELU VยUHo RODUDN

NDUรบร•Pร•]D oร•NPDNWDGร•U dยQNย  |QFHVLQGH GDKD oRN GHYOHWWHQ GHYOHWH

UHVPLNUHGLOHUรบHNOLQGHRODQIRQDNร•PODUร•EX\ร•OODUODELUOLNWHQLWHOLNGHรทLรบWLUGLOHU

ยถOร• \ร•OODUD JHOLQGLรทLQGH XOXVODUDUDVร• VHUPD\H KDUHNHWOHUL LoLQGH SRUWI|\

\DWร•Uร•PODUร• YH Nร•VD YDGHOL NUHGLOHU |QHPOL GHUHFHGH Dรทร•UOร•N ND]DQPร•รบODUGร•

*HOHQHNVHORODUDNGร•รบND\QDNLKWL\DFร•LoLQGHRODQJHOLรบPHNWHRODQยONHOHUEX

EDรทODPGD NDONร•QPDODUร•Qร• ILQDQVH HGHELOPHN LoLQ ILQDQVDO VLVWHPOHULQL

VHUEHVWOHรบWLUGLOHU

'ยQ\DGDNL EX JHOLรบPHOHU YH 7ยUNL\HยถGH ยถOL \ร•OODUร•Q VRQXQGD

|GHPHOHU GHQJHVL SUREOHPOHUL QHGHQL\OH \DรบDQPD\D EDรบODQDQ HNRQRPLN

GXUJXQOXN VDQD\LQLQ G|YL] JHUHNVLQLPLQL GH NDUรบร•OD\DELOHFHN \HQL ELU

VDQD\LOHรบPH VWUDWHMLVLQLQ EHQLPVHQPHVL ]RUXQOXOXรทXQX RUWD\D oร•NDUPร•รบWร•U

 VRQUDVร• 7ยUN ILQDQVDO VLVWHPLQLQ VHUEHVWOHรบWLULOPHVL DODQร•QGD DGร•PODU

DWร•OPD\DEDรบODQPร•รบWร•U\ร•Oร•QGDLoSD]DUD\|QHOLNยUHWLPLQ\DSร•OGร•รทร•LWKDO

LNDPHFLVDQD\LOHรบPHVWUDWHMLVLWHUNHGLOHUHNSL\DVDHNRQRPLVLQHGD\DOร•Gร•รบD

Doร•OPD\ร• YH Gร•รบVDWร•PD \|QHOLN ยUHWLPL HVDV DODQ ELU NDONร•QPD SROLWLNDVร•

EHQLPVHQPLรบWLU <HQL VWUDWHML\L GHVWHNOHPHN HNRQRPLQLQ VHUEHVW SL\DVD

HNRQRPLVL NXUDOODUร•QD J|UH \HQLGHQ \DSร•ODQPDVร•Qร• YH WDVDUUXIODUร•Q LVWLNUDUOร•

Eย\ยPH LoLQ JHUHNOL VHYL\H\H \ยNVHOWLOPHVLQL VDรทODPDN DPDFร•\OD D\DUODQDQ

G|YL] NXUX YH SR]LWLI UHHO IDL] SROLWLNDVร• X\JXODQPD\D EDรบODQPร•รบ PDOL

SL\DVDODUร•Q VHUEHVWOHรบPHVL YH GHULQOHรบPHVLQH \|QHOLN Gย]HQOHPHOHU

\DSร•OPร•รบWร•U 7%% 

%XG|QHPGH\DSร•ODQ|QHPOLGย]HQOHPHOHU โ€ข

0HYGXDWYHNUHGLIDL]RUDQODUร•Qร•QVHUEHVWOHรบWLULOPHVL   


 

 

=RUXQOX NDUúÕOÕN YH GLVSRQLELOLWH \NPOONOHULQLQ D]DOWÕOPDVÕ

<DEDQFÕ EDQNDODUÕQ 7UNL\H¶GH IDDOL\HW J|VWHUPHOHUL LoLQ X\JXQ

7LFDUL EDQND NXUXOXúXQXQ NROD\ODúWÕUÕOPDVÕ VD÷ODQDUDN UHNDEHWLQ

7UN EDQNDFÕOÕ÷ÕQÕQ GÕúD DoÕOPDVÕ YH WHNQRORMLN DOW\DSÕQÕQ

<HQLILQDQVDOUQOHULQNXOODQÕPÕQDL]LQYHULOPHVL WNHWLFLNUHGLVL

'|YL]LúOHPOHULQHJHWLULOHQNÕVÕWODPDODUÕQ¶WHNDOGÕUÕOPDVÕ

Finansal piyasalardan elde edilen gelirlerin üzerindeki vergilerin

0HQNXO NÕ\PHW SL\DVDODUÕQÕQ ROXúWXUXOPDVÕ ¶GD øVWDQEXO

ELURUWDPÕQKD]ÕUODQPDVÕ

WHúYLNHGLOPHVLYHHWNLQOL÷LQVD÷ODQPDVÕ

JoOHQGLULOPHVL RWRPDV\RQXQDUWPDVÕYE  NUHGLNDUWÕYE 

NDGHPHOLRODUDND]DOWÕOPDVÕ

0HQNXO .Õ\PHW 3L\DVDODUÕQÕQ NXUXOPDVÕ ¶GH 7& 0HUNH] %DQNDVÕ¶QÕQ

DoÕN SL\DVD LúOHPOHULQH EDúODPDVÕ ¶GH G|YL] HIHNWLI SL\DVDVÕQÕQ

NXUXOPDVÕYH¶GDDOWÕQSL\DVDODUÕQÕQNXUXOPDVÕ  RODUDNVD\ÕODELOLU 2(&' 

7$%/26(dø/0øù)ø1$16$/'(5ø1/(ù0(*g67(5*(/(5ø *60+¶<(25$1,   

05 0<5 %DQNDFÕOÕN6HNW|U$NWLI%\

7DVDUUXI2UDQÕ .DPX.HVLPL%RUoODQPD*HUH÷L

     

     

ef(ghfAij&‰‹ŠŒ€(uŽf(lAn h(uŒF(q1p uA(fSo   ‘D (uso n  uso n1i*’A  fShS  fSo fAi“*uAq(fA”S fShIm 1p# o#{

     

)LQDQVDO VHUEHVWOHúPH JD\UHWOHUL VRQXFXQGD ILQDQVDO NXUXOXúODU

PúWHULOHULQH \HQL HQVWUPDQODU VXQPD\D EDúODGÕODU 7NHWLFL NUHGLOHUL YH

NUHGLNDUWÕNXOODQÕPÕKÕ]OD\D\JÕQODúWÕùXEHOHUPúWHULOHULQHGDKDKÕ]OÕKL]PHW

YHUPH\H EDúODGÕODU 6HUEHVW SL\DVD HNRQRPLVL DQOD\ÕúÕ oHUoHYHVLQGH IL\DW NRQWUROOHUL NDOGÕUÕOGÕ gGHPHOHU SDUD WUDQVIHUOHUL YH VHUPD\H SL\DVDODUÕQGD

LúOHP \DSPDN \DEDQFÕ SDUD LúOHPOHUL NROD\ODúWÕ 7P EXQODUÕQ VRQXFXQGD

\XNDUÕGDNL WDEORGD J|UOG÷ ]HUH ILQDQVDO VLVWHPLQ GHULQOHúWL÷L DQFDN




 

EXQXQ GDKD oRN \DEDQFร• SDUD FLQVLQGHQ WDVDUUXIODU DUDFร•Oร•รทร•\OD VDรทODQGร•รทร•

gรถrรผlmektedir. 

7ยUN%DQNDFร•Oร•N6HNW|UยQยQ*HQHOg]HOOLNOHUL 7ยUN EDQNDFร•Oร•N VHNW|UยQยQ |]HOOLNOHUL Nร•VDFD J|]GHQ JHoLULOGLรทLQGH

JHQHO NDUDNWHULVWLNOHU RODUDN 7ยUN EDQNDODUร•Qร•Q \ยNVHN ULVNOHU DODUDN NDUOร•

oDOร•รบWร•รทร•Qร•

HQIODV\RQXQ

VHNW|UยQ

NDUOร•Oร•รทร•QGD

|QHPOL

ELU

GD\DQDN

ROXรบWXUGXรทXQX NDPX Doร•NODUร•Qร• ILQDQVH HWPHQLQ VHNW|UยQ HVDV oDOร•รบPD

NRQXVX KDOLQH JHOGLรทLQL NDPX EDQNDODUร•Qร•Q LKWLVDV IRQNVL\RQXQX JLGHUHN

\LWLUGLรทLQL KDOHQ X\JXODQPDNWD RODQ PHYGXDW VLJRUWD VLVWHPLQLQ VHNW|UGH

DKODNL ER]XOPD\D PRUDO KD]DUG SUREOHP  YH \DQOร•รบ VHoLP DGYHUVH

VHOHFWLRQ  SUREOHPOHULQH \RO DoWร•รทร•Qร• WLFDUL EDQNDODUร•Q ยณ\DWร•Uร•P NUHGLVLยด

V|]FยรทยQย XQXWWXรทXQX V|\OHPHN PยPNยQGยU dDQND\D YH g]  

$QFDN.DVร•PYHรนXEDWNUL]OHULVRQUDVร•QGDPHYGXDWDJยYHQFHQLQ

Nร•Vร•WODQPDVร• LOH ELUOLNWH รบHIIDIOร•N DUWPร•รบ LVWLNUDU SURJUDPร•Qร•Q EDรบDUร•\D

XODรบPDVร• LOH ELUOLNWH NDPX ILQDQVPDQ LKWL\DFร•Qร•Q D]DOPDVร•QD EDรทOร• RODUDN GD

VHNW|UยQ \HQLGHQ LKWLVDV DODQร•QD \|QHOGLรทL DQODรบร•OPDNWDGร•U 6HNW|UGH

\DรบDQDQV|]NRQXVXJHOLรบPHOHUVHNW|UยQELODQoREย\ยNOยรทยNDUOร•Oร•NGXUXPX

PHYGXDWYHNUHGLOHULQLQ\DSร•Vร•EDรบOร•NODUร•DOWร•QGDDรบDรทร•GDLUGHOHQPHNWHGLU %LODQoR%ย\ยNOยรทย

3ODQOร•G|QHPGHX\JXODQDQQHJDWLIUHHOIDL]YHDรบร•Uร•GHรทHUOL\HUOLSDUD

SROLWLNDODUร• EDQNDFร•Oร•N VHNW|UยQยQ JHOLรบLPLQL ROXPVX] \|QGH HWNLOHPLรบ 1976 G|QHPLQGH WDVDUUXIODU D]DOPร•รบ YH PDOL VLVWHP

รถzellikle

NยoยOPยรบWยU 7%%   7DVDUUXIODUร• DUWร•UPDN YH PDOL VLVWHP LoLQH รงekebilmek iรงin 1980โ€™den sonra benimsenen pozitif reel faiz ve ayarlanan

G|YL] SROLWLNDODUร• VHNW|UH \HQL EDQND JLULรบOHULQH L]LQ YHULOPHVL VHNW|UยQ

\DEDQFร• EDQND UHNDEHWLQH Doร•OPDVร• YH G|YL] LรบOHPOHUL LOH VHUPD\H

KDUHNHWOHULQGH VHUEHVWOHรบPH\H JLGLOPHVL VHNW|UยQ Kร•]OD Eย\ยPHVLQH QHGHQ

ROPXรบELODQoREย\ยNOยรทย1999 dรถneminde reel olarak bรผyรผmรผรบWยU    


 



850



800



750 700



650



600 550



500 450



400



350

ย•*ย– ย— ย˜1ย•*ย™|ยšIย™+ย›ยˆย— ย™ยˆยœ]ย™

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 424

400

371

365

382

419

482



440

467

566

654

678

803

768

797

696

651

Ey l. 04 700

รนHNLO%DQNDFร•Oร•N6HNW|UยQยQ%LODQoR%ย\ยNOยรทย 7h)( 0LO\DU7/ 

ef(ghfAij&ย‰ย‹ยŠยŒย€ย(uso n ย uso n1i*ย’Aย ย fShSย ย fSo fAiย“(uIq(fAย”Sย fShImย ย1p#ย o#{

 \ร•Oร• WยNHWLFL IL\DWODUร•QD J|UH  \ร•Oร•QGD  PLO\DU 7/ DNWLI

Eย\ยNOยรทยQH VDKLS EDQNDFร•Oร•N VHNW|Uย  \ร•Oร•QD NDGDU NยoยOPH HรทLOLPL

J|VWHUPLรบWLU  \ร•Oร•QGD VHUPD\H KDUHNHWOHULQH WDP VHUEHVWOHรบPH

JHWLULOPHVL LOH ELUOLNWH VHNW|UยQ ELODQoR Eย\ยNOยรทย ยถWH  PLO\DU 7/ยถ\H

NDGDU \ยNVHOPLรบWLU  NUL]LQLQ HWNLVL\OH NยoยOHQ EDQNDFร•Oร•N VHNW|UยQยQ

ELODQoR Eย\ยNOยรทย  \ร•Oร• LWLEDUL\OH  PLO\DU 7/ยถ\H JHULOHPLรบWLU 

\ร•Oร•QGDQLWLEDUHQVHNW|UยQELODQoREย\ยNOยรทย\ยNVHNUHHOIDL]YH|QJ|UยOHELOLU

NXU SROLWLNDODUร•Qร•Q GD HWNLVL\OH Kร•]OD Eย\ยPH\H EDรบODPร•รบ YH ยถGD  milyar TLโ€™ye, 1997โ€™de 654 milyar TLโ€™ye ve 1999โ€™da 803 milyar TLโ€™ye

\ยNVHOPLรบWLU  รนXEDW NUL]LQH NDGDU ELODQoR Eย\ยNOยรทยQย NRUX\DQ

EDQNDFร•Oร•N VHNW|Uย 2001 krizlerinin etkisiyle bilanรงosunu kรผรงรผltme

\ROXQD JLWPLรบ YH  LWLEDUL\OH  PLO\DU 7/ยถ\H NDGDU JHULOHPLรบWLU 

\ร•Oร•QGD EHNOHQWLOHULQ L\LOHรบPHVL VRQXFXQGD NUHGL KDFPLQGH \DรบDQDQ ROXPOX

JHOLรบPHOHU VRQXFXQGD ELODQoR Eย\ยNOยรทย (\OยO  LWLEDUL\OH  PLO\DU

7/ยถ\H NDGDU JHULOHPLรบWLU %LODQoR Eย\ยNOยรทยQยQ EX GDUDOร•รบร•QGD NXUGDNL

JHULOHPH\H EDรทOร• RODUDN \DEDQFร• SDUD FLQVLQGHQ SODVPDQODUร•Q 7ยUN OLUDVร•

NDUรบร•Oร•รทร•Qร•Q D]DOPDVร• YH IRQD DNWDUร•ODQ EDQNDODUร•Q VLVWHP Gร•รบร•QD oร•NDUร•OPDVร•

URO R\QDPDNWDGร•U $\Uร•FD EDQNDODUร•Q HQ Eย\ยN SODVPDQร• RODQ NDPX

ERUoODQPDVHQHWOHULQLQWย]HOYHJHUoHNNLรบLOHUFHWDOHSHGLOPHVLGH|QHPOLURO

R\QDPร•รบWร•U *HUoHN NLรบLOHULQ SRUWI|\OHULQGH EXOXQDQ GHYOHW WDKYLOOHUL $UDOร•N

ยถWHNDWULO\RQ7/ยถ\H(\OยOยถWHNDWULO\RQ7/ยถ\H\ยNVHOPLรบWLU  


 

¨I§D¡ § ¤I¢D¡ § ¤I§D¡ § ¦I¢D¡ § ¦I§D¡ § ¥A¢D¡ § ¥A§D¡ § ¢I¢D¡ § ¢I§D¡ § ŸS¢D¡ § ŸS§D¡ §

 

¤A§D¡ ¦



¦A©D¡#£



¥IŸ¡

¢I¢D¡ ¥ 

ŸS¥ ¡ ©



­«¬­ «¬­

¬

ŸS ¡   « ¯¬¬« ¬«¬

ŸS¢D¡ ¤ ¬°«¬

Ÿs¨D¡ ¬±«¬

¥S¦D¡ Ÿ

¢£¡

¢A§s¡ª£ ¬«¬²

¦I ¡ Ÿ

¥A¥ ¡#£

¢A¤D¡ ¢

¢£(¡ ¨

¢A©s¡ ¤



® «¬­ 

¨A§D¡ §

¤A¤D¡#£

¬«¬³

¬´«¬

¬«¬

® ¬­«¬

¬¬ «¬ ¯°

¯¯ °

¯¯

« °¯ ¯°

¯°

±¯

·Qµ¯² ¶ ¸

ùHNLO%DQNDFÕOÕN6HNW|UQQ%LODQoR%\NO÷QQ*6<ø+¶\D2UDQÕ  

ef(ghfAij&‰‹ŠŒ€(uso n  uso n1i*’A  fShS  fSo fAi“(uIq(fA”S fShIm 1p# o {1wAxAx(yFgI  (n n hF€~ ~ e (uDo n  uDo n1i(’I  fshS  mž 1p# o {

ùHNLO ¶GH J|UOG÷ ]HUH EDQNDFÕOÕN VHNW|UQQ ELODQoR

E\NO÷QQ *6<ø+¶\D RUDQÕQÕ LQFHOHGL÷LPL]GH  \ÕOÕQGD \]GH  RODQ RUDQÕQ  \ÕOÕ LWLEDUL\OH \]GH ¶\H JHULOHGL÷L J|UOPHNWHGLU

6HUPD\H KDUHNHWOHULQH WDP VHUEHVWOHúPHQLQ HWNLVL\OH  \ÕOÕQGDQ LWLEDUHQ

V|] NRQXVX RUDQÕQ \NVHOPH\H EDúODGÕ÷Õ J|UOPHNWHGLU  NUL]L |QFHVLQGH  \ÕOÕ LWLEDUL\OH \]GH ¶D NDGDU \NVHOGL÷L J|UOPHNWHGLU

 \ÕOÕQGD \DúDQDQ NUL]LQ HWNLVL\OH EDQNDFÕOÕN VHNW|UQQ ELODQoR

E\NO÷QQ *6<ø+¶\D RUDQÕ  \ÕOÕ LWLEDUL\OH \]GH ¶\H JHULOHPLúWLU

 \ÕOÕQGDQ LWLEDUHQ \NVHN UHHO IDL] SROLWLNDVÕQÕQ GD HWNLVL\OH KÕ]OD

\NVHOPH\HGHYDPHWPLúYH\ÕOÕQGD\]GH¶HXODúPÕúYH\ÕOÕ

VRQXQGD 706) 7DVDUUXI 0HYGXDWÕ 6LJRUWD )RQX  YH NDPX EDQNDODUÕQD

DNWDUÕODQ |]HO WHUWLS GHYOHW Lo ERUoODQPD VHQHWOHULQLQ GH HWNLVL\OH \]GH ¶D

NDGDU XODúPÕúWÕU .UL] VRQUDVÕQGD HNRQRPLQLQ NoOPHVLQH UD÷PHQ EDWÕN

EDQNDODUÕQ VLVWHP GÕúÕQD oÕNDUÕOPDVÕQÕQ NDPX ERUoODQPD JHUHNVLQLPLQLQ

D]DOPDVÕQÕQNDPXERUoODQPDVHQHWOHULQHEDQNDGÕúÕNHVLPGHQJHOHQ\R÷XQ

WDOHELQ HWNLVL\OH V|] NRQXVX RUDQ  \ÕOÕ LWLEDUL\OH \]GH ¶H NDGDU

JHULOHPLúWLU .ÕVDFD NDPXQXQ ILQDQVPDQÕ LoLQ EDQNDFÕOÕN VHNW|UQQ

SODVPDQODUÕQD LKWL\Do D]DOPÕúWÕU  \ÕOÕQGD NUHGL SL\DVDVÕQÕQ FDQODQPDVÕ

LOH ELUOLNWH ELODQoR E\NO÷QQ *6<ø+¶\D RUDQÕ \]GH (\OO  LWLEDUL\OH

¶H \NVHOPLúWLU 6|] NRQXVX L\LOHúPH NDPXQXQ ILQDQVPDQÕQGDQ GH÷LO

UHHOVHNW|UHNXOODQGÕUÕODQNUHGLOHUGHQND\QDNODQPÕúWÕU 


 

.DUOÕOÕN*HOLúLPL %DQNDFÕOÕN VHNW|U LOH LOJLOL WDUWÕúPDODUÕQÕQ |QHPOL ELU E|OPQ

EDQNDODUÕQ NDUOÕ oDOÕúÕS oDOÕúPDGÕNODUÕ ROXúWXUPDNWDGÕU %LOLQGL÷L JLEL ELU

NXUXPXQ NDUOÕ oDOÕúÕS oDOÕúPDGÕ÷ÕQÕ DQODPDQÕQ HQ L\L \ROX R LúH \DWÕUÕODQ

VHUPD\HQLQ WRSODP |]ND\QDN  QH NDGDU ND]DQo QHW G|QHP NDUÕ  VD÷ODGÕ÷ÕQD EDNPDNWÕU %DQNDODU DoÕVÕQGDQ EX WRSODP |]ND\QDNODUÕQ

VD÷ODGÕ÷Õ QHW G|QHP NDUÕ \D GD |]ND\QDN JHWLULVL 52(  DQODPÕQD

gelmektedir (Çankaya ve Öz, 2001). 

7$%/2%$1.$&,/,.6(.7g5h1h1g=.$<1$.*(7ø5ø6ø 0ø/<$57/ 

¹‹º‹» ¼ ½s¾ à ¾ ¿ ÀAÁ ½( ÃS½ Á ¼ ½sÄÆÅÇIȋËÉ^½sÊ ÄˆÌ Ç ÍÎGÏ=Ð Ñ Ò Ó]Ô(Õ&Ö ×IØ ÙIÚAÛ ÜsÝIÙ ÞSßsà á Ó]Ô(Õ&â Þ Ø ãIÚAÚ áSãÞ ÞIÜ à Ü Ó]Ô(Õ1Õ ßDØ áAÚAã ×IØ ßIÙAÛ ÞSãsà Þ Ó]Ô(Õ&Ô ãDØ ÛIãAÚ ×IØ ÙÞSÚ ×*Ûsà Þ Ó]Ô*Ô1ä ×*ßDØ ã ×&Þ ÜØ ÚD×&Ü ÞSßsà Ü Ó]Ô*ÔAÓ ÞAá Ø ÜsãD× ßDØ ßIßAÛ Þ×à Ú Ó]Ô*Ô&å ÜsÛDØ ÚÜSß ×1ÞDØ Ù ×&Þ ÞSßsà Û Ó]Ô*Ô1æ ÛIá Ø ×1ÞAÛ ÞSÙsØ ×A×1Ý ÞSãsà Þ Ó]Ô*Ô&ç ×&áAáDØ ßAßIÙ Ý ×Ø ßAÚIÛ ×*ãsà Û Ó]Ô*Ô1è Ýá×Ø Ý ×1Û ×1ÚAÝsØ áIÜSß ÞSãsà Ù Ó]Ô*Ô1Ö ÙIãAãsØ ÙAÛÞ ÞAß ×Ø Ú ×&Þ Ý ×à ã Ó]Ô*Ô1â ×Ø ÙIÝAãsØ ÞSÚÞ ÜSÙÜ Ø ÛAÝ(Ü ÞSÙsà Ý Ó]Ô*Ô*Õ ÝsØ ÞIÞSÛsØ ÞIÜSÝ ÙÞSÛsØ ÞIÜAÞ ÞAÞDà á Ó]Ô*Ô1Ô Ü Ø ÚIÚAÛsØ ÞIÜAÞ é ÜAÜSÛDØ ÝÜSß éê×A×à Þ å(ä*ä1ä áDØ ÛIãAÝsØ ãAÙIÝ é#ÝsØ ÞIÜSÙDØ ÜSÛIá é ÜSáDà ß ×&á Ø ÞIÞIÜ Ø áAÞAÙ é ÞDØ ÞSãIãDØ ÛIÙIá éê×&Ü à × å(ä*äAÓ å(ä*ä&å ÞAßDØ ÝÞSÚsØ ÛIÞAÙ Þ Ø Û(ÜsÚsØ ÞAáIÞ ×A×à á å(ä*ä1æ ÝIßDØ ×&áSßsØ ßAÛá ßDØ ßIÙIÞDØ ÚAÛIÝ ×*ßsà ã ÝIÛDØ ÛÞSÛsØ ÛAÙIß ßDØ ãIÛAÝsØ áSÚIÝ ×&Ü à ã ëì1í î ä1ç ïð(ñòðAóô&õöö÷(øsù ú û øsù ú&ó(üAû û ðSòSý û ðSù ðAóþ*øAÿ(ðSû ðSò ý #ý ù Ø1ÞAÚAÚ(Ü ñý û ý(ú ú òF ö   ï ÷(øDù ú û øDù ú1ó(üIû û ðsòAý û ý #ý ù

7DEOR ¶GHQ GH J|UOG÷ JLEL 7UN EDQNDFÕOÕN VHNW|U  

 G|QHPLQGH DOGÕ÷Õ \NVHN ULVNOHU NDUúÕOÕ÷ÕQGD \NVHN RUDQOÕ NDUODU HOGH

HWPLúOHUGLU $QFDN  SDUD SURJUDPÕQÕQ L\LPVHU EHNOHQWLOHUL YH .DVÕP

 YH ùXEDW  NUL]OHULQLQ HWNLVL\OH   YH  \ÕOODUÕQGD

]DUDUÕQD oDOÕúPÕúODUGÕU %X ]DUDUÕQ LoHULVLQGH EDQNDFÕOÕN VHNW|UQ \HQLGHQ

\DSÕODQGÕUPD PDOL\HWOHUL ROGX÷X GD J|] |QQGH EXOXQGXUXOPDOÕGÕU %X

PDOL\HWOHU YH JHUoHNOHúHQ ]DUDUODUÕQ VRQXFXQGD 52(  \ÕOÕQGD \]GH  46,5 ve 2001’de yüzde –JHUoHNOHúPLúWLU $QFDN VHNW|UQ V|] NRQXVX \NVHN NDUOÕOÕ÷ÕQD UD÷PHQEXWDEORQXQ

DUNDVÕQGD NDUODUÕQ |]HO ]DUDUÕQ LVH NDPX ROGX÷XQXQ J|] DUGÕ HGLOPHPHVL

JHUHNPHPHNWHGLU .DU HGHPH\HQ |]HO EDQNDODUÕQ ]DUDUODUÕ PHYGXDW 


 

JยYHQFHVL DUDFร•Oร•รทร•\OD 706)ยถ\H WUDQVIHU HGLOPHNWH YH ]DUDU GRรทUXGDQ

NDPX\D \DQVร•Wร•OPDNWDGร•U 7%% $UDOร•N  YHULOHULQH J|UH |]HO EDQNDODUร•Q

NDPX\D DNWDUGร•NODUร• ]DUDU  NDWULO\RQ 7/ยถGLU 'ROD\ร•Vร•\OD NDPX |]HO YH

\DEDQFร• EDQNDODUร•Q NDUOร• oDOร•รบWร•NODUร• 7DEOR ยถGH J|UยOVH GH 706)ยถ\H

GHYUHGLOHQ EDQNDODUร•Q JHoPLรบ \ร•O NDU YH ]DUDUODUร• J|] |QยQGH

EXOXQGXUXOGXรทXQGD ULVNOHULQ JHUoHNOHรบWLรทL G|QHPOHUGH RUWD\D oร•NDQ

]DUDUODUร•QNDPX\DWUDQVIHUHGLOGLรทLDQODรบร•OPDNWDGร•U .UHGLYH0HYGXDW<DSร•Vร• 

7ยUN EDQNDFร•Oร•N VHNW|UยQGH PHYGXDWร•Q NUHGL\H G|QยรบยP RUDQร•Qร•

LQFHOHPHGHQ |QFH NUHGL YH PHYGXDWร•Q \DSร•Vร• ย]HULQGH GXUPDN ID\GDOร•

RODFDNWร•U

7ยUN EDQNDFร•Oร•N VHNW|UยQยQ PHYGXDW \DSร•Vร•Qร• LQFHOHGLรทLPL]GH X]XQ

YDGHOL ND\QDN SUREOHPL \DรบDQGร•รทร• GLNNDW oHNPHNWHGLU 6HNW|UH RODQ JยYHQLQ

VDรทODQDPDPDVร• Nร•VD YDGHOL PHYGXDWODUD \ยNVHN IDL] YHULOPHVL YH

HNRQRPLQLQ R\QDN ELU \DSร•\D VDKLS ROPDVร• PHYGXDWร•Q YDGHVLQLQ

X]DWร•ODPDPDVร•QD QHGHQ ROPDNWDGร•U 2(&'   'LรทHU \DQGDQ 

\ร•Oร•QGD \DรบDQDQHNRQRPLNNUL] VRQUDVร• PHYGXDWD VDรทODQDQWDP JยYHQFH GH

HNRQRPL\H|QHPOL|OoยGH]DUDUYHUPLรบWLU7DVDUUXIPHYGXDWODUร•Qร•Q\ย]GH\ย]

JยYHQFH DOWร•QGD ROPDVร• QHGHQL\OH VRUXPVX]FD KDUHNHW HGHQ ED]ร• EDQNDODU

NHQGL PDOL GXUXPODUร•Qร• GLNNDWH DOPDNVร•]ร•Q PHYGXDWD \ยNVHN RUDQOร• IDL]OHU

YHUPLรบYHIDL]OHULQGDKDGD\ยNVHOPHVLQHQHGHQROPXรบYHYDGH\DSร•Vร•Qร•QGD

X]DPDVร•Qร• HQJHOOHPLรบWLU 0HYGXDWD WDP JยYHQFHQLQ NDONPDVร• LOH ELUOLNWH

UHNDEHW NRรบXOODUร•Qร• VDGHFH UHNODP KDUFDPDODUร• YH \ยNVHN IDL]OHU GHรทLO

ELODQoR Eย\ยNOยNOHUL NUHGLELOLWH PDOL \DSร•Qร•Q JยoOยOยรทย YH VD\GDPOร•รทร•

EHOLUOH\HFHNWLU 7%% 

7ยUN EDQNDFร•Oร•N VHNW|UยQยQ NXOODQGร•UGร•รทร• NUHGLOHULQ WDPDPร•QD \DNร•Qร•

ELUH\VHO YH LรบOHWPH NUHGLOHULQGHQ ROXรบPDNWDGร•U %DQNDFร•Oร•N VHNW|UยQยQ WHPHO

LรบOHYLQLQ \DWร•Uร•PODUร• GHVWHNOHPHN ROPDVร• JHUHNLUNHQ NUHGLOHU Eย\ยN |OoยGH

\DWร•Uร•P Gร•รบร• NUHGLOHU RODUDN NXOODQร•OPDNWDGร•U 0HYGXDWร•Q YDGH \DSร•Vร•Qร•Q GD

Nร•VD ROPDVร•Qร•Q HWNLVL\OH X]XQ YDGHOL \DWร•Uร•PODU GHรทLO Nร•VD YDGHOL WยNHWLP

HรทLOLPOHULQH YH\D Nร•VD YDGHOL \ยNVek getirili kamu borรงlanma senetlerine   

       !#"  ! $   %    !'&  ( ) &  *+,$  -& %& - ./01 ( ' ve krediyi iรงermektedir. 


 

SODVPDQWHUFLKHGLOPHN]RUXQGDNDOร•QPDNWDGร•U%DQNDFร•Oร•NVHNW|UยQยQ|QHPOL

\DWร•Uร•PODUร• ILQDQVH HWPH LรบOHYLQL GH Eย\ยN |OoยGH \LWLUGLรทL DQODรบร•OPDNWDGร•U

(ร‡ankaya ve ร–z, 2001). 

6RQXo RODUDN WDVDUUXIPHYGXDWร•QD VDรทODQDn tam gรผvence sektรถrde

IRQODQPD PDOL\HWOHULQL DUWร•UPร•รบ PHYGXDWร•Q YDGHVLQL Nร•VDOWPร•รบWร•U 'ROD\ร•Vร•\OD

UHHOVHNW|UHNXOODQGร•Uร•ODQNUHGLOHULQPDOL\HWLDUWPร•รบYHX]XQYDGHOL\DWร•Uร•PODUร•Q

ILQDQVPDQร•]RUODรบPร•รบWร•U  <AB

 

:3

6=8 @ ? = :3:3> ; <9 ;:

 

59 8 47 4 56 7 2 34

  

600

90

550 80

500 450

70

400 350

60

300 50

250 200

:> I C3 FH FG DE C ; :: 59 8 47 656 CC 2 34

40

150 100

1987

1988 1989

1990 1991

1992 1993

1994 1995

1996 1997

1998 1999

2000 2001

2002 2003 Eyl.04

Toplam Kredi Hacmi

183

153

155

168

161

172

191

165

191

239

292

249

226

233

195

139

161

Toplam Mevduat

244

218

217

207

218

231

245

273

299

385

423

441

533

496

549

465

422

451

74.9

70.0

71.3

81.2

74.0

74.4

78.2

60.5

63.9

62.0

69.1

56.5

42.4

47.0

35.5

29.9

38.2

51.1



?JB

KML N O P QN R O S T U VL T W XZY [\

30

230

รนHNLO.UHGLYH0HYGXDW*HOLรบLPL 7h)( 0LO\DU7/ YH0HYGXDWร•Q.UHGL\H '|QยรบยP2UDQร•   รฏรฐ(รฑรฒรฐAรณรด&รตรถรถรท(รธsรน รบ รป รธsรน รบ&รณ(รผAรป รป รฐSรฒSรฝ รป รฐSรน รฐAรณรพ*รธAรฟ(รฐSรป รฐSรฒ  รฝ # รฝ รน ร˜

7ยUN EDQNDFร•Oร•N VHNW|Uย  \ร•Oร•QGD \DรบDQDQ HNRQRPLN NUL]GHQ

VRQUD X\JXODQDQ \ยNVHN UHHO IDL] SROLWLNDVร•Qร•Q HWNLVL\OH NUHGL NXOODQGร•UPD

DOร•รบNDQOร•รทร•Qร• ND\EHWPH\H EDรบODPร•รบ YH ULVNVL] RODUDN DOJร•ODQDQ YH \ยNVHN

NDUODU

VDรทOD\DQ

GHYOHW

WDKYLOL

YH

KD]LQH

ERQRODUร•QD

\|QHOPH\H

EDรบODPร•รบODUGร•U 'ROD\ร•Vร•\OD EDQNDFร•Oร•N VHNW|Uย DUDFร•Oร•N IRQNVL\RQXQX \HULQH

JHWLUHPHPH\H YH NDPX\X IRQODPD\D EDรบODPร•รบODUGร•U รนHNLO ยถGH J|UยOGยรทย

ย]HUH\ร•Oร•QGD\ย]GHRODQPHYGXDWร•QNUHGL\HG|QยรบยPRUDQร•

\ร•Oร•QGD\ย]GHยถHJHULOHPLรบWLU

.DVร•PYHรนXEDWNUL]OHULQHGHQL\OHSL\DVDODUGDGHQJHOHULQ

ER]XOGXรทX UHHO VHNW|UOH ILQDQV NHVLPL DUDVร•QGDNL LOLรบNLQLQ NRSPD QRNWDVร•QD

JHOGLรทL YH NDPXQXQ ERUoODQPD JHUHNVLQLPLQLQ UHNRU Gย]H\GH DUWWร•รทร•

ELOLQPHNWHGLU  \ร•Oร•QGD EDQNDODU UHHO VHNW|UH YH WยNHWLFL\H NUHGL\L 


 

NÕVDUDN \NVHN IDL]OHUOH GHYOHWL IRQODPÕúWÕU %X VUHoWH PHYGXDWÕQ NUHGL\H

G|QúP RUDQÕ HQ GúN düzeylerine gerilerken, kamunun borçlanma

JHUH÷LQGHNL DUWÕú SDUDOHOLQGH |]HOOLNOH |]HO YH \DEDQFÕ EDQND JUXEXQGD \HU

DODQ EDQNDODUÕQ GHYOHW WDKYLOL YH +D]LQH ERQRVX SRUWI|\ DúÕUÕ ELoLPGH

E\PúWU%DQNDODU|]HOYH\DEDQFÕEDQNDODUJUXEXQGDQND\QDNOÕRODUDN

 \ÕOÕQGDNL HNRQRPLN NUL] RUWDPÕQGD UHHO VHNW|U YH WNHWLFL\H NUHGL\L

NÕVDUDN \NVHN IDL]OHUOH GHYOHWL IRQODPD SROLWLNDVÕQÕ \HQLGHQ VUGUPH\H ]0^

EDúODPÕúODUGÕU   GH WDULKLQLQ HQ GúN QRNWDVÕQD \]GH   LQHQ PHYGXDWÕQ NUHGL\H G|QúP RUDQÕ EDQNDODUÕQ E\N E|OPQQ NDPX

ERUoODQPDVHQHWOHULQH\|QHOGL÷LQLJ|VWHUPHNWHGLU

 YH \ÕOODUÕQGDLVH UHHOIDL]OHULQWHNUDUGúPHVLQLQHWNLVL\OH

PHYGXDWÕQ NUHGL\H G|QúP RUDQÕ \NVHOPH\H EDúODPÕú YH  1LVDQ

LWLEDUL\OHPHYGXDWÕQNUHGL\HG|QúPRUDQÕ\]GH¶H\NVHOPLúWLU

6RQXo RODUDN PHYGXDWÕQ NUHGL\H G|QúP RUDQÕQÕ EHOLUOH\HQ

IDNW|UOHU UHHO IDL]OHULQ DUWWÕ÷Õ G|QHPOHUGH WDVDUUXIXQ UHHO RODUDN DUWPDVÕ YH

UHHOVHNW|UYHKDQHKDONÕQDNXOODQGÕUÕODQNUHGLOHULQUHHORODUDND]DOPDVÕUHHO

IDL]OHULQ GúW÷ G|QHPOHUGH LVH HNRQRPRQLQ FDQODQPD\D EDúODPDVÕ LOH

ELUOLNWH WDVDUUXIXQ UHHO RODUDN D]DOPDVÕ YH UHHO VHNW|U YH KDQH KDONÕQD

NXOODQGÕUÕODQNUHGLOHULQUHHORODUDNDUWPDVÕGÕU

7UN%DQNDFÕOÕN6LVWHPLQGH.RQVROLGDV\RQ*HOLúLPL  \]\ÕOÕQ JHOLúPHNWH RODQ HNRQRPLOHUL DUDVÕQGD \HU DODQ 7UN

EDQNDFÕOÕN VLVWHPLQGH .DVÕP  YH ùXEDW  NUL]OHULQGHQ |QFH GL÷HU

ONHOHUH J|UH SDUoDODQPÕú ELU EDQNDFÕOÕN VLVWHPL NUL]OHUGHQ VRQUD LVH

NRQVROLGDV\RQXQJHUoHNOHúWL÷LELUEDQNDFÕOÕNVLVWHPLROGX÷X*HORVYH5ROGRV

  ùDK|]NDQ   YH )LWFK   WDUDIÕQGDQ LIDGH HGLOPHNWHGLU %X çerçevede, tezin bu bölümünde, finansal konsolidasyon göstergeleri olan

EDQND VD\ÕVÕQGDNL JHOLúPHOHU EDQND ELUOHúPH YH VDWÕQ DOPDODUÕ WDVIL\HOHU

\HQLJLULúOHU++HQGHNVLYH\R÷XQODúPDHOHDOÕQDUDNEDQNDFÕOÕNVLVWHPLQGHNL

konsolidasyon veya parçalanma süreci incelenecektir.     _

 %N] 6I ¶GD |]HO YH \DEDQFÕ EDQNDODU JUEXQXQ PHYGXDWÕQÕQ NUHGL\H G|QúP RUDQÕ  \ÕOÕQGD\]GHLNHQ¶GH\]GH¶\HJHULOHPLúWLU ùHNLO  


 

%DQND6D\ร•Vร•QGDNL*HOLรบPHOHU  VRQUDVร•QGD 7ยUN EDQNDFร•Oร•N VHNW|UยQGH IDDOL\HW J|VWHUHQ

EDQNDVD\ร•Vร•Qร•QLQFHOHQPHVLILQDQVDONRQVROLGDV\RQXQDQODรบร•OPDVร•Doร•Vร•QGDQ

da รถnem arz etmektedir. Lence (1996), ECB (2000), G   ,0)

(2001) ve DemirgรผรงNXQW /HYLQH YH %HFN   EDQND VD\ร•Vร•QGDNL

D]DOPDQร•QILQDQVDONRQVROLGDV\RQXLรบDUHWHWWLรทLQLEHOLUWPHNWHGLU 7$%/26215$6,%$1.$6$<,6,

g]HO .DPXVDO <DEDQFร• .DONร•QPD 706) QD 6HUPD\HOL6HUPD\HOL6HUPD\HOL YH<DWร•Uร•P 'HYUHGLOHQ %DQNDODU %DQNDODU %DQNDODU %DQNDODUร• %DQNDODU 7RSODP                                                                                                                                                                          (\O      

รฏรฐรฑรฒ(รฐSรณรด รตรถรถ

Tablo 4.5โ€™de de gรถrรผldรผรทย ย]HUH 7ยUN EDQNDFร•Oร•N VHNW|UยQGH 

\ร•Oร•QGD  |]HO EDQND  NDPX EDQNDVร•  \DEDQFร• VHUPD\HOL EDQND 

NDONร•QPD YH \DWร•Uร•P EDQNDVร•Qร•Q IDDOL\HW J|VWHUGLรทL J|UยOPHNWHGLU 

VRQUDVร• ILQDQVDO VHUEHVWOHรบPH Uย]JDUร• X\JXODQDQ HNRQRPL SROLWLNDODUร•Qร•Q

EDWร•Oร• ยONHOHUFH JHQHO NDEXO J|UPHVL YH GHVWHNOHQPHVL ยONHPL]LQ 2UWDGRรทX

SD]DUODUร•QD\DNร•QOร•รทร•LKUDFDWVHNW|UยQGH\DรบDQDQSDWODPDYH7ยUNL\HยถQLQGร•รบ

WLFDUHW SRWDQVL\HOLQLQ DUWPDVร• JLEL HWNHQOHULQ HWNLVL\OH |]HOLNOH \DEDQFร• EDQND

VD\ร•Vร•QGD DUWร•รบ J|UยOPยรบWยU <DEDQFร• EDQND VD\ร•Vร• 1990 dรถneminde 


 

¶WHQ ¶H \NVHOPLúWLU $QFDN V|] NRQXVX DUWÕú JHQHO RODUDN úXEH

IDDOL\HWOHUL LOH VÕQÕUOÕ NDOPÕúWÕU 'L÷HU \DQGDQ \HQL SL\DVD NRúXOODUÕQD |]HO

EDQNDODUÕQ D\DN X\GXUDPDGÕNODUÕ YH |]HO EDQND VD\ÕVÕQÕQ ¶WH \DúDQDQ

EDQNDFÕOÕNNUL]LQLQHWNLVL\OHLWLEDUL\OH¶DNDGDUJHULOHGL÷LJ|UOPHNWHGLU

.DPXEDQNDODUÕQGDD\QÕG|QHPGHELUGH÷LúLNOLNJ|UOPHPHNWHGLU

¶OHUGHQ LWLEDUHQ LVH EDQNDFÕOÕN VHNW|UQGH NDPX EDQNDODUÕQÕQ

VD\ÕVÕQÕQ D]DOPD WUHQGLQH JLUGL÷L |]HO EDQND VD\ÕVÕQÕQ LVH DUWWÕ÷Õ

J|UOPHNWHGLU ¶WH  RODQ EDQND VD\ÕVÕ  NUL]L |QFHVL  \ÕOÕ

LWLEDUL\OH ¶H NDGDU \NVHOPLúWLU g]HO EDQND VD\ÕVÕ GD ¶GDQ ¶\H

\NVHOPLúWLU %X GXUXP VHNW|UGH ILQDQVDO SDUoDODQPD \DúDQGÕ÷ÕQÕ

göstermektedir. 199 \ÕOÕQGD \DúDQDQ ILQDQVDO LVWLNUDUVÕ]OÕN QHGHQL\OH  |]HO

EDQND\DHONRQXOPDVÕLOHELUOLNWHEDQNDVD\ÕVÕ¶\HJHULOHPLúWLU

 \ÕOÕQGD \DúDQDQ NUL]GHQ VRQUD EDQNDFÕOÕN VHNW|UQGH IDDOL\HW

J|VWHUHQEDQNDVD\ÕVÕQGDDUWÕúGHYDPHWPLú\ÕOÕQGDEDQNDLOHUHNRU

VHYL\H\H XODúPÕúWÕU  G|QHPLQGH |]HO EDQND VD\ÕVÕ ¶H NDGDU

\NVHOPLúWLU\ÕOÕSDUDSURJUDPÕ|QFHVLVHNW|UGHIDDOL\HWJ|VWHUHQEDQND

VD\ÕVÕQDJ|UHILQDQVDOSDUoDODQPDGRUXNQRNWDVÕQDXODúPÕúWÕU

.DVÕP  YH ùXEDW  NUL]OHULQLQ HWNLVL\OH EDQNDFÕOÕN

VHNW|UQQ\HQLGHQ\DSÕODQGÕUÕOPDVÕJHUHNOLOL÷LRUWD\DoÕNPÕúYHEDQNDFÕOÕNWD

JYHQYH LVWLNUDUÕ VD÷ODPDNDGÕQD UHNDEHWL D]DOWPDN YHD]VD\ÕGDEDQNDLOH

\HWLQPH VWUDWHMLVLQH JLGLOPH\H EDúODQPÕúWÕU ùDK|]NDQ   %DQNDFÕOÕN

VHNW|UQQ\HQLGHQ\DSÕODQGÕUÕOPDVÕSROLWLNDODUÕVRQXFXQGD\ÕOÕLWLEDUL\OH

|]HO EDQND VD\ÕVÕ  VRQUDVÕ HQ GúN VHYL\HVL RODQ ¶H NDGDU

JHULOHPLúWLU.DPXEDQNDODUÕQÕQVD\ÕVÕGD¶HJHULOHPLúWLU<DEDQFÕVHUPD\HOL

EDQNDYHNDONÕQPDYH\DWÕUÕPEDQNDODUÕQÕQVD\ÕVÕQGDGDJHULOHPH\DúDQGÕ÷Õ

J|UOPHNWHGLU $QFDN \DEDQFÕ EDQNDODUÕQ VD\ÕVÕQGDNL D]DOPD \XUWGÕúÕQGDNL

ELUOHúPH YH VDWÕQ DOPDODUGDQ YH \DEDQFÕ EDQND RODUDN NDEXO HGLOHQ 7UN

VHUPD\HOL

EDQNDODUÕQ

|]HO

EDúODQPDVÕQGDQND\QDNODQPÕúWÕU

EDQND

VWDWVQGH

NDEXO

HGLOPH\H

%DQND%LUOHúPHYH6DWÕQ$OPDODUÕ %DQNDODUÕQ YH LúWLUDNOHULQLQ GHYLU YH ELUOHúPHOHULQL WHúYLN \|QQGH

JHWLULOHQ G]HQOHPHOHULQ GH NDWNÕVÕ\OD  YH  \ÕOODUÕQGD PDOL VHNW|UGH 


 

GHYLU YH ELUOHúPHOHUGH DUWÕú J|]OHQPHNWHGLU %''. %DQNDFÕOÕN ']HQOHPH ve Denetleme Kurumu) ve TBB verilerine göre, bu yönetmelik çerçevesinde

 \ÕOÕ YH VRQUDVÕQGD ¶VL J|QOO WRSODP EDQND ELUOHúPHVL YH  VDWÕQ

DOPD JHUoHNOHúPLúWLU 3DPXNEDQN¶ÕQ 7 +DONEDQN¶OD ELUOHúPHVL GH .DVÕP

¶GHJHUoHNOHúPLúWLU

%DQND ELUOHúPHYHVDWÕQDOPDODUÕQÕLQFHOHGL÷LPL]GH.DVÕPYH

ùXEDW  NUL]OHULQH NDGDU J|QOO EDQND ELUOHúPHVL YH\D VDWÕQ DOPD

\DúDQPDGÕ÷Õ J|UOPHNWHGLU  +D]LUDQ  WDULK YH  VD\ÕOÕ 5HVPL

*D]HWH¶GH \D\ÕPODQDQ ³%DQNDODUÕQ %LUOHúPH YH 'HYLUOHUL +DNNÕQGD

<|QHWPHOLN´ YH  WDULK YH  VD\ÕOÕ 5HVPL *D]HWH¶GH

\D\ÕPODQDQ <|QHWPHOLN'H÷LúLNOL÷LEXDQODPGDDWÕODQ|QHPOLELUDGÕPROPXú

YHJ|QOOEDQNDELUOHúPHOHULYHVDWÕQDOPDODULYPHND]DQPÕúWÕU

*|QOO EDQND ELUOHúPHOHULQH EDNÕOGÕ÷ÕQGD  $÷XVWRV 

WDULKLQGH %LUOHúLN 7UN .|UIH] %DQNDVÕ QÕ WP KDN DODFDN ERUo YH

\NPOONOHUL\OH YH W]HO NLúLOL÷L VRQD HUGLUPHN VXUHWL\OH 2VPDQOÕ

%DQNDVÕ QDGHYUHGLOPLúYH2VPDQOÕ%DQNDVÕGD$UDOÕNWDULKLLWLEDUL\OH

*DUDQWL%DQNDVÕoDWÕVÕDOWÕQGDELUOHúPLúWLU

706) EQ\HVLQGHNL 'HPLUEDQN ÕQ +6%& \H GHYUL LVH \LQH  $UDOÕN

 WDULKLQGH JHUoHNOHúPLúWLU 7HNIHQ <DWÕUÕP YH )LQDQVPDQ %DQNDVÕ LOH

\DWÕUÕP EDQNDFÕOÕ÷Õ DODQÕQGD  \ÕOÕQGDQ EX \DQD KL]PHW YHUHQ 7HNIHQ

+ROGLQJ WP EDQNDFÕOÕN LúOHPOHULQGH KL]PHW YHUHQ ELU EDQND KDOLQH

JHOHELOPHN YH KL]PHW \HOSD]HVLQL JHQLúOHWPHN DPDFÕ\OD WLFDUL EDQNDFÕOÕN

OLVDQVÕRODQ%DQN(NVSUHV LVDWÕQDOPÕúWÕU%DQN(NVSUHV LQ7HNIHQ<DWÕUÕPYH

)LQDQVPDQ %DQNDVÕ QD GHYUL  (NLP  WDULKLQGH WDPDPODQÕUNHQ \HQL

EDQNDQÕQXQYDQÕ7HNIHQEDQNROPXúWXU

 2FDN  GH LVH 6PHUEDQN ÕQ 2\DN %DQN D GHYULQH LOLúNLQ

LúOHPOHU WDPDPODQPÕúWÕU 6ÕQDL <DWÕUÕP %DQNDVÕ  0DUW  WDULKLQGH

7UNL\H6ÕQDL.DONÕQPD%DQNDVÕ$ù \HGHYUHGLOPLú)LQDQVEDQNGDùXEDW

 GH)LED%DQNLOHELUOHúPLúWLU

 G|QHPLQGHNL ]RUXQOX EDQND ELUOHúPHOHUL EDQNDFÕOÕN

VLVWHPLQGH \DúDQDQ NRQVROLGDV\RQXQ HQ |QHPOL QHGHQL RODUDN RUWD\D

oÕNPDNWDGÕU =RUXQOX ELUOHúPHOHU 706) WDUDIÕQGDQ |]ND\QD÷ÕQÕ WDPDPHQ 


 

\LWLUPLรบ RODQ EDQNDODUD HO NRQXOPDVร• VRQUDVร•QGD ]RUOD ELUOHรบWLULOHUHN WDVIL\H

HGLOPHVLGLU 6|] NRQXVX EDQNDODUร•Q ELUOHรบWLUPH DUDFร•Oร•รทร•\OD WDVIL\H HGLOPHVL

ILQDQVDONRQVROLGDV\RQXKร•]ODQGร•UPร•รบWร•U

7$%/26215$6,%$1.$%รธ5/(รน0(9(6$7,1$/0$/$5,

+('()%$1.$ =RUXQOX%DQND%LUOHรบPHOHUL ` รฟ รฐsรฒAa รผAรป*รถรฐsรฒรณ1รฐIรฟAรฝ Tc รบ รฟ(รฐSรน a รฐsรฒรณ d รน  รฐefs g รผ ` รณ  รบ รฟ(รฐ

 รถรฐSรฒIรณ1รฐรฟAรฝ ` ( รบ+รท(รธรฏQรน รธD e รบ(รถรฐSรฒIรณ1รฐรฟAรฝ ` รฟ รฐsรฒAa รผAรปhi  รฒIรบ รฑ1รธ j รฐsรฒ

e รฝD g รฝ k[รฒรฐ'elS f รป รผรถรฐSรฒIรณTรท(รธ hi  รป รฐAรณGรฏQรน รธs e รบ(รถรฐsรฒรณ รต ร˜ รตรผAรน รบ m  รถรฐsรฒรณ1รฐรฟAรฝ รต An รน รณ(รบ รฑ1รธpo#Dg รน รธ F  รธsรฒAรป รธsรน รถรฐSรฒIรณ&รฐIรฟAรฝ  รธsรฒAรบ m'(q รบ รป รบ รณGรถรฐsรฒรณ1รฐรฟAรฝ h,Ar รธlIa รฐSรฒIรณ รถรฐsรฒรณGรฏรฐSรบ  รฐSรป ^s รฐ* รฐsรนDรถรฐsรฒรณ

s รผAรน  Ia รฐSรฒIรณ

h รฟ'a รฐsรฒรณ ` รฒ รธDรน Ia รฐSรฒIรณ hi รป รฐSรณรถรฐsรฒรณ1รฐIรฟAรฝ uTรป รผ*รฟ(รฐsรป*รถรฐsรฒIรณ hwvxj รถรฐsรฒIรณ&รฐIรฟAรฝ รฏ รธDรฒ Ia รฐSรฒIรณ รตiflAรน รฐSรณIa รฐSรฒIรณ ht รบ a รฐsรฒรณ ` รณ  รบ รฟ(รฐ'D  รถรฐsรฒรณ1รฐIรฟAรฝ Tj รฝ รฒ(รฐsรบ0^s รฐ# รฝ รน#รฝ   รถรฐsรฒIรณ&รฐIรฟAรฝ y รฐl  รผรณIa รฐSรฒIรณ *|QยOOย%DQND%LUOHรบPHOHUL รฏwsz รน { รธ' m รถรฐsรฒรณ1รฐรฟAรฝ d รฟ  รฐSรฒAรป รฝ(รถรฐsรฒรณ1รฐIรฟAรฝ | ` รถk รถรฐSรฒIรณ 6DWร•Q$OPDODU  รธl  รบ รน Ia รฐSรฒIรณ รธsรน a รฐsรฒIรณ Sรผm รถรฐsรฒรณ&รธSรณ&รฟ'Sรน รธAรฟ ย€ รบ รป รป รบยT F k รฑ

e รฝ รฒรถรฐSรฒIรณ1รฐรฟAรฝ

รฏรฐ(รฑรฒรฐAรณรด&รตรถรถ

%รธ5/(รนรธ/(1%$1.$ 7$5รธ+   bรบ รน รฐAรฐ รถรฐSรฒIรณ1รฐรฟAรฝ ร—*ร›IรฃAร b รบ รน รฐAรฐ  รถรฐSรฒIรณ1รฐรฟAรฝ ร—*ร›IรฃAร b รบ รน รฐAรฐ  รถรฐSรฒIรณ1รฐรฟAรฝ ร—*ร›IรฃAร ` FรถรฐSรฒIรณ&รฐIรฟAรฝ ร—*ร›IรฃAร b รบ รน รฐAรฐ  รถรฐSรฒIรณ1รฐรฟAรฝ ร—*ร›IรฃAร™ hi รป รฐSรณGรถรฐSรฒIรณ&รฐIรฟAรฝ ร—*ร›IรฃAรฃ รต ร˜ รฏรฐsรป รณ(รฝ รฒF  รฐ รถรฐsรฒรณ1รฐIรฟIรฝ ร—*ร›IรฃAร› cรฐsรป รณGรถรฐsรฒรณ1รฐรฟAรฝ ร—*ร›Iร›Iรž hi รป รฐSรณGรถรฐSรฒIรณ&รฐIรฟAรฝ ร—*ร›Iร›Iรž Sรผmerbank Sรผmerbank Sรผmerbank Sรผmerbank ht รบ aIรฐSรฒIรณ

ht รบ Ia รฐSรฒIรณ bรบ รน รฐAรฐ รถรฐSรฒIรณ1รฐรฟAรฝ

Sรผmerbank รถรฐรฑIรฝ รฒe รฝ รน aIรฐSรฒIรณ

รถรฐรฑIรฝ รฒe รฝ รน aIรฐSรฒIรณ รถรฐรฑIรฝ รฒ e รฝ รน aIรฐSรฒIรณ รถรฐรฑIรฝ รฒ e รฝ รน aIรฐSรฒIรณ รถรฐรฑIรฝ รฒ e รฝ รน aIรฐSรฒIรณ รตijTรฏรถ cรฐsรป รณ aIรฐSรฒIรณ1รฐรฟAรฝ

 d รฟ'FรฐSรฒAรป รฝรถรฐSรฒIรณ&รฐIรฟAรฝ v รฐSรน รฐSรฒ รบ(รถรฐSรฒIรณ&รฐIรฟAรฝ [ D| รบ รฒรฐsรฒ*รฟ'a รฐsรฒรณ c}jTรถw~ d รฑ*รฐAรณaIรฐSรฒIรณ รตรธsรณ { รธsรฒ#^s รฐ'  รธDรฒIรบ ma รฐsรฒรณ



รžSรšIรšAร



ร˜ รท(รธ| รบ รฒ ร˜ รถรฐSรฒIรณ

รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรšIรž รžSรšIรšIรž รžSรšIรšIรž รžSรšIรšIรž รžSรšIรšIรž รžSรšIรšIรž รžSรšIรšรœ รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรš ร— รžSรšIรšIรž

/HQFH  $PLKXGYH0LOOHU  &XPPLQVYH5XELR0LVVDQV (2001), Hartmann, Carletti ve Spagnalo (2003), zorunlu ve gรถnรผllรผ banka

ELUOHรบPHOHULQL

YH

VDWร•Q

DOPDODUร•

ILQDQVDO

NRQVROLGDV\RQ

RODUDN

WDQร•PODPDNWDGร•U 7DEOR ยถGD    G|QHPLQGH 7ยUN EDQNDFร•Oร•N

VLVWHPLQGH ELUOHรบPH YH VDWร•Q DOPDODUร•Q V|] NRQXVX ROPDGร•รทร• GROD\ร•Vร•\OD

ILQDQVDO NRQVROLGDV\RQXQ .DVร•P  YH รนXEDW  NUL]OHULQLQ DUGร•QGDQ

JHUoHNOHรบWLรทLJ|UยOPHNWHGLU 




 

7DVIL\HOHU $PLKXGYH0LOOHU  0LVKNLQ  *  YH+DUWPDQQ

&DUOHWWL YH 6SDJQDOR   EDQND WDVIL\HOHULQLQ ILQDQVDO NRQVROLGDV\RQX

LรบDUHW HWWLรทLQLEHOLUWPHNWHGLU%XoHUoHYHGH7ยUNEDQNDFร•Oร•NVLVWHPLQGH

VRQUDVร•EDQNDELUOHรบPHOHULYHGHYUDOPDODUร•VRQXFXQGDRUWD\Doร•NDQWDVIL\HOHU

Gร•รบร•QGD |]ND\QDรทร•Qร• WDPDPHQ \LWLUHQ EDQNDODUร•Q GRรทUXGDQ WDVIL\HVLQLQ GH

LQFHOHQPHVLID\GDOร•RODFDNWร•U

7$%/26215$6,'2รถ58'$18/86$/%$1.$7$6)รธ<(/(5รธ

รฏรฐ(รฑรฒรฐAรณรด&รตรถรถ

%$1.$$', 7ยUNL\H%DรทFร•ODU%DQNDVร• 7<7%DQN รธPSH[EDQN 0DUPDUD%DQNDVร• %LUOHรบLN<DWร•Uร•P%DQNDVร• 3DUN<DWร•Uร•P%DQNDVร• $WODV<DWร•Uร•P%DQNDVร• 2NDQ<DWร•Uร•P%DQNDVร• 7ยUN7LFDUHW%DQNDVร• 7รธPDU%DQNDVร•

7$5รธ+          

7DEOR ยถ\L LQFHOHGLรทLPL]GH ยถGH 7 %DรทFร•ODU %DQNDVร•Qร•Q 

NUL]LQGH7<7 7ยUNL\H7XUL]P<DWร•Uร•P9H'ร•รบ7LFDUHW%DQNDVร•$รน รธPSH[YH

0DUPDUD %DQNDVร•ยถQร•Q .DVร•P  YH รนXEDW  NUL]OHULQGH 3DUN <DWร•Uร•P

$WODV <DWร•Uร•P 2NDQ <DWร•Uร•P YH 7ยUN 7LFDUHW %DQNDVร•ยถQร•Q  \ร•Oร•QGD LVH

รธPDU %DQNDVร•ยถQร•Q GRรทUXGDQ WDVIL\H HGLOGLรทL YH VHNW|UGH NRQVROLGDV\RQXQ

JHUoHNOHรบPHVLQHNDWNร•VDรทODQGร•รทร•J|UยOPHNWHGLU'RรทUXGDQWDVIL\HOHULQVร•Qร•UOร•

ROPDVร•

WDVIL\H

JHUoHNOHรบHELOPHVL

VยUHFLQLQ

ND\QDNODQPDNWDGร•U

YH

VDGHFH

J|QยOOย

GHQHWLP

oร•Nร•รบODUD

RWRULWHVLQLQ

L]LQ

L]QL

LOH

YHULOPHPHVLQGHQ

<HQL*LULรบOHU Finansal parรงalanmaya yol aรงan en รถnemli etken ve gรถstergelerden

ELULVL EDQNDFร•Oร•N VHNW|UยQGH \DรบDQDQ \HQL EDQND JLULรบOHULGLU รนDK|]NDQ

 

  


 

7$%/26215$6,.858/$1%$1.$/$5 )$$/9(.$3$1$1$<5,0/,  %$1.$$', )DDO%DQNDODU $GDEDQN 7HNVWLOEDQN )LQDQVEDQN 7DLE<DWร•Uร•P%DQNDVร• ([LPEDQN 7XUNLVKEDQN 7DW<DWร•Uร•P%DQNDVร• $OWHUQDWLIEDQN 7HNIHQEDQN รธ0.%7DNDVYH6DNO%DQNDVร• $QDGROXEDQN 2\DNEDQN 'HQL]EDQN *6'<DWร•Uร•P%DQNDVร• 'LOHU<DWร•Uร•PEDQNDVร• &.UHGLYH.DONร•QPD%DQNDVร• dDOร•N<DWร•Uร•P%DQNDVร• 1XURO<DWร•Uร•P%DQNDVร• 2NDQ<DWร•Uร•P%DQNDVร•

7$5รธ+                    

รฏรฐ(รฑรฒรฐAรณรด&รตรถรถ

%$1.$$', .DSDQDQ%DQNDODU ,PSH[EDQN 8OXVDO%DQN )LED%DQN (*6%DQN %DQN.DSLWDO 0DUPDUD%DQNDVร• .|UIH]%DQNDVร• 7<7%DQN %LUOHรบLN<DWร•Uร•P%DQNDVร• 7HNIHQ<DWYH)LQ%DQNDVร• .HQWEDQN 7RSUDNEDQN 3DUN<DWร•Uร•P%DQNDVร• <XUWEDQN 2NDQ<DWร•Uร•P%DQNDVร• $WODV<DWร•Uร•P%DQNDVร•   

7$5รธ+                    

7DEOR  LQFHOHQGLรทLQGH  VRQUDVร•  EDQND\D EDQNDFร•Oร•N

\DSPD YHYH\D PHYGXDW NDEXO HWPH L]QL YHULOGLรทL EX GXUXPXQ ILQDQVDO

SDUoDODQPD\ร•WHWLNOHGLรทLJ|UยOPHNWHGLUg]HOOLNOHYH

   G|QHPLQGH VHNW|UH JLULรบOHULQ \DรบDQGร•รทร• YH VHNW|UGHNL \DSร•Qร•Q

ER]XOGXรทX DQODรบร•OPDNWDGร•U )DDOL\HW L]QL YHULOHQ EDQNDODUGDQ ยถVร•Qร•Q oHรบLWOL

QHGHQOHUOH EDQNDFร•Oร•N \DSPD YH PHYGXDW NDEXO HWPH L]LQOHUL NDOGร•Uร•OPร•รบ 

banka ise halen faaliyetlerini sรผrdรผrmektedir. 

(&%   ,0)   YH *   oDOร•รบPDODUร•QGD GD

J|UยOGยรทยJLEL7ยUNEDQNDFร•Oร•NVLVWHPLQGHG|QHPLQGH\DรบDQDQ

\RรทXQEDQNDJLULรบOHULILQDQVDOSDUoDODQPD\DรบDQGร•รทร•Qร•RUWD\DNR\PDNWDGร•U <RรทXQODรบPD  ] ย‚

Lence (1996), DemirgรผรงKunt, Levine ve Laeven (2003), Demirgรผรง

.XQW /HYLQH YH %HFN   EDQND \RรทXQODรบPDVร•Qร• ILQDQVDO NRQVROLGDV\RQ

RODUDN WDQร•PODPDNWDGร•U 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ  NUL]OHUL

|QFHVLQGH \RรทXQ EDQND JLULรบOHULQLQ HWNLVL\OH SDUoDODQPร•รบ ELU J|UยQWย VXQXS  ] ย ยƒ ย„ ย… $ย†'! 1(ย‡ยˆi!ย‰"ยŠ -ยŠ.ย‹  ยŒ" 1.     !'& (# !(ย‡) &  *

-ยŽ  ย

ย

"!0!'& !ย)  ย‘ย‡"ยŠ -ยŠ  ยŠ ย†'ยŠ!ยŠ!ย’% ') ย“  !' wย”-&w$  




 

VXQPDGÕ÷ÕQÕQ YH V|] NRQXVX NUL]OHU VRQUDVÕQGD \DúDQDQ EDQND ELUOHúPHOHUL

YHWDVIL\HOHULQLQEDQNDFÕOÕNVLVWHPLQLQ\DSÕVՁ]HULQGHNLHWNLOHULQLQDQODúÕOPDVÕ

ONHPL]GHNL ILQDQVDO NRQVROLGDV\RQ JHOLúLPLQL RUWD\D NR\DFDNWÕU %X oHUoHYHGH 7UN EDQNDFÕOÕN VLVWHPLQGH ILQDQVDO VLVWHPGH NRQVROLGDV\RQ

H÷LOLPLQLQ |QHPOL J|VWHUJHOHULQGHQ ELULVL RODQ EDQND \R÷XQODúPDVÕQÕQ

LQFHOHQPHVLID\GDOÕRODFDNWÕU 100 90 80 70 60 50 40 30 20 10





    

1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

• –— • – —}˜ • – — ™š • – — › š

Ey l. 04

21.5

20.6 19.1 20.8 19.4 17.8 18.4 17.8 17.8 16.9 20.3 16.4 16.1 16.7 15.8 16.9 17.7 18.7 18.7

75.2

72.6 72.9 72.5 71.5 70.0 66.3 65.7 71.7 70.2 69.9 66.9 67.6 67.5 69.2 79.5 80.8 82.3 82.3

57.0 55.6 54.0 52.4 50.9 49.0 45.0 44.4 48.4 48.2 48.6 43.8 44.1 46.3 47.8 54.4 58.4 60.3 59.9

90.6 88.9 88.2 88.1 87.3 87.0 79.7 79.9 83.5 83.4 85.7 83.2 83.1 83.2 83.6 92.9 94.9 95.9 95.7



ùHNLO%DQNDFÕOÕN6HNW|UQGH<R÷XQODúPD  

ïð(ñòðAóô&õöö à öðSòIó&ðsû ðSù#ý ý m[÷*øDù ú û øDù ú1ó(üAû û ðSòSý û ðsù ðAóþ*øAÿ(ðSû ðSòý  ý ù Ø&ÞSÚIÚÜ ñIý û ý õi~‡€ö÷(øsù ú û øsù ú1ó*üAû û ðSòSý û ý  ý ù Ø (Q E\N EDQNDQÕQ DNWLI E\NO÷QQ VHNW|U LoLQGHNL SD\ÕQÕ

LQFHOHGL÷LPL]GH  \ÕOÕQGD \]GH  RODQ

en

büyük

banka

\R÷XQODúPDVÕQÕQ  NUL]LQGHQ VRQUD GQ\DGDNL NRQVROLGDV\RQ WUHQGLQLQ

WHUVLQH \HQL EDQND JLULúOHULQLQ YH EDQNDFÕOÕN VHNW|UQQ ELODQoRVXQXQ

E\PHVLQLQ HWNLVL\OH  \ÕOÕQGD \]GH ¶D NDGDU JHULOHGL÷L  \ÕOÕ

KDULo \R÷XQODúPDQÕQ JHULOHPH\H GHYDP HWWL÷L YH  \ÕOÕ LWLEDUL\OH \]GH

¶H NDGDU JHULOHGL÷L J|UOPHNWHGLU  .DVÕP YH ùXEDW  NUL]OHUL

VRQUDVÕQGD EDQND ELUOHúPHOHULQLQ YH WDVIL\HOHULQLQ DUWPDVÕ VRQXFXQGD

EDQNDFÕOÕN VHNW|UQQ DNWLI E\NO÷QQ D]DOPDVÕ LOH ELUOLNWH 0DUW 

LWLEDUL\OH HQ E\N EDQNDQÕQ DNWLI E\NO÷QQ VHNW|U LoLQGHNL SD\Õ \]GH

¶\D\NVHOPLúWLU

øON EHú EDQNDQÕQ DNWLI E\NO÷QQ VHNW|U LoLQGHNL SD\ÕQÕ

LQFHOHGL÷LPL]GH  \ÕOÕQGD \]GH  RODQ LON EHú EDQND 


 

\RรทXQODรบPDVร•Qร•Q  \ร•Oร•QGD \ย]GH ยถH JHULOHGLรทL  NUL]LQGHQ VRQUD

Eย\ยNEDQNDODUDYHNDPXEDQNDODUร•QD\|QHOLPQHGHQL\OH\ร•Oร•QGD\ย]GH

ยถH NDGDU \ยNVHOGLรทL DQFDN  NUL]LQGHQ VRQUD PHYGXDWD JHWLULOHQ

JยYHQFHQLQHWNLVL\OHV|]NRQXVXWDULKWHQLWLEDUHQ\RรทXQODรบPDQร•QJHULOHPH\H

EDรบODPDVร• VRQXFXQGD  \ร•Oร•QGD \ย]GH ยถH NDGDU JHULOHGLรทL YH EX

WDULKWHQ LWLEDUHQ NRQVROLGDV\RQ VยUHFLQLQ EDรบODGร•รทร• J|UยOPHNWHGLU 

\ร•Oร•QGD ED]ร• EDQNDODUร•Q 706) EยQ\HVLQH DOร•QPDVร• VRQXFXQGD V|] NRQXVX

EDQNDODUGDQ GLรทHU EDQNDODUD PHYGXDW NDoร•รบร•Qร•Q YH  .DVร•P YH รนXEDW

 NUL]OHUL VRQUDVร•QGD EDQND ELUOHรบPHOHULQLQ YH WDVIL\HOHULQLQ DUWPDVร•Qร•Q

HWNLVL\OH EDQNDFร•Oร•N VHNW|UยQยQ DNWLI Eย\ยNOยรทยQยQ D]DOPDVร• VRQXFXQGD

0DUWWDULKLLWLEDUL\OHLONEHรบEDQNDQร•QDNWLIEย\ยNOยรทยQยQVHNW|ULoLQGHNL

SD\ร•\ย]GHยถH\ยNVHOPLรบWLU

รธONRQ YH LON \LUPLEDQNDQร•QDNWLIEย\ยNOยรทยQยQVHNW|ULoLQGHNL

SD\ร•Qร• LQFHOHGLรทLPL]GH GH LON EHรบ EDQND \RรทXQODรบPDVร•QD EHQ]HU ELU

HรทLOLP ROGXรทX J|UยOPHNWHGLU  \ร•Oร•QGDQ LWLEDUHQ \RรทXQODรบPDQร•Q

D]DOPDVร•QD UDรทPHQ  Nrizinde mevduata tam gรผvence getirilmesinin

HWNLVL\OH VLVWHPGHNL ]D\ร•I JยoVย] YH YHULPVL] EDQNDODUร•Q D\ร•NODQDPDGร•รทร• YH

 \ร•Oร•QGDQ |QFH EDQND JLULรบOHULQLQ GH ROPDVร•Qร•Q HWNLVL\OH ILQDQVDO

NRQVROLGDV\RQXQ JHUoHNOHรบHPHGLรทL DQFDN  \ร•Oร•QGD EDรบOD\DQ ILQDQVDO

\RรทXQODรบPD  \ร•Oร•QGDQ LWLEDUHQ EDQNDFร•Oร•N VHNW|UยQยQ \HQLGHQ

\DSร•ODQGร•Uร•OPDVร• oDOร•รบPDODUร• VRQXFXQGD V|] NRQXVX EDQNDODUร•Q EDQNDFร•Oร•N

VLVWHPL Gร•รบร•QD oร•NDUร•OPDVร• VRQXFXQGD LYPH ND]DQPร•รบ YH .DVร•P  YH

รนXEDWNUL]OHULQGHQVRQUDILQDQVDONRQVROLGDV\RQL\LFHEHOLUJLQOHรบPLรบWLU

6RQXo RODUDN  \ร•Oร•QGDQ LWLEDUHQ ILQDQVDO NRQVROLGDV\RQXQ

EDรบODPDVร•QD UDรทPHQ \HWHUVL] NDOGร•รทร• J|UยOPHNWHGLU .DVร•P  YH รนXEDW

 NUL]OHUL |QFHVLQGH NRQVROLGH RODPDPร•รบ EDQNDFร•Oร•N VLVWHPLQGH \DรบDQDQ

EDQNDFร•Oร•NNUL]LVRQUDVร•QGD]D\ร•IEDQNDODUร•QVLVWHPGร•รบร•QDoร•NPDVร•LOHELUOLNWH

ILQDQVDO

NRQVROLGDV\RQXQ

7ยUN

EDQNDFร•Oร•N

VLVWHPLQGH

JHUoHNOHรบWLรทL

J|UยOPHNWHGLU 7H]GH HOH DOร•QDQ JHOLรบPLรบ YH JHOLรบPHNWH RODQ ยONHOHULQ

EDQNDFร•Oร•N

VLVWHPOHUL

J|]

|QยQGH

EXOXQGXUXOGXรทXQGD

ILQDQVDO

NRQVROLGDV\RQXQ JHUoHNOHรบWLรทL GRรทUXODQPDNWDGร•U gQยPย]GHNL G|QHPGH $%

VยUHFLQLQ Kร•]ODQPDVร• YH GยQ\D JHQHOLQGH ILQDQVDO NRQVROLGDV\RQXQ GDKD GD




 

DUWPDVÕ GXUXPXQGD XOXVODUDUDVÕ UHNDEHW JFQ DUWÕUPDN ]RUXQGD NDODFDN

RODQ7UNEDQNDFÕOÕNVLVWHPLQGH\R÷XQODúPDQÕQDUWPDVÕEHNOHQPHOLGLU +HUILQGDKO+LUVFKPDQQ ++ (QGHNVL %DQNDFÕOÕN

VLVWHPLQGH

ILQDQVDO

NRQVROLGDV\RQXQ

|QHPOL

J|VWHUJHOHULQGHQELULVLGHPHYGXDWWDNL\R÷XQODúPD\ÕJ|VWHUHQ++HQGHNVLGLU

,0)   g]HOOLNOH 706) WDUDIÕQGDQ HO NRQXODQ EDnkalardan büyük

EDQNDODUD PHYGXDW NDoÕúÕ \DúDQGÕ÷Õ J|] |QQGH EXOXQGXUXOGX÷XQGD ++

HQGHNVLQLQ |QHPL DQODúÕOPDNWDGÕU 7UN EDQNDFÕOÕN VLVWHPLQGH HQ E\N LON

EHú LON  YH LON  DoÕVÕQGDQ ++ HQGHNVLQLQ JHOLúLPL ùHNLO ¶GH

LQFHOHQPHNWHGLU 1400 1300 1200 1100 1000 900 800 700 600 500 400 300

     

1987 1988

555



456

478

542

503

362

452

453

1228

1009

964

927

851

701

783

749

1314

1090 1065

1048

990

849

899

1331

1103 1074

1058

1001

870

917

1986

œ ž œ  žtŸ œ  ži ¡ œ  ž£¢M¡



1989

1990 1991

1992

1993 1994

1997 1998

1999

2002

2003

Ey l.0 4

339

403

467

554

697

853

898

966

734

884

997

1059 1110

748

906

1012

1079 1129

1995

1996

2000 2001

425

414

330

400

427

461

364

754

681

462

613

661

700

635

864

868

780

627

759

782

802

882

885

801

659

793

804

822

ùHNLO%DQNDFÕOÕN6HNW|UQGH0HYGXDW<R÷XQODúPDVÕ ++(QGHNVL 

ï ð(ñòðAóô õöö à öðsòó1ðSû ðsù ý žý m ÷(øDù ú û øDù ú ó(üAû û ðsòSý û ðsù ðAó þ*øAÿ(ðSû ðSòý #ý ù Ø ÞAÚAÚ(Ü ñIý û ý ú ú ò õi~‡€ ö ÷*øDù ú û øDù ú ó(üIû û ðsòAý û ý #ý ù Ø (QE\NEDQND DoÕVÕQGDQ++HQGHNVLQLLQFHOHGL÷LPL]GH

\ÕOÕQGD  RODQ++HQGHNVLQLQWDPILQDQVDOVHUEHVWOHúPHQLQHWNLVL\OH

\ÕOÕQGD ¶\H JHULOHGL÷L DQFDN ¶GH ¶\H \NVHOGL÷L J|UOPHNWHGLU

 NUL]L VRQUDVÕQGD PHYGXDWD WDP JYHQFH JHWLULOPHVLQLQ HWNLVL\OH 

\ÕOÕQGD ¶D NDGDU JHULOH\HQ ++ HQGHNVL GDKD VRQUDNL \ÕOODUGD DUWPD\D

EDúODPÕú YH  \ÕOÕ LWLEDUL\OH ¶H NDGDU \NVHOPHVLQH UD÷PHQ  \ÕOÕ

LWLEDUL\OH ¶H  \ÕOÕQGD ¶D JHULOHGL÷L J|UOPHNWHGLU  \ÕOÕQGD 7

(PODN %DQNDVÕ¶QÕQ PHYGXDWODUÕQÕQ ELU NÕVPÕQÕQ YH  WDULKLQGH 7

øPDU %DQNDVÕ¶QÕQ PHYGXDWODUÕQÕQ =LUDDW %DQNDVÕ¶QD GHYUHGLOPHVL YH

EDQNDFÕOÕN VHNW|UQGH IDDOL\HW J|VWHUHQ EDQND VD\ÕVÕQÕQ D]DOPDVÕ 


 

VRQXFXQGD ++ HQGHNVL  \ร•Oร•QGD ยถH  \ร•Oร•QGD ยถ\H  0DUW

LWLEDUL\OHUHNRUVHYL\HRODQยถH\ยNVHOPLรบWLU

รธONEHรบEDQNDQร•QDoร•Vร•QGDQ++HQGHNVLQLLQFHOHGLรทLPL]GH

\ร•Oร•QGD  RODQ ++ HQGHNVL WDP ILQDQVDO VHUEHVWOHรบPH VRQUDVร•QGD

UHNDEHWLQ DUWPDVร• YH  NUL]L VRQUDVร•QGD PHYGXDWD WDP JยYHQFH

JHWLULOPHVLQLQ HWNLVL\OH  \ร•Oร•QGD ยถ\H NDGDU JHULOHPLรบWLU  \ร•O VRQX

LWLEDUL\OH ยถH \ยNVHOHQ ++ HQGHNVL  SDUD SURJUDPร•Qร•Q HWNLVL\OH ยถH

JHULOHPLรบ DQFDN  .DVร•P YH รนXEDW  NUL]OHUL VRQUDVร•QGD EDQND

ELUOHรบPHOHULQLQYHWDVIL\HOHULQLQDUWPDVร•Qร•QHWNLVL\OH\ร•Oร•LWLEDUL\OHยถ\H 2002โ€™de 853โ€™e; 2003โ€™de 898โ€™e0DUWWDULKLLWLEDUL\OHยถH\ยNVHOPLรบWLU รธON RQ YH LON \LUPL EDQND Doร•Vร•QGDQ ++ HQGHNVLQL

LQFHOHGLรทLPL]GH LON EHรบ EDQND \RรทXQODรบPDVร•QD EHQ]HU ELU HรทLOLPLQ ROGXรทX

gรถrรผlmektedir. ยถGD G|YL] LรบOHPOHULQGH YH VHUPD\H KDUHNHWOHULQGH WDP

VHUEHVWOHรบPHQLQ NDPXQXQ ILQDQVPDQ Doร•รทร•Qร• NDSD\DELOPHN LoLQ X\JXODQDQ

\ยNVHN UHHO IDL] SROLWLNDODUร•Qร•Q YH  NUL]LQGH PHYGXDWD WDP JยYHQFH ] ยค

JHWLULOPHVLQLQ HWNLVL\OH  VLVWHPGHNL ]D\ร•I JยoVย] YH YHULPVL] EDQNDODUร•Q D\ร•NODQDPDPDVร•Qร•Q HWNLVL\OH ILQDQVDO SDUoDODQPDQร•Q GHFRQVROLGDWLRQ 

\DรบDQGร•รทร• YH  \ร•Oร•QGDQ |QFH EDQND JLULรบOHULQLQ GH ROPDVร•Qร•Q HWNLVL\OH

ILQDQVDO NRQVROLGDV\RQXQ JHUoHNOHรบHPHGLรทL DQFDN  \ร•Oร•QGDQ LWLEDUHQ

EDQNDFร•Oร•N VHNW|UยQยQ \HQLGHQ \DSร•ODQGร•Uร•OPDVร• oDOร•รบPDODUร• VRQXFXQGD V|]

NRQXVX EDQNDODUร•Q EDQNDFร•Oร•N VLVWHPL Gร•รบร•QD oร•NDUร•OPDVร• VRQXFXQGD ILQDQVDO

NRQVROLGDV\RQVยUHFLQLQEDรบODGร•รทร•YH.DVร•PYHรนXEDWNUL]OHULQGHQ

VRQUDILQDQVDONRQVROLGDV\RQXQKร•]ODQGร•รทร•J|UยOPHNWHGLU

Sonuรง olarak, HH endeksine gรถre finansal konsolidasyonun 1997

\ร•Oร•QGDEDรบODGร•รทร•DQFDN\HWHUOLROPDGร•รทร•J|UยOPHNWHGLU.DVร•PYHรนXEDW

 NUL]OHUL |QFHVLQGH NRQVROLGH RODPDPร•รบ EDQNDFร•Oร•N VLVWHPLQGH \DรบDQDQ

EDQNDFร•Oร•NNUL]LVRQUDVร•QGD]D\ร•IEDQNDODUร•QVLVWHPGร•รบร•QDoร•NPDVร•LOHELUOLNWH

++ HQGHNVLQLQ UHNRU VHYL\HOHUH \ยNVHOGLรทL YH 7ยUN EDQNDFร•Oร•N VLVWHPLQGH ย

ILQDQVDO NRQVROLGDV\RQXQ XOXVODUDUDVร• GHQH\LPOHUย  J|] |QยQH DOร•QGร•รทร•QGD JHUoHNOHรบWLรทL J|UยOPHNWHGLU gQยPย]GHNL G|QHPGH $% VยUHFLQLQ Kร•]ODQPDVร•

ve dรผnya genelinde finansal konsolidasyonun devam etmesi durumunda   ยฅยงยฆ

ยยยฌยญ ยฎยยฏ ยจยฃยฉ,ยฉยซยช ย ย… ยฌ ]0ยฒยณยด ยด ยด   (# 1 ยต}  1(') #ยถ ! ยฉ !0ยท&  &   %0 '(# '  ! ยฉ !0 -& %&0ยธยฃ -% $ย†'! 1(ย‡%&  ยฉ )ยฐ*ยฑยฃ'   *




 

XOXVODUDUDVร• UHNDEHW JยFยQย DUWร•UPDN ]RUXQGD NDODFDN RODQ 7ยUN EDQNDFร•Oร•N

VLVWHPLQGH++HQGHNVLQLQDUWPDVร•EHNOHQPHNWHGLU

)LQDQVDO.RQVROLGDV\RQXQ7ยUN%DQNDFร•Oร•N6LVWHPLQH(WNLVL Tezin

bu

bรถlรผmรผnde,

finansal

]

konsolidasyonunย  EDQNDFร•Oร•N

sektรถrรผne etkiVLยย   \ร•Oร•  Mart 2004 dรถnemini kapsayan ve Tรผrkiye

%DQNDODU %LUOLรทL WDUDIร•QGDQ \D\ร•PODQDQ JHOLU WDEORVX YH GLรทHU EDQND ELOJLOHUL

รบXEHYHoDOร•รบDQVD\ร•Vร• YH7&0HUNH]%DQNDVร•WDUDIร•QGDQ\D\ร•PODQDQ7/YH

<3 IDL] RUDQODUร• YH ELODQoR YHULOHUL NXOODQร•ODUDN HWNLQOLN YHULPOLOLNYHILQDQVDO

LVWLNUDU J|VWHUJHOHUL UDV\R DQDOL]L DUDFร•Oร•รทร•\OD LUGHOHQHFHN ELUELUOHULQH J|UH

DYDQWDMODUร• YH GH]DYDQWDMODUร• RODQ SDUDPHWULN YH SDUDPHWULN ROPD\DQ ยฌ

yรถntemler ihmal edilecektirย   \ร•Oร• JHOLU WDEORVX YH ELODQoR YHULOHUL iรงin

%''.YHULOHULNXOODQร•ODFDNWร•U*HoPLรบH\|QHOLNYHULNร•Vร•Wร•QHGHQL\OHEDQNDFร•Oร•N

VHNW|UยDQDOL]LQGH7/YH<3D\Uร•Pร•GDJ|]|QยQGHEXOXQGXUXOPDPร•รบ706)

NDSVDPร•QGD ROPD\DQ |]HO YH \DEDQFร• PHYGXDW EDQNDODUร• JUXEX LVH D\Uร• ELU bรถlรผmde (4.6) รถzet olarak aQDOL]HGLOHFHNWLU 5DV\R DQDOL]LQGHQ elde edilen sonuรงlar finansal konsolidasyon

VยUHFL LOH LOLรบNLOHQGLULOPH\H oDOร•รบร•ODFDNWร•U %|\OHFH ILQDQVDO NRQVROLGDV\RQ LOH

HWNLQOLN YHULPOLOLN UHNDEHW NRรบXOODUร• YH ILQDQVDO LVWLNUDU PDNUR YH PLNUR

ED]GD DUDVร•QGDNLLOLรบNLWH]GHDQDOL]HGLOPLรบRODFDNWร•U (WNLQOLรทH(WNLVL

%LOLQGLรทLย]HUHHWNLQOLNJLUGLOHULQYHoร•NWร•ODUร•Q\DUDWWร•รทร•VRQXoODUร•LIDGH

HWPHNWHGLUgUQHรทLQoร•NWร•ODUร•QLVWHQHQHWNL\L\DUDWPDVร•HWNLQOLรทLQVDรทODQGร•รทร•Qร•

LIDGH HWPHNWHGLU รธQDQ   YH dDQND\D YH g]   oDOร•รบPDODUร•QGD

WRSODP NUHGLOHULQ WRSODP DNWLIOHU LoHULVLQGHNL SD\ร•Qร• PHYGXDWร•Q NUHGL\H

G|QยรบยP RUDQร•Qร• YH WDKVLOL JHFLNPLรบ DODFDNODUร•Q WRSODP NUHGLOHUH RUDQร•Qร•

EDQNDODUD LOLรบNLQ HWNLQOLN RUDQODUร• RODUDN NXOODQPร•รบODUGร•U 6|] NRQXVX

oDOร•รบPDODUGD JLUGLOHULQ UHHO VHNW|UH NUHGL RODUDN NXOODQGร•Uร•OPDVร• YH oร•NWร•ODUร•Q

WDKVLOL JHFLNPLรบ DODFDNODUD G|QยรบPHPHVL HWNLQOLN RODUDN NDEXO HGLOPHNWHGLU   ยฎ ยฅ ยฒ  ยฉ x"ย“ ยŠ( ย‡ย‘  !! %0$!%$  %0-$!#  "1#"!0!'& !#)  ย‘"ยŠ -ยŠ  ยŠย†ยŠ!ยŠ!% ') ย“  !'  ย”-& ! )   "!0 ยฎยยฎ !xยนiยนยบ!'ยป% !' 0  & 1 $  0"ยป'  ( ) '  *  7ยฐ0ย"!0ยท&  & p% %0 (#t 0'  % !ย('ย‹ $ย” ( -!ยบย ยŠยŠยบ" ยผย”-ยฝ%/ ย”ยฝ$ !ยŒ0 & !(ย‡ยฝ- &  & ( ยฎย"ยพ !0  &  & 1( -# & !(ย‡(x& 10 &  *  ยฟ   !  .   (#    } performans รถlรงme yรถntemleri kabaca rasyo analizi, parametrik (ekonometrik) ve parametrik ยญ $ ( -! ยช (ย‡ (ย‡  ยป% 'wย” $ร€' (# (  -ย“!  '(# 'ยผ$  ยฝยŠร€'ย ย"ยย ยญ - &  "    * ยฉ ร€' ย”  ยŒ/ ,$ !-ย“!  (# '  ! /ย”% ! !#ยป!' !#ร€ย“ #!  )ร#ยฐ !  ยปร   &0 &  ยช ร‚ !!'. ย *






Tezde sรถz konusu oranlar irdelenecek ve finansal konsolidasyon ile

LOLรบNLOHQGLULOPH\HoDOร•รบร•ODFDNWร•U

7RSODP.UHGLOHULQ7RSODP$NWLIOHUรธoHULVLQGHNL3D\ร• 5HHO VHNW|UH NXOODQGร•Uร•ODQ NUHGLOHULQ WRSODP DNWLIOHU LoHULVLQGHNL

SD\ร•Qร•Q \ยNVHN ROPDVร• EDQNDODUร•Q DQD DUDFร•Oร•N IRQNVL\RQXQX \HULQH

JHWLUGLรทLQL DU]XODQDQ oร•NWร•\D \|QHOGLรทLQL J|VWHUPHNWHGLU 'LรทHU ELU LIDGH\OH

ND\QDNODUร•Qร• DU]XODQDQ oร•NWร•\D \|QOHQGLUHUHN HWNLQ ROGXรทXQX J|VWHUPHNWHGLU

$PLKXG YH 0LOOHU  dDQND\D YH g]   รนHNLO ยถGD WRSODP

NUHGLOHULQWRSODPDNWLIOHULoHULVLQGHNLSD\ร•J|UยOPHNWHGLU 

46.0

45.0

 

39.7

36.8

38.2

37.5



30

40.9 31.7 30.4



25

28.2

 1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988



1987

20

24.8 24.5

19.9

รนHNLO7RSODP.UHGLOHULQ%LODQoR%ย\ยNOยรทยรธoLQGHNL3D\ร•  

Eyl.04

35

42.3

2003



40.9

41.8

2002

40

43.1

44.7 42.2

2001

45

2000

50

1986



รฏรฐ(รฑรฒรฐAรณรด&รตi~ย‡ย€รถรท(รธsรน รบ รป รธsรน รบ1รณ*รผAรป รป รฐSรฒSรฝ รป รฐSรน รฐAรณรพ(รธIรฟ(รฐSรป รฐSรฒรฝ #รฝ รน ร˜1รžAรšAรš(รœ รฑIรฝ รป รฝ(รบ รบ รฒFรถ   รฏ รท(รธDรน รบ รป รธDรน รบ1รณ(รผIรป รป รฐsรฒAรฝ รป ยžรฝ #รฝ รน ร˜

รนHNLO ยถGD GD J|UยOGยรทย JLEL   1996 dรถneminde kredilerin

ELODQoR LoHULVLQGHNL SD\ร•Qร•Q \ย]GH  LOH \ย]GH  DUDVร•QGD GDOJDODQGร•รทร• gรถrรผlmektedir. 19891994 dรถneminde kredilerin toplam aktifler iรงerisindeki

SD\ร•Qร•Q D]DOGร•รทร• 1996 dรถneminde yรผzde 37,5โ€™ten yรผzde 44,7โ€™ye

\ยNVHOGLรทL J|UยOPHNWHGLU %DQND JLULรบOHULQLQ ROGXรทX DQFDN EDQND

\RรทXQODรบPDVร• YH ++ HQGHNsinin artarak finansal konsolidasyon sรผrecinin

EDรบODGร•รทร• \ร•Oร•QGDQ LWLEDUHQ NUHGLOHULQWRSODPDNWLIOHULoHULVLQGHNLSD\ร•Qร•Q

Kร•]ODD]DOGร•รทร•J|UยOPHNWHGLU

$QFDN .DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD  \ร•Oร•

itibariyle yรผzde 24,5โ€™e gerileyen vH  \ร•O VRQX LWLEDUL\OH \ย]GH ยถH

NDGDUJHULOH\HQNUHGLOHULQWRSODPDNWLILoHULVLQGHNLSD\ร•HNRQRPLGHNLEย\ยPH 


 

SHUIRUPDQVÕQD ED÷OÕ RODUDN NUHGL NXOODQÕFÕODUÕQÕQ JHUL |GHPH NDELOL\HWOHULQLQ

JHoPLú G|QHPOHUH J|UH DUWPDVÕ NDPX ERUoODQPD VHQHWOHULQLQ JHWLULVLQLQ

D]DOPDVÕ LOH NUHGL NXOODQGÕUPDQÕQ |QHP ND]DQPDVÕ LOH ELUOLNWH (\OO 

LWLEDUL\OH\]GH¶\H\NVHOPLúWLU

6RQXo RODUDN ILQDQV VHNW|UQGH NRQVROLGDV\RQ H÷LOLPLQLQ EDúODGÕ÷Õ

 \ÕOÕQGDQ LWLEDUHQ WRSODP NUHGLOHULQ ELODQoR E\NO÷ LoHULVLQGHNL

SD\ÕQÕQ D]DOGÕ÷Õ DQFDN  \ÕOÕQGDQ LWLEDUHQ ILQDQVDO NRQVROLGDV\RQXQ

XOXVODUDUDVÕ VHYL\HOHUH XODúPDVÕ LOH ELUOLNWH NUHGLOHULQ ELODQoR E\NO÷

LoHULVLQGHNLSD\ÕQÕQDUWPD\DEDúODGÕ÷ÕJ|UOPHNWHGLU

0HYGXDWÕQ.UHGL\H'|QúP2UDQÕ 7RSODP NUHGLOHULQ WRSODP PHYGXDWODUD RUDQÕ PHYGXDWODUÕQ KDQJL

DODQODUD SODVH HGLOGL÷LQL EHOLUOHPHN EDNÕPÕQGDQ |QHPOL ELU J|VWHUJHGLU

dDQND\D YH g]   0HYGXDWODUÕQ NUHGL\H G|QúPHVL EDQNDFÕOÕN

VLVWHPLQLQHWNLQOL÷LQLRUWD\DNR\PDNWDGÕU  ÕÚÛ ÌÓ

ÖÑÏ Ù Ø

Ö ÓÌÓÌ× Ô ÕÒ ÔÓ ÎÒ Ñ ÍÐ Í ÎÏ Ð Ë ÌÍ

     



600

90

550 80

500 450

70

400 350

60

300 50

250 200

ÛØã

Ó× â ÜÌ ßá ßà ÝÞ Ü Ô ÓÓ ÎÒ Ñ ÍÐ ÏÎÏ ÜÜ Ë ÌÍ

40

150 100

1987

1988 1989

1990 1991

1992 1993

1994 1995

1996 1997

1998 1999

2000 2001

2002 2003 Eyl.04

Toplam Kredi Hacmi

183

153

155

168

161

172

191

165

191

239

292

249

226

233

195

139

161

230

Toplam Mevduat

244

218

217

207

218

231

245

273

299

385

423

441

533

496

549

465

422

451

75

70

71

81

74

74

78

60

64

62

69

57

42

47

36

30

38

51

äæå ç è é êç ë è ì í î ï0å í ð ñZò óô

ùHNLO0HYGXDWÕQ.UHGL\H'|QúP2UDQÕ  

30

ï ð(ñòðAóô&õi~‡€ö÷(øsù ú û øsù ú1ó*üAû û ðSòSý û ðSù ðAóþ(øIÿ(ðSû ðSòý #ý ù Ø1ÞAÚAÚ(Ü ñIý û ý(ú ú òFö   ï ÷(øDù ú û øDù ú1ó(üIû û ðsòAý û žý #ý ù Ø Ã‹õiflAû ðl ó*ù øesú*þ(ðq ú+÷(øÄ fSû ðÅFø÷esüðIõ}Æ |,hwÇ ñ1øºÈ ×*ÛIãAÙɋ×1ÚAÚÊ rzsù øþ*øAÿ*ðlSû ðsòý #ý ù Ø ùHNLO ¶GH J|UOG÷ JLEL    G|QHPLQGH PHYGXDWÕQ

NUHGL\H G|QúP RUDQÕ \]GH ¶WHQ \]GH ¶H \NVHOPLúWLU  NUL]L LOH

ELUOLNWH G|QúP RUDQÕQÕQ \]GH ¶D JHULOHGL÷L J|UOPHNWHGLU %DQND

JLULúOHULQLQ ROGX÷X DQFDN EDQND \R÷XQODúPDVÕ YH ++ HQGHNVLQLQ DUWWÕ÷Õ YH 


 

ILQDQVDO NRQVROLGDV\RQ VยUHFLQLQ EDรบODGร•รทร•  \ร•Oร•QGDQ LWLEDUHQ LVH

PHYGXDWร•QNUHGL\HG|QยรบยPRUDQร•Kร•]ODD]DOPร•รบWร•U

.DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD  \ร•Oร• LWLEDUL\OH

PHYGXDWร•Q NUHGL\H G|QยรบยP RUDQร• \ย]GH ยถ\D JHULOHPLรบWLU  \ร•O VRQX

LWLEDUL\OH LVH \ย]GH ยถD NDGDU JHULOH\HQ PHYGXDWร•Q NUHGL\H G|QยรบยP RUDQร•

(\OยOLWLEDUL\OH\ย]GHยถH\ยNVHOPLรบWLU

6RQXo RODUDN ILQDQVDO NRQVROLGDV\RQ VยUHFLQH JLULOHQ  \ร•Oร•QGDQ

LWLEDUHQ PHYGXDWร•Q NUHGL\H G|QยรบยP RUDQร•Qร•Q D]DOGร•รทร• DQFDN ILQDQVDO

NRQVROLGDV\RQXQXOXVODUDUDVร•VHYL\H\HXODรบPDVร•LOHELUOLNWHHWNLQOLรทLQDUWPD\D

EDรบODGร•รทร• J|UยOPHNWHGLU $QFDN EDQNDFร•Oร•N VLVWHPLQGH NRQVROLGDV\RQXQ

HWNLQOLรทH ROXPOX HWNLOHULQLQ JHFLNPHVLQLQ DUNDVร•QGD  \ร•Oร•QGD \DรบDQDQ

*ยQH\GRรทX $V\D YH  /RQJ 7HUP &DSLWDO 0DQDJHPHQW /7&0  YH

5XV\DNUL]OHULQHGHQL\OHGร•รบNRQMRQNWยUยQN|WยROPDVร•EDWร•NNUHGLOHUHNDUรบร•Oร•N

D\Uร•OPDPDVร• LoLQ FDQOร• J|VWHULOPHVL oHรบLWOL ELODQoR PDN\DMODPD WHNQLNOHULQLQ

NXOODQร•OPDVร•ED]ร• EDWร•N JUXSNUHGLOHULQLQFDQOร•J|VWHULOPHVLNRQVROLGDV\RQXQ

XOXVODUDUDVร• VHYL\HOHULQ DOWร•QGD ROPDVร• \ยNVHN UHHO IDL]OHU YH Gร•รบODPD HWNLVL

EXOXQPDNWDGร•U 7ยP EX ROXPVX]OXNODUร•Q .DVร•P  YH รนXEDW 

NUL]OHULQLQ DUGร•QGDQ JLGHULOPHVL LOH ELUOLNWH EDQNDFร•Oร•N VHNW|UยQGH \DรบDQDQ konsolidasyon sรผrecinde etkinlikte iyileรบPHJ|]OHPOHQPLรบWLU 7DKVLOL*HFLNPLรบ$ODFDNODUร•Q7RSODP.UHGLOHUH2UDQร• 7DKVLOL JHFLNPLรบ DODFDNODUร•Q 7*$  WRSODP NUHGLOHUH RUDQร• DNWLI

NDOLWHVLQLQ HQ |QHPOL J|VWHUJHOHULQGHQ ELULVL RODUDN NDEXO HGLOPHNWHGLU รธQDQ

2000 ve ร‡ankaya ve ร–z, 2001). %DQNDQร•Q HQ |QHPOL oร•NWร•Vร•Qร•Q NUHGL

ROGXรทXQX GยรบยQยUVHN 7*$ RUDQร• oร•NWร•Qร•Q QH NDGDU HWNLQ NXOODQร•OGร•รทร•Qร• QH

NDGDUร•Qร•Q EDWร•รทDG|QยรบWยรทยQยJ|VWHUPHNWHGLUรนHNLOยถGH\ร•OODUร•

LWLEDUL\OH7*$RUDQร•J|UยOPHNWHGLU     




 



25



15



20



10

  

5

0 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Brรผt TGA/Kredi

7.6

7.3

7.3

3.8

4.3

5.4

3.6

3.3

4.2

2.8

2.1

2.2

7.6

Net TGA/Kredi

6.2

4.5

2.8

1.5

1.3

2.1

1.5

1.4

2.0

1.3

0.8

1.1

4.4

11.9 11.5 17.2 23.4 14.4 4.6

4.6

5.9

7.0

1.7

Ey l. 04 6.5 0.7

รนHNLO7DKVLOL*HFLNPLรบ$ODFDNODUร•Q7RSODP.UHGLOHUH2UDQร•   รตwรถรท'รธ'รถรน'รบรปiรผย‡รฝยซรพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  pรท    รธpรพ รตยบรฟ    รน  รถยฃรธ     

%UยW 7*$ยถQร•Q WRSODP NUHGLOHUH RUDQร•QD EDNWร•รทร•Pร•]GD 

G|QHPLQGH VยUHNOL JHULOHGLรทL DQODรบร•OPDNWDGร•U โ€™da yรผzde 7,6 olan brรผt

7*$ยถQร•Q WRSODP NUHGLOHUH RUDQร•  \ร•Oร• LWLEDUL\OH \ย]GH ยถH NDGDU

JHULOHPLรบWLU $QFDN EX JHULOHPHQLQ QH NDGDU JHUoHรทL \DQVร•WWร•รทร• WDUWร•รบPDOร•Gร•U

%LOLQHQ WHPHO QHGHQOHU RODUDN EDWร•N NUHGLOHULQ NDUรบร•Oร•N D\Uร•OPDPDVร• LoLQ FDQOร•

gรถstHULOPHVL oHรบLWOL ELODQoR PDN\DMODPD WHNQLNOHULQLQ NXOODQร•OPDVร• |]HO

EDQNDODUร•Q NDPX NXUXOXรบODUร•QD NXOODQGร•UGร•รทร• NUHGLOHULQ 7*$ LoHULVLQGH

J|VWHULOHPHPHVL YE  VRUXQOX JUXS NUHGLOHULQLQ FDQOร• J|VWHULOPHVL

gรถsterilmektedir (OECD, 2002). 

 2FDN  WDULKL LWLEDUL\OH X\JXODPD\DEDรบODQDQ \HQL ยณ7HN 'ย]HQ

+HVDS 3ODQร•ยถQGDยด EDQNDODU WDUDIร•QGDQ ELOGLULOHQ 7*$ยถODUOD LOJLOL \HQL ELU

Gย]HQOHPH\H JLGLOPHVL LOH ELUOLNWH 7*$ RUDQร• DUWPD\D EDรบODPร•รบ YH  \ร•Oร•

LWLEDUL\OH \ย]GH ยถD \ยNVHOPLรบWLU .DVร•P  YH รนXEDW  NUL]OHUL

VRQUDVร•QGD  \ร•O VRQX LWLEDUL\OH LVH \ย]GH ยถH NDGDU \ยNVHOHQ 7*$

RUDQร•EDQNDODUร•QNUHGLNXOODQGร•Uร•UNHQGDKD|]HQOLGDYUDQPDODUร•HNRQRPLGHNL

Eย\ยPH SHUIRUPDQVร•QD EDรทOร• RODUDN NUHGL NXOODQร•Fร•ODUร•Qร•Q JHUL |GHPH

NDELOL\HWOHULQLQ JHoPLรบ G|QHPOHUH J|UH DUWPDVร• YH รธVWDQEXO \DNODรบร•Pร•QD

DOร•QDQ NUHGLOHUGHNL DUWร•รบร•Q HWNLVL\OH (\OยO  LWLEDUL\OH \ย]GH ยถH

JHULOHPLรบWLU %''. 

6RQXo RODUDN ILQDQVDO NRQVROLGDV\RQXQ EDรบODGร•รทร•  \ร•Oร•QGDQ

LWLEDUHQ 7*$ RUDQร• DUWPD\D EDรบODPร•รบ DQFDN ILQDQVDO NRQVROLGDV\RQXQ




 

XOXVODUDUDVร• VHYL\HOHUH XODรบWร•รทร•  YH  \ร•OODUร•QGD 7*$ RUDQร•

JHULOHPLรบWLU

(WNLQOLN J|VWHUJHOHUL RODUDN NXOODQGร•รทร•Pร•] WRSODP NUHGLOHULQ WRSODP

DNWLIOHU LoHULVLQGHNL SD\ร• PHYGXDWร•Q NUHGL\HG|QยรบยPRUDQร• YH EUยW 7*$ยถQร•Q

WRSODP NUHGLOHUH RUDQร• LQFHOHQGLรทLQGH ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH

HWNLQOLรทLQ D]DOGร•รทร• DQFDN EDQNDFร•Oร•รทร•Q \HQLGHQ \DSร•ODQGร•Uร•OPDVร• SURJUDPร•

VRQXFXQGD ILQDQVDO NRQVROLGDV\RQXQ XOXVODUDUDVร• VHYL\HOHUH XODรบPDVร•

EDQNDODUร•Q NUHGL NXOODQGร•Uร•UNHQ GDKD |]HQOL GDYUDQPDODUร• HNRQRPLGHNL

Eย\ยPH SHUIRUPDQVร•QD EDรทOร• RODUDN NUHGL NXOODQร•Fร•ODUร•Qร•Q JHUL |GHPH

NDELOL\HWOHULQLQ JHoPLรบ G|QHPOHUH J|UH DUWPDVร• YH รธVWDQEXO \DNODรบร•Pร•QD

DOร•QDQNUHGLOHUGHNLDUWร•รบร•QHWNLVL\OHHWNLQOLรทLQDUWPD\DEDรบODGร•รทร•J|UยOPHNWHGLU 9HULPOLOLรทH(WNLVL 9HULPOLOLN ND\QDNODU LOH QH ยUHWLOGLรทL LOH LOLรบNLOLGLU 9HULPOLOLรทLQ

|OoยOPHVL DVOร•QGD ยUHWNHQOLรทLQ |OoยOPHVLGLU %DQNDFร•Oร•N VHNW|UยQGH ยUHWLP

oร•NWร•ODU IL]LNL RODUDN |OoยOHPHGLรทLQGHQ \DUDWร•ODQ NDWPD GHรทHU GH ILQDQVDO

DUDFร•ODUGD |QHPOL ER\XWWD ROPDGร•รทร•QGDQ YHULPOLOLN SHUVRQHO YH รบXEH VD\ร•Vร•

bilanรงo, gelirJLGHU WDEORVXQGDQ \ROD oร•Nร•ODUDN |OoยOPH\H oDOร•รบร•OPDNWDGร•U

%DQNDFร•Oร•N VHNW|UยQGH YHULPOLOLรทLQ |OoยOPHVLQGH NXOODQร•ODQ ELU oRN J|VWHUJH

ROPDNODELUOLNWHWH]GH$OWXQEDรบYH0RO\QHX[   ร‡ankaya ve ร–z (2001),

*  $NJยo  YH)LWFKยถLQ  NXOODQPร•รบROGXรทXรบXEHEDรบร•QD

oDOร•รบDQ VD\ร•Vร• EUยW JLGHUOHULQ WRSODP DNWLIOHUH RUDQร• EUยW JLGHUOHULQ IDDOL\HW

JHOLUOHULQH RUDQร•QHWNRPLV\RQJHOLUOHULQLQEUยWJHOLUOHULoHULVLQGHNLSD\ร•QHW !"

VHUPD\H SL\DVDVร• LรบOHP NDUODUร•Qร•Q IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร• YHULPOLOLN

J|VWHUJHVLRODUDNNXOODQร•ODFDNWร•U

รนXEH%Dรบร•QDdDOร•รบDQ6D\ร•Vร•*HOLรบLPL รนXEH EDรบร•QD oDOร•รบDQ VD\ร•Vร•Qร•Q DUWPDVร• |QยPย]GHNL G|QHPOHUGH

JLGHUOHULQ

DUWDFDรทร•Qร•

GROD\ร•Vร•\OD

รบXEH

YHULPOLOLรทLQLQ

D]DODFDรทร•Qร•

J|VWHUPHNWHGLU $OWXQEDรบYH0RO\QHX[0LVKNLQYH)LWFK 

รนXEH EDรบร•QD oDOร•รบDQ VD\ร•Vร•QGDNL JHOLรบPHQLQ DQODรบร•ODELOPHVL LoLQ |QFHOLNOL

RODUDNรบXEHYHoDOร•รบDQVD\ร•Vร•QGDNLJHOLรบPHQLQL]OHQPHVLID\GDOร•RODFDNWร•U   ยฎ$#

 %&&' ( )+*-,/.*' ( 0 ( 120 3+,4.*' ( 0 ' *0 ( 56 7 &( 89.*' ( 0 ( 17 &( 8;:< =< .*' ( 0?>*@:( A*0?7 &( 8B:< =<.*' ( 0?, CD' &E < FG( =H, ( 0 &I+' *0 :*59*' :*@*:( ' *5 .*' ( 0 ' *0 15+*,D&0 &J-&'+D-C-8-( JH)-C5KIH&0 <L>*KC' &A&53-JH, 3M.*' ( 0 ' *0 :*5N&0 < 5-:< 0 < ' EN&-J<( ' *K*' :*N*:( ' E*IO, *:( 0 P 


 

 

^]\ U \

Z[\ V

YT T

W RX URV ST QR

    

180



170

7.5

160 150

7.0

e

6.5

[\Z V

^cd b YT T

6.0 W RX

140

5.5

130

ab _`

5.0

120

f$g$h i jkgmln$gopi nOi jmqkrps nkgpoi nti



8.0

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Eyl04

4.5

151.3 153.1 154.1 152.9 146.8 144.7 139.0 144.8 148.2 154.9 166.5 174.0 170.4 137.5 123.3 123.2 127.0 5.12 5.21 5.31 6.01 6.17 6.17 6.08 6.21 6.43 6.85 7.35 7.68 7.85 6.91 6.11 5.97 6.05

รนHNLOรนXEHYHdDOร•รบDQ6D\ร•Vร• %LQ$GHW.LรบL  รตwรถรท'รธ'รถรน'รบรป}รพ รพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  

รนHNLO  LQFHOHQGLรทLQGH  โ€“  G|QHPLQGH รบXEH VD\ร•Vร•Qร•Q

DUWWร•รทร• YH oDOร•รบDQ VD\ร•Vร•Qร•Q D]DOGร•รทร• J|UยOPHNWHGLU  \ร•Oร•QGD oDOร•รบDQ

VD\ร•Vร•  YH รบXEH VD\ร•Vร•  LNHQ  LWLEDUL\OH oDOร•รบDQ VD\ร•Vร•

ยถH JHULOHPLรบ YH รบXEH VD\ร•Vร• ยถD \ยNVHOPLรบWLU  NUL]LQLQ

\DรบDQPDVร•Qร•Q DUGร•QGDQ IRQODQPD LKWL\DFร•Qร• \XUW LoL ND\QDNODUGDQ PHYGXDW

WRSOD\DUDN NDUรบร•ODPD\ร• YH ELUH\VHO EDQNDFร•Oร•รทD Dรทร•UOร•N YHUPH\L |Q J|UHQ

EDQNDFร•Oร•NVHNW|UยQGHรบXEHYHoDOร•รบDQVD\ร•Vร•DUWPD\DEDรบODPร•รบYH\ร•Oร•

LWLEDUL\OHoDOร•รบDQVD\ร•Vร•ยถHรบXEHVD\ร•Vร•ยถH\ยNVHOPLรบWLU

ยถGHILQDQVDONRQVROLGDV\RQVยUHFLQHJLULOPHVLQHUDรทPHQoDOร•รบDQ

VD\ร•Vร•  \ร•Oร•QD NDGDU รบXEH VD\ร•Vร• LVH  \ร•Oร•QD NDGDU DUWPD\D GHYDP

HWPLรบWLU %X GXUXP PDOL\HWOHULQ GDKD GD DUWPDVร•QD QHGHQ ROPXรบWXU .DVร•P

 YH รนXEDW  NUL]OHUL VRQUDVร•QGD EDQNDFร•Oร•N VHNW|UยQย \HQLGHQ

\DSร•ODQGร•UPD SURJUDPร• oHUoHYHVLQGH EDQND VD\ร•Vร•Qร•Q D]DOPDVร•Qร•Q HWNLVL\OH

รบXEHYHoDOร•รบDQVD\ร•Vร•D]DOPร•รบWร•U

รนHNLO ยถGH YHULPOLOLN J|VWHUJHVL RODUDN NDEXO HGLOHQ รบXEH EDรบร•QD

oDOร•รบDQVD\ร•Vร•Qร•QJHOLรบLPLJ|UยOPHNWHGLU     


  30



29

29.5



28

29.0 29.4

 

25.4

23

23.8



22

23.5

23.3 23.0

22.6

22.9

22.7 22.6

21.7

 2000

1999

1998

1997

1996

1995

1994

1993

1992

1991



1990

1988

20

19.9 20.2

1989

21

20.7

21.0

รนHNLOรนXEH%Dรบร•QDdDOร•รบDQ6D\ร•Vร• รตwรถรท'รธ'รถรน'รบรป}รพ รพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  

Eyl-04



24

2003

25

2002

26

2001

27

G|QHPLQGHรบXEHEDรบร•QDoDOร•รบDQVD\ร•Vร•Qร•Q\ยNVHNROGXรทX

J|UยOPHNWHGLU ยถGD  RODQ รบXEH EDรบร•QD oDOร•รบDQ VD\ร•Vร•  LWLEDUL\OH

 RODUDN JHUoHNOHรบPLรบWLU .DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD

EDQNDFร•Oร•N VHNW|UยQยQ \HQLGHQ \DSร•ODQGร•Uร•OPDVร• SURJUDPร•Qร•Q HWNLVL\OH รบXEH

EDรบร•QDoDOร•รบDQVD\ร•Vร•LWLEDUL\OHLOHHQGยรบยNVHYL\HVLQHJHULOHPLรบWLU

%DQNDFร•Oร•N VLVWHPLQLQELUH\VHO EDQNDFร•Oร•รทD WยNHWLFL NUHGLOHUL YH NUHGL

NDUWODUร•  RGDNODQPDVร• HWNLOHULQL  \ร•Oร•QGDQ LWLEDUHQ J|VWHUPH\H EDรบODPร•รบ

YHรบXEHEDรบร•QDoDOร•รบDQVD\ร•Vร•DUWPD\DEDรบODPร•รบYH(\OยOWDULKLLWLEDUL\OH

\ย]GHยถH\ยNVHOPLรบWLU$QFDNรบXEHEDรบร•QDoDOร•รบDQVD\ร•Vร•Qร•QKDOHQGยรบยN

VHYL\HOHUGH NDOPDVร•Qร•Q WHPHO QHGHQOHUL RODUDN LQWHUQHW EDQNDFร•Oร•รทร•QGD

JHOLรบLP$70NXOODQร•Pร•Qร•QDUWPDVร•JLELWHNQRORMLNJHOLรบPHOHUJ|VWHULOHELOLU

7ยP EX JHOLรบPHOHU J|] |QยQGH EXOXQGXUXOGXรทXQGD  \ร•Oร•QGDQ

LWLEDUHQ รบXEH EDรบร•QD oDOร•รบDQ VD\ร•Vร•Qร•Q D]DOGร•รทร• EDQNDFร•Oร•N VHNW|UยQยQ

\HQLGHQ \DSร•ODQGร•Uร•OPDVร• VRQXFXQGD HQ GยรบยN VHYL\HOHUH JHULOHGLรทL ILQDQVDO

NRQVROLGDV\RQXQ XOXVODUDUDVร• VHYL\HOHUH XODรบร•OGร•รทร•  \ร•Oร•QGDQ LWLEDUHQ LVH

NXUXPVDO EDQNDFร•Oร•NWDQ GDKD GยรบยN ULVNH VDKLS RODQ ELUH\VHO EDQNDFร•Oร•รทD  !u

\|QHOLPLQ DUWPDVร• QHGHQL\OH YHULPOLOLรทLQ D]DOPD\D EDรบODGร•รทร• J|UยOVH GH

GยรบยNVHYL\HOHUGHNDOGร•รทร•J|UยOPHNWHGLU%LUH\VHOEDQNDFร•Oร•รทD\|QHOLN\DSร•ODQ

\DWร•Uร•PODUร•Q JHUL G|QPHPHVL GXUXPXQGD LVH VHNW|UยQ FLGGL YHULPVL]OLN   ยฎmv

 w&-J+*'x x)+*5(J+*0 EN&-)+*y+8-' &=< J< 1JH, &5-:&0 ,?)-&I+' &=< E:&2( 0 *)+J+*'2&5IH&z< ' < A< 5{I+y0 yEJ-&'2&5IH&z< ' < IO, &5;:&|&9:3-=3I .*0 (H}:*5E*EM* 0 ( JI+( 5+* 6 :*7 &y' ,0 ( JItFJ-&|( DNC' :y+Ay5yL>y0 .y' &EN&IO, &:< 0 P 




VRUXQX\OD NDUรบร• NDUรบร•\D NDODFDรทร• )LWFK   WDUDIร•QGDQ EHOLUWLOVH GH V|]

NRQXVX RUDQร•Q WHNQRORML DODQร•QGD VDรทODQDQ LOHUOHPHOHU QHGHQL\OH GยรบยN

VHYL\HOHULQLNRUXGXรทXJ|UยOPHNWHGLU

%UยW*LGHUOHULQ7RSODP$NWLIOHUH2UDQร• $OWXQEDรบ YH 0RO\QHX[   YH)LWFK   EUยWJLGHUOHULQ WRSODP

DNWLIOHUHRUDQร•QGDNLJHULOHPHQLQYHULPOLOLรทLDUWร•UGร•รทร•Qร•EHOLUWPLรบOHUGLU  

25.4

23.1

22.0

22.7

21.0 22.1 20.2

22.3

18.9

22.7

17.9

17.5



Eyl.04

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990



13.1

2003



23.7

22.5

 16.8

29.5



1989

30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13

1988



รนHNLO%UยW*LGHUOHULQ7RSODP$NWLIOHUH2UDQร•   รตwรถรท'รธ'รถรน'รบ รพ/ ~B ย€  {  รธ รปยผรพ รพร…รฟ     ย ย‚  รถ  รถรน+  ยƒ {  รธ รปย‹รผ รฝยบรพ รฟ     รน  รถยฃรธ  รถ รถlรนย„  รถ  รถยฃรธ -  ย…    รท  ย† ~ ย€    รธp รพ  รตยบรฟ     รน   รถยฃ รธ     ย‡k

\ร•Oร•QGDWDPILQDQVDOVHUEHVWOHรบPHLOHELUOLNWHND\QDNPDOL\HWLQLQ

D]DOPDVร• VRQXFXQGD EUยW JLGHUOHULQ WRSODP DNWLIOHUH RUDQร•QGD   

\ร•OODUร• DUDVร•QGD \ย]GH ยถGHQ \ย]GH ยถ\D \ยNVHOPLรบWLU  NUL]LQGH

ND\QDN PDOL\HWOHULQLQ DUWPDVร•Qร•Q HWNLVL\OH V|] NRQXVX RUDQ DUWPร•รบ DQFDN

 \ร•Oร•QGD \ย]GH ยถH JHULOHPLรบWLU  \ร•Oร•QGDQ LWLEDUHQ LVH YHULPOLOLรทLQ

D]DOPD\D GHYDP HWWLรทL ILQDQVDO NRQVROLGDV\RQ VยUHFLQLQ EDรบODGร•รทร• 

\ร•Oร•QGDQ LWLEDUHQ LVH Kร•]ODQGร•รทร• J|UยOPHNWHGLU  \ร•Oร•QGD \ย]GH  RODQ

brรผt giderlerin toplam aktiflHUH RUDQร•  \ร•Oร•QGD \ย]GH ยถ\D NDGDU

\ยNVHOPLรบWLU  \ร•Oร•QGD SDUD SURJUDPร•Qร•Q ROXPOX HWNLVL\OH IDL]OHULQ

GยรบPHVLQLQ VRQXFXQGD V|] NRQXVX RUDQ \ย]GH ยถ\H JHULOHPHVLQH

UDรทPHQ .DVร•P  YH รนXEDW  NUL]OHULQLQ HWNLVL\OH EX VHYL\HOHULQL

NRUXPXรบWXU0DNURHNRQRPLNNRรบXOODUร•QL\LOHรบPHVL\OHIDL]OHULQKร•]ODGยรบPHVL

 \ร•Oร• LWLEDUL\OH \ย]GH  RODQ EUยW JLGHUOHULQ DNWLIOHUH RUDQร•Qร•Q (\OยO

ยถWH\ย]GHยถHNDGDUJHULOHPHVLQLVDรทODPร•รบWร•U




 

g]HW RODUDN EUยW JLGHUOHULQ WRSODP DNWLIOHUH RUDQร•Qร•Q ILQDQVDO

SDUoDODQPD VยUHFLQGH \ยNVHOGLรทL YH ]RUXQOX NRQVROLGDV\RQ VRQUDVร•QGD HQ

GยรบยNVHYL\HOHULQHJHULOHGLรทLDQODรบร•OPDNWDGร•U

%UยW*LGHUOHULQ)DDOL\HW*HOLUOHULQH2UDQร• $OWXQEDรบ YH 0RO\QHX[   dDQND\D YH g]   YH )LWFK

(2004) brรผt gLGHUOHULQ IDDOL\HW JHOLUOHULQH RUDQร•QGDNL JHULOHPHQLQ YHULPOLOLรทL

DUWร•UGร•รทร•Qร•EHOLUWPLรบOHUGLU 

88.4 89.4

 86.0

89.4

89.9

90.0 90.5

85.3 85.1



85.1

81.7

85.1

Eyl.04

รนHNLO%UยW*LGHUOHULQ)DDOL\HW*HOLUOHULQH2UDQร•   รตwรถรท'รธ'รถรน'รบรป}รพ รพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  ย…   รท    รธยซรพรตรฟ    รน  รถยฃรธ     ย‡k

2003

2002

2001

2000

1999

1998

1997

1996

1995

1992

1991

83.6

1990



90.7

89.2

1994



100.6

91.2

1993



1988

98 96 94 92 90 88 86 84 82 80



1989

102 100

รนHNLO  LQFHOHQGLรทLQGH EUยW JLGHUOHULQ IDDOL\HW JHOLUOHULQH RUDQร•Qร•Q

WDP ILQDQVDO VHUEHVWOHรบPHQLQ DUGร•QGDQ   1993 dรถneminde yรผzde

ยถGHQ \ย]GH ยถ\D JHULOHGLรทL J|UยOPHNWHGLU  NUL]L VRQUDVร•QGD V|]

konusu oran 1994โ€™te yรผzde 89,4โ€™e yรผkselmiรบ YH  \ร•Oร•QGD \ย]GH ยถH

JHULOHPLรบ YH LVWLNUDUOร• ELU VH\LU L]OH\HUHN  LWLEDUL\OH GH \ย]GH  RODUDN

JHUoHNOHรบPLรบWLU 0HYGXDWD VDรทODQDQ JยYHQFH YH  *ยQH\GRรทX $V\D YH

 5XV\D NUL]L YH ยณ/RQJ 7HUP &DSLWDO 0DQDJHPHQWยด รบLUNHWLQLQ LIODVร•Qร•Q

\DUDWWร•รทร• HWNLOHU QHGHQL\OH \XUWGร•รบร•QGDQ ERUoODQPD RODQDNODUร•Qร•Q Nร•Vร•WOร• YH

PDOL\HWOL ROPDVร• EDQNDODUร•Q PยรบWHULOHULQH \ยNVHN UHHO IDL] |QHUPHVLQL

EHUDEHULQGH JHWLUPLรบ YH EUยW JLGHUOHULQ IDDOL\HW JHOLUOHULQH RUDQร•  \ร•Oร•QGD

\ย]GHยถ\H\ร•Oร•QGD\ย]GHยถ\D\ยNVHOPLรบWLU

.DVร•P  YH รนXEDW  NUL]OHULQLQ DUGร•QGDQ รบXEH YH oDOร•รบDQ

VD\ร•Vร•QGDNL D]DOPDQร•Q PDOL\HWOHUL DรบDรทร• oHNPHVL \XUW Gร•รบร•QGDQ ERUoODQPD

PDOL\HWOHULQLQD]DOPDVร•YHNDPXERUoODQPDVHQHWOHULQGHQHOGHHGLOHQ\ยNVHN






IDL] JHOLUOHULQLQ HWNLVL\OH IDDOL\HW JHOLUOHUL DUWPร•รบ YH EUยW JLGHUOHULQ IDDOL\HW

JHOLUOHULQHRUDQร•\ร•Oร•LWLEDUL\OH\ย]GHยถ\HNDGDUJHULOHPLรบWLU

Sonuรง olarak, 19972000 dรถneminde brรผt giderler faaliyet gelirleri

RUDQร•Qร•Q DUWWร•รทร• .DVร•P  YH รนXEDW  NUL]OHULQLQ DUGร•QGDQ ILQDQVDO

NRQVROLGDV\RQXQLYPHND]DQPDVร•LOHELUOLNWHEUยWJLGHUOHULQIDDOL\HWJHOLUOHULQH

RUDQร•Qร•QD]DOGร•รทร•YHYHULPOLOLรทLQDUWWร•รทร•J|]OHPOHQPHNWHGLU

1HW.RPLV\RQ*HOLULQLQ)DDOL\HW*HOLUOHULรธoLQGHNL3D\ร• )LWFK   QHW NRPLV\RQ Jelirlerinin faaliyet gelirleri iรงerisindeki

SD\ร•Qร•QDUWPDVร•Qร•YHULPOLOLNDUWร•รบร•RODUDNLIDGHHWPHNWHGLU

4.29

Eyl.04

2003

2002

2.38

1998



1997



2.79

2001



2.94

2.84

5.27

3.86

2000

3.49 4.13

1999

3.77

1995

2.0

5.17

4.88

4.52

1994

3.0



4.79

1993

4.0



8.11

5.50

1992

5.0



1991

6.0



1990

7.0



8.90

1989

8.0

1996

9.0

1988



รนHNLO1HW.RPLV\RQ*HOLUOHULQLQ)DDOL\HW*HOLUOHULQH2UDQร•   รตwรถรท'รธ'รถรน'รบรป}รพ รพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  ย…   รท    รธยซรพรตรฟ    รน  รถยฃรธ     ย‡k

รนHNLO  LQFHOHQGLรทLQGH QHW NRPLV\RQ JHOLUOHULQLQ IDDOL\HW JHOLUOHUL

LoHULVLQGHNL SD\ร•Qร•Q  \ร•Oร• LWLEDUL\OH \ย]GH  RODUDN JHUoHNOHรบWLรทL DQFDN

GDKDVRQUD\ร•OODULWLEDUL\OHEDQNDFร•Oร•NVLVWHPLLoHULVLQGHNL|QHPLQLD]DOWWร•รทร•YH

\ร•Oร•LWLEDUL\OH\ย]GHยถHNDGDUJHULOHGLรทLJ|UยOPHNWHGLU

 \ร•Oร•QGDQ LWLEDUHQ LVWLNUDUOร• ELU JHOLU ND\QDรทร• RODQ QHW NRPLV\RQ

JHOLUOHULQLQ |QHPL EDQNDFร•Oร•N VHNW|Uย WDUDIร•QGDQ \HQLGHQ DQODรบร•OPDVร• YH

VDรทODQDQEDQNDFร•Oร•NKL]PHWOHULQGHQNRPLV\RQDOร•QPD\DEDรบODPDVร•\ODIDDOL\HW

JHOLUOHUL LoHULVLQGHNL SD\ร• Kร•]OD DUWPD\D EDรบODPร•รบWร•U  \ร•Oร•QGD \ย]GH 

RODQ QHW NRPLV\RQ JHOLUOHULQLQ IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร• (\OยO 

LWLEDUL\OH \ย]GH ยถH \ยNVHOPLรบ YH EDQNDFร•Oร•รทร•Q DQD IDDOL\HW NRQXODUร•

DUDVร•QGD\HULQLDOPร•รบWร•U




 

6RQXo RODUDN ยถGH EDรบOD\DQ NRQVROLGDV\RQ VยUHFLQGH  \ร•Oร•

KDULo QHW NRPLV\RQ JHOLUOHULQLQ IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•Qร•Q DUWWร•รทร•

NRQVROLGDV\RQXQDUWPDVร•LOHELUOLNWHYHULPOLOLรทLQGHKร•]ODDUWWร•รทร•J|UยOPHNWHGLU

$\Uร•FD NDUOร•Oร•NWDNL DUWร•รบร•Q UHNDEHWL D]DOWWร•รทร• \RUXPODUร• J|] |QยQGH

EXOXQGXUXOGXรทXQGD ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH QHW NRPLV\RQ

JHOLUOHULQGHNLDUWร•รบGLNNDWoHNLFLGLU

 6HUPD\H 3L\DVDVร• รธรบOHPOHUL .DUODUร•Qร•Q )DDOL\HW *HOLUOHUL

รธoHULVLQGHNL3D\ร•

dDQND\DYHg]  YH)LWFK  \DSWร•NODUร•oDOร•รบPDGDVHUPD\H

SL\DVDVร• LรบOHPOHUL NDUODUร•Qร•Q IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•Qร•Q DUWPDVร•Qร•

YHULPOLOLรทLQDUWWร•รทร•รบHNOLQGH\RUXPODPDNWDGร•U$QFDNยONHPL]X\JXODPDVร•QGD

VHUPD\H SL\DVDODUร•QGD DOร•P YH VDWร•P VRQXFXQGD HOGH HGLOHQ NDUODUร•Q

\DQร•QGD IDL] GยรบยรบOHUL YH \ยNVHOLรบOHUL VRQXFXQGD NDPX ERUoODQPD

VHQHWOHULQLQ \HQLGHQ GHรทHUOHQPHVL VRQXFX ROXรบDQ NDU YH ]DUDUODUร•Q GD

VHUPD\HSL\DVDVร•LรบOHPNDUODUร•LoHULVLQGHJ|VWHULOGLรทLXQXWXOPDPDOร•Gร•U 

9.87

3.67



7.60

4.22



3.01

2.39

6.36

2.31 1.71

0.89

 Eyl.04

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993



-3.11

1990



1988

-4.0



3.81

1989

-2.0

6.45

 4.18

4.0

0.0

6.25

5.22

6.0

2.0



6.16

1992

8.0

1991

10.0

รนHNLO6HUPD\H3L\รธรบO.DUODUร•Qร•Q)DDOL\HW*HOLUOHULรธoHULVLQGHNL3D\ร•   รตwรถรท'รธ'รถรน'รบรป}รพ รพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  ย…   รท    รธยซรพรตรฟ    รน  รถยฃรธ     ย‡k

รนHNLO  LQFHOHQGLรทLQGH WDP ILQDQVDO VHUEHVWOHรบPHQLQ VHUPD\H

SL\DVDVร• LรบOHP NDUODUร•Qร•Q IDDOL\HW JHOLUOHULQLQ    DUDVร•QGD \ย]GH

ยถGHQ \ย]GH ยถD NDGDU JHULOHPHVLQH QHGHQ ROGXรทX DQODรบร•OPDNWDGร•U

6HUPD\HSL\DVDVร•LรบOHPNDUODUร•Qร•QIDDOL\HWJHOLUOHULLoHULVLQGHNLSD\ร•Qร•Q

1993 dรถneminde yรผzde 2,39โ€™dan yรผzde 6,16โ€™yD \ยNVHOGLรทL DQFDN  


 

NUL]LQLQ HWNLVL\OH \ย]GH ยถH JHULOHGLรทL J|UยOPHNWHGLU  \ร•Oร•QGD \ย]GH

ยถH \ยNVHOHQ RUDQ  YH  \ร•OODUร•QGD JHULOHPLรบWLU  YH 

\ร•OODUร•QGD WHNUDU \ยNVHOGLNWHQ VRQUD .DVร•P  YH รนXEDW  NUL]OHULQLQ

HWNLVL\OH  \ร•Oร•QGD \ย]GH ยถD YH  \ร•Oร•QGD LON NH] ]DUDUD G|QHUHN yรผzde

โ€“

RODUDN

JHUoHNOHรบPLรบWLU

)LQDQVDO

NRQVROLGDV\RQXQ

JHUoHNOHรบPHVL LOH ELUOLNWH  \ร•Oร•QGD VHUPD\H SL\DVDVร• LรบOHP NDUODUร•Qร•Q

IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•Qร•Q \ย]GH   \ร•Oร•QGD LVH UHNRU

Nร•UDUDN\ย]GH(\OยOLWLEDUL\OH\ย]GHROGXรทXDQODรบร•OPDNWDGร•U

ร–zetlenecek olursa, finansal konsolidasyon sรผrecinde sermaye

SL\DVDVร• LรบOHP NDUODUร•Qร•Q IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•Qร•Q  YH 

\ร•OODUร• KDULo DUWWร•รทร• ILQDQVDO NRQVROLGDV\RQXQ JHUoHNOHรบPHVL LOH ELUOLNWH UHNRU

Nร•UGร•รทร• DQODรบร•OPDNWDGร•U %X GXUXP ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH NUL]

G|QHPL KDULo YHULPOLOLรทLQ DUWWร•รทร•Qร• J|VWHUPHNWHGLU $\Uร•FD NDUOร•Oร•NWDNL DUWร•รบร•Q

UHNDEHWL D]DOWWร•รทร• \RUXPODUร• J|] |QยQGH EXOXQGXUXOGXรทXQGD VHUPD\H

SL\DVDVร• LรบOHP NDUODUร•QGDQ HOGH HGLOHQ JHOLUOHUGHNL DUWร•รบ LOH ILQDQVDO

NRQVROLGDV\RQXQ XOXVODUDUDVร• VHYL\HOHUH XODรบPDVร•Qร•Q D\Qร• G|QHPGH

XODรบPDVร•GLNNDWoHNLFLGLU

5HNDEHWH(WNLVL )LQDQVDO NRQVROLGDV\RQXQ DUWPDVร•Qร•Q UHNDEHW NRรบXOODUร•QGD ER]XOPD

\DUDWWร•รทร•JHQHORODUDNNDEXOJ|UPHNWHGLU (UWXรทUXOYH=DLP5LVVHHXZ

 YH *   %DQND ELUOHรบPHOHULQLQ YH GHYUDOPDODUร•Qร•Q WDVIL\HOHULQ

YH OLGHU NXUXOXรบODUร•Q SL\DVD SD\ร•Qร•Q DUWPDVร•Qร•Q UHNDEHW NRรบXOODUร•Qร• ER]GXรทX

NDEXO edilmektedir. Tezin bu bรถlรผmรผnde finansal konsolidasyon dรถneminde

7ยUN EDQNDFร•Oร•N VLVWHPLQGH UHNDEHW NRรบXOODUร•Qร•Q ER]XOXS ER]XOPDGร•รทร•

LQFHOHQHFHNWLU %X oHUoHYHGH 7/ WDVDUUXI PHYGXDWODUร•QD X\JXODQDFDรทร•

ELOGLULOHQ IDL] RUDQODUร• UHHO  NUHGL IDDOL\HWOHULQGHNL JHOLรบLP YH NDUOร•Oร•รทร•Q

JHOLรบLPL DUDFร•Oร•รทร•\OD UHNDEHW NRรบXOODUร• YH ILQDQVDO NRQVROLGDV\RQ DUDVร•QGDNL

LOLรบNLRUWD\DNRQXOPD\DoDOร•รบร•ODFDNWร•U

7DVDUUXI0HYGXDWร•)DL]2UDQODUร•Qร•Q*HOLรบLPL 5LVVHHXZ   *   YH ,0)   PHYGXDW IDL]

RUDQODUร•QGDNL DUWร•รบร•Q UHNDEHW DUWร•รบร•QD LรบDUHW HWWLรทLQL YXUJXODPDNWDGร•U $รบร•Uร•

UHNDEHW RUWDPร•QGD \ยNVHN IDL]OHU |QHULOGLรทL J|] |QยQGH EXOXQGXUXOGXรทXQGD 


 

7/ WDVDUUXI PHYGXDWODUÕQD X\JXODQDQ IDL] RUDQODUÕQÕQ YH $%' GRODUÕ

FLQVLQGHQ

'7+

IDL]

RUDQODUÕQÕQ

DQODúÕOPDVÕQGDGDJ|VWHUJHRODFDNWÕU

L]OHQPHVL

UHNDEHWWHNL

JHOLúLPLQ

7$%/27/0(9'8$7)$ø=25$1/$5, 7h)(  

 1RPLQDO ˆ‰ 5HHO ˆŠ D\  D\   D\ D\                                                                                 Eylül.04     õwö÷'ø'öù'úûiü‡ý«þÿ    ù  öl

ø 

ö  öù  ö  ölø   ‹Œ÷ ùMƒ ö  xÿ    ö÷ ù~xö ÷  M ù ƒ ö  #ÿ     ~xö'÷  ù  ƒ ö€;€  @    

7DEOR  LQFHOHQGL÷LQGH 7/ WDVDUUXI PHYGXDWODUÕQD X\JXODQDQ UHHO

IDL] RUDQODUÕQÕQ ILQDQVDO SDUoDODQPD G|QHPLQGH FLGGL ELU IRQODQPD ND\QD÷Õ

RODUDN J|UOPHGL÷L YH JHUoHNOHúHQ HQIODV\RQ RUDQODUÕQÕQ DOWÕQGD IDL] |QHULOGL÷L J|UOPHNWHGLU  –  \ÕOODUÕ DUDVÕQGD EDQNDFÕOÕN VHNW|UQQ

PúWHULOHULQH|]HOOLNOHD\OÕNPHYGXDWODULoLQGúNUHHOIDL]YH\DQHJDWLIIDL] önermesi

TL

PHYGXDWODU

GR÷UXODPDNWDGÕU

LoLQ

FLGGL

ELU

UHNDEHW

\DúDQPDGÕ÷ÕQÕ

 \ÕOÕQGDQ LWLEDUHQ VHNW|UGH 0HUNH] %DQNDVÕ¶QÕQ 7UN OLUDVÕQD

\NVHNUHHOIDL]SROLWLNDVÕQDPWHDNLEHQ7/PHYGXDWIDL]OHULLoLQ\NVHNUHHO

IDL] X\JXODPDVÕEDúODGÕ÷ÕJ|UOPHNWHGLU.DVÕPYHùXEDWNUL]OHUL

VRQUDVÕQGD NXU ULVNL DOPDN LVWHPH\HQ EDQNDODUÕQ 7/ PHYGXDWD \|QHOPHVL

 Ž ‘ ’/“-”;•“–—–— ˜™-—’ ‘ š —™9 › “‘ œ-š —’ ‘ ™@“+”š  ž{Ÿ-“-œH–“

’ ——š —-¡ ‘ ’ ‘ ¢‘ £¤ ¤ ¥;“-”š  ž;™¦§N‘ ™“š› “‘ œt¨ ¥+©©-ª ¨ ¤ ¥H«“-”š  ž —™+› š “-¢H”-¦™-ª ¬¥Hª ­O¥+©© › ¦’ §K®š ®¯‘ š —±°-—¢-“²š “™§“žO¡ “– ’ ³´”’  µ+“¶¡G“+” ™-–“ž+‘› “‘ œ@¦’ “™ ” š š  ž9¦š “’ “ž@‘ › “-–— —–‘ š §—žO¡ —•—·¥ ˆ¸ ”+—¹Ÿ˜š ®™-—’ —ž;› “‘ œ-‘ Ÿºš º™§N“žO¡ “– ’ ³¹»?“°“¼¢-¦™’ “½”‘ ™-—½¡¾“-” ™-–“ž+‘¯¥¿“-”š  žÀ—™H› š “¢H”-¦™ÁŸºš º™“’ “ž¶@¡¾“-” ™-–“ž+‘@’ ——š;› “‘ œÂ¦™“½ ˜’ — °-—¢-“²š “™§“žO¡ “– ’ ³ Ž Ã?Ä?Å “+”M•“–—–— ˜™+—’ ‘ š —™M› “‘ œ-š —’ ‘ ™Æ® Å “-”š  ž’ ——šH —-¡ ‘ ’ ‘ ¢‘ £¤ ¤ ÇK“-”š  žL™¦§K‘ ™-“šO› “‘ œt¨ ¥+©©ª ¨ ¤ ÇK“-”š  žG—™+› š “¢H”-¦™-ª ¬ ‘ š —È°-—¢-“²š “™§“žO¡ “– ’ ³É´”’  µ+“¶É¡“-” ™-–“ž+‘4® Å “-”š  ž@› “‘ œ¹¦’ “™?” š š  ž ¦š “’ “ž¯‘ › “–—·—–‘ š §M—žO¡ —±•-—±Ê ¸ —¾Ÿ1)*100 ˜š ®™+—’ formülü —ž{› “‘ œ-‘ Ÿºš º™§N“žO¡ “– ’ ³¹»?“°“¼¢-¦™’ “½”‘ ™-—½¡¾“-” ™-–“ž+‘@ÇÁ“-”š  žÀ—™H› š “¢H”-¦™ÁŸºš º™“’ “ž¶@¡¾“-” ™-–“ž+‘@’ ——š;› “‘ œÂ¦™“½ ˜’ — °-—¢-“²š “™§“žO¡ “– ’ ³






D\Uร•FD NUL] |QFHVLQGH EDQNDODUร•Q ND\QDN LKWL\DFร•Qร•Q DUWPDVร• \ยNVHN UHHO

IDL]OHULQ

WHPHO

JHUHNoHOHULQL

ROXรบWXUPDNWDGร•U

<XNDUร•GD

QHGHQOHUOH7/PHYGXDWODULoLQUHNDEHWDUWDUDNGHYDPHWPLรบWLU 16 14 12 10 8 6 4 2

EHOLUWWLรทLPL]

      

Mar.90 Eyl.90 Mar.91 Eyl.91 Mar.92 Eyl.92 Mar.93 Eyl.93 Mar.94 Eyl.94 Mar.95 Eyl.95 Mar.96 Eyl.96 Mar.97 Eyl.97 Mar.98 Eyl.98 Mar.99 Eyl.99 Mar.00 Eyl.00 Mar.01 Eyl.01 Mar.02 Eyl.02 Mar.03 Eyl.03 Mar.04 Eyl.04





รนHNLO'7+)DL]2UDQODUร• $%''RODUร•&LQVLQGHQ$\Oร•N$รทร•UOร•NODQGร•Uร•OPร•รบ  รตwรถรท'รธ'รถรน'รบรปiรผย‡รฝยซรพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  

รนHNLO  LQFHOHQGLรทLQGH  \ร•Oร•QGD EDรบOD\DQ ILQDQVDO

NRQVROLGDV\RQ VยUHFLQH UDรทPHQILQDQVDOSDUoDODQPDG|QHPLQGHROGXรทXJLEL

|QJ|UยOHELOLU NXU QHGHQL\OH SR]LV\RQ DoPDQร•Q WHรบYLN HGLOPHVL\OH '7+ LoLQ

UHNDEHWLQDUWPD\DGHYDPHWWLรทLJ|UยOPHNWHGLU$QFDN.DVร•PYH$UDOร•N

 NUL]OHULQLQ DUGร•QGDQ JHUoHNOHรบHQ ]RUXQOX NRQVROLGDV\RQXQ DUGร•QGDQ

'7+ IDL] RUDQODUร• LoLQ UHNDEHWLQ Kร•]OD D]DOGร•รทร• J|UยOPHNWHGLU )('ยถLQ GยรบยN

IDL] SROLWLNDVร• QHGHQL\OH EDQNDODUร•Q \XUWGร•รบร•QGDQ ERUoODQPD PDOL\HWOHULQLQ

D]DOPDVร• NXU ULVNL DOPDPD WHUFLKL QHGHQL\OH \DEDQFร• SDUD FLQVLQGHQ

IRQODQPDGDQ NDoร•Qร•OPDVร• YH \DEDQFร• SDUD FLQVLQGHQ NUHGL NXOODQGร•Uร•Pร•QD

LOLรบNLQ RODUDN \ยUยUOยNWHNL NDPEL\R PHY]XDWร•QD J|UH \DEDQFร• SDUD FLQVLQGHQ

NUHGL NXOODQGร•Uร•ODFDN PยรบWHULQLQ G|YL] ND]DQGร•UDQ LรบOHPOHUOH LรบWLJDO HGHQ ELU

ILUPD\DVDKLSROPDVร•JHUHNOLOLรทLQHGHQOHUL\OH'7+LoLQUHNDEHWD]DOWPร•รบWร•U

6RQXo RODUDN ILQDQVDO NRQVROLGDV\RQXQ XOXVODUDUDVร• VHYL\HOHUH

\ยNVHOPHVLQH UDรทPHQ NXU ULVNL DOPDN LVWHPH\HQ EDQNDFร•Oร•N VLVWHPLQLQ 7/

DNWLIOHULQL7/LOHIRQODPDLVWHรทL7/PHYGXDWODULoLQUHNDEHWLQGHYDPHWPHVLQH

\RO DoPร•รบWร•U %LOLQGLรทL ย]HUH 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ HQ |QHPOL ND\QDN

PDOL\HWOHULQGHQ ELULVLQLQ '7+ ROPDVร•QD UDรทPHQ \DEDQFร• SDUD FLQVLQGHQ

SODVPDQODUร•Q JHWLULVLQLQ GยรบยN ROPDVร• YH EDQNDODUร•Q NXU ULVNL DOPDPD




 

WHUFLKOHULQHGHQL\OH\DEDQFร•SDUDFLQVLQGHQIRQODQPDGDQNDoร•QPDVร•'7+LoLQ

UHNDEHWLD]DOWPร•รบWร•U

.UHGL)DDOL\HWOHULQLQ$]DOPDVร• *   ILQDQVDO NRQVROLGDV\RQXQ UHNDEHWL D]DOWWร•รทร•Qร• YH

NXOODQGร•Uร•ODQ NUHGLOHUGH D]DOPD \DรบDQGร•รทร•Qร• EHOLUWPHNWHGLU %XQD JHUHNoH

RODUDNGDUHNDEHWLQD]DOPDVร•LOHELUOLNWHEDQNDODUร•QNUHGLNXOODQGร•UPDGDVHoLFL

ROPD\D EDรบODPDODUร•Qร• J|VWHUPHNWHGLU %X DPDoOD ILQDQVDO NRQVROLGDV\RQ LOH

7*$KDULoFDQOร•NUHGLOHULOLรบNLOHQGLULOPH\HoDOร•รบร•ODFDNWร•U 29500 27500 25500 23500 21500 19500 17500 15500 13500

      

1987 1988 1989

1990 1991 1992 1993

1994 1995 1996 1997 1998

1999 2000 2001 2002

2003

Ey l.0 4

Kredi 18269 15290 15477 16798 16149 17152 19128 16510 19087 23868 29239 24928 22618 23336 19508 13879 16137 23048

รนHNLO.UHGL)DDOL\HWOHULQLQ 7*$+DULo *HOLรบLPL 7h)(   0LO\DU7/  รตwรถรท'รธ'รถรน'รบรปiรผย‡รฝยซรพรฟ    รน  รถlรธ  รถ  รถรน  รถ  รถlรธ  pรท    รธpรพ รตยบรฟ    รน  รถยฃรธ     

รนHNLO  LQFHOHQGLรทLQGH EDQNDFร•Oร•N VLVWHPLQLQ NXOODQGร•UGร•รทร•

NUHGLOHULQ  G|QHPLQGH \DYDรบ GD ROVD UHHO RODUDN DUWWร•รทร•

gรถrรผlmektedir. 19 IL\DWODUร•\OD ยถGH  WULO\RQ 7/ RODQ NUHGL

IDDOL\HWOHULQLQ  NUL]L |QFHVLQGH  WULO\RQD \ยNVHOPLรบWLU  NUL]LQLQ

HWNLVL\OH  WULO\RQ 7/ยถ\H JHULOH\HQ NUHGL PLNWDUร•  โ€“ 1997 dรถneminde

\DรบDQDQ NUHGL SDWODPDVร• QHGHQL\OH Kร•]OD \ยNVHOPLรบ YH  LWLEDUL\OH UHNRU

VHYL\H RODQ  WULO\RQ 7/ยถ\H \ยNVHOPLรบWLU  \ร•Oร• EDQNDFร•Oร•N VHNW|UยQGH

UHNDEHWLQHQ\RรทXQROGXรทXG|QHPRODUDNRUWD\Doร•NPร•รบWร•U

 G|QHPLQGH EDQNDODUร•Q NXOODQGร•UGร•รทร• NUHGL WXWDUร• UHHO

RODUDN D]DOPD\D EDรบODPร•รบ DQFDN  SDUD SURJUDPร•Qร•Q \DUDWWร•รทร• L\LPVHU

KDYDQร•Q HWNLVL\OH NUHGL IDDOL\HWOHUL UHHO RODUDN DUWPร•รบWร•U $QFDN .DVร•P 

YH รนXEDW  NUL]OHULQLQ HWNLVL\OH \HQLGHQ JHULOHPH\H EDรบOD\DQ NUHGL

IDDOL\HWOHUL  \ร•Oร• LWLEDUL\OH  IL\DWODUร•\OD HQ GยรบยN VHYL\H RODQ  


 

WULO\RQ7/¶\HJHULOHPLúWLU(\OOLWLEDUL\OHLVHIL\DWODUÕ\ODWULO\RQ

7/¶\H\NVHOPLúWLU

6RQXo RODUDN  \ÕOÕQGD ILQDQVDO NRQVROLGDV\RQ VUHFLQLQ

EDúODPDVÕ LOH ELUOLNWH NUHGL IDDOL\HWOHULQLQ D]DOPD\D EDúODGÕ÷Õ YH UHNDEHWLQ

D]DOGÕ÷ÕDQODúÕOPDNWDGÕU\ÕOÕQGDQLWLEDUHQ\DúDQDQNUHGLDUWÕúÕGDKDoRN

NUHGL IDDOL\HWOHULQLQ DúÕUÕ JHULOHPHVLQGHQ YH PDNUR HNRQRPLGH \DúDQDQ

LVWLNUDUGDQND\QDNODQPDNWDGÕU

.DUOÕOÕ÷ÕQ$UWPDVÕ 'HQL]HU   YH *   ILQDQVDO NRQVROLGDV\RQXQ UHNDEHWL

D]DOWDUDN NDUOÕOÕ÷Õ DUWÕUGÕ÷ÕQÕ YH NDUOÕOÕNWDNL DUWÕúÕQ UHNDEHWLQ D]DOGÕ÷ÕQD LúDUHW

HWWL÷LQLEHOLUWPHNWHGLUùHNLO¶GHNDUOÕOÕ÷ÕQJHOLúLPLJ|UOPHNWHGLU 

2000 1500



1000 500



0 -500



-1000



-1500 -2000



-2500

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 696

907

606

884

736

990

1269

715

1218 1644 1679 1404

Ey l.0 4

-529 -2482 -1137 1008 1525 1456

ùHNLO'|QHP1HW.DUÕQÕQ*HOLúLPL 7h)(   0LO\DU7/ 

ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ ×âãääå9ÍÛ Ù ÛØ æØ Î9ÔççË@ÕÖ× Ø Ù Ö× ØÏÚÙ Ù ÌÎÛ Ù ß Û àáÛ × â

ùHNLO  LQFHOHQGL÷LQGH EDQNDFÕOÕN VLVWHPLQLQ NDUOÕOÕ÷ÕQÕQ  

G|QHPLQGH\DYDúGDROVDUHHORODUDNDUWWÕ÷ÕJ|UOPHNWHGLU¶GH

trilyon TL olan dönem QHW NDUÕ  NUL]L |QFHVLQGH  IL\DWODUÕ\OD 

WULO\RQD\NVHOPLúWLUNUL]LQLQHWNLVL\OHWULO\RQ7/¶\HJHULOH\HQG|QHP

QHW NDUÕ  –  G|QHPLQGH DUWPD\D GHYDP HWPLú YH  LWLEDUL\OH

UHNRUVHYL\HRODQWULO\RQ7/¶\H\NVHOPLúWLU

 G|QHPLQGH G|QHP QHW NDUÕ KÕ]OD D]DOPÕú YH  \ÕOÕ

LWLEDUL\OHEDQNDFÕOÕNVHNW|U]DUDUHWPH\HEDúODPÕúWÕU.DVÕPYHùXEDW

 NUL]OHULQLQ HWNLVL\OH ]DUDU GDKD GD DUWPÕú YH  IL\DWODUÕ\OD 

\ÕOÕQGDWULO\RQ7/YH\ÕOÕQGDWULO\RQ7/]DUDUHWPLúOHUGLU

\ÕOÕ LWLEDUL\OH LVH \HQLGHQ NDU HWPH\H EDúODPÕúODU YH  IL\DWODUÕ\OD  


 

WULO\RQ 7/ NDU \D]PÕúODUGÕU (\OO  LWLEDUL\OH LVH QHW G|QHP NDUÕ 

IL\DWODUÕ\ODWULO\RQ7/¶\H\NVHOPLúWLU

6RQXo RODUDN  \ÕOÕQGD ILQDQVDO NRQVROLGDV\RQ VUHFLQLQ

EDúODPDVÕQDUD÷PHQ–G|QHPLQGHNDUOÕOÕ÷ÕQD]DOGÕ÷ÕYHUHNDEHWLQ

\R÷XQODúWÕ÷Õ

DQODúÕOPDNWDGÕU



\ÕOÕQGDQ

LWLEDUHQ

LVH

ILQDQVDO

NRQVROLGDV\RQXQ HWNLOHULQL J|VWHUGL÷L YH EDQNDFÕOÕN VHNW|UQQ \HQLGHQ NDU

HWPH\HEDúODGÕ÷ÕJ|UOPHNWHGLU

0LNUR%D]GD)LQDQVDOøVWLNUDUD (WNLVL èé

)LQDQVDONRQVROLGDV\RQXQEDQNDFÕOÕNVLVWHPLQLQSHUIRUPDQVÕQDNDWNÕ

\DSWÕ÷Õ OLWHUDWUGH JHQHO RODUDN NDEXO J|UPHNWHGLU 6|] NRQXVX SHUIRUPDQV

DUWÕúÕQÕQ GD ILQDQVDO LVWLNUDUÕ ROXPOX HWNLOHGL÷L EHOLUWLOPHNWHGLU (UWX÷UXO YH

=DLP5LVVHHXZ*10, 2001; Demirgüç.XQW)LWFK

YH*|QHQoYH.ÕOÕoKDQ 

1HWIDL]PDUMÕDNWLIJHWLULVL 52$ |]ND\QDNJHWLULVL 52( FDULRUDQ

YH NDOGÕUDo RUDQÕQGDNL L\LOHúPHOHULQ EDQNDFÕOÕN VLVWHPLQLQ SHUIRUPDQVÕQD YH

GROD\ÕVÕ\ODILQDQVDOLVWLNUDUDNDWNÕ\DSWÕ÷Õ,0)  dDQND\DYHg]  

YH )LWFK   WDUDIÕQGDQ RUWD\D NRQXOPXúWXU %X oHUoHYHGH ILQDQVDO

NRQVROLGDV\RQXQ JHUoHNOHúPHVL VRQUDVÕQGD V|] NRQXVX RUDQODUGDNL ROXPOX

JHOLúPHOHU ILQDQVDO NRQVROLGDV\RQXQ ILQDQVDO LVWLNUDUD NDWNÕ \DSWÕ÷ÕQD LúDUHW

HWPHNWHGLU $\UÕFD ùDK|]NDQ   ILQDQVDO NRQVROLGDV\RQ VRQXFXQGD QHW

IDL] PDUMÕQGD L\LOHúPHQLQ +DUWPDQQ &DUOHWWL YH 6SDJQDOR   OLNLGLWHQLQ

FDULRUDQ DUWPDVÕQÕQILQDQVDOLVWLNUDUÕROXPOXHWNLOH\HFH÷LQLEXOPXúODUGÕU

Tezde, IMF’nin (2000) mikro finansal istikrar göstergeleri içerisinde

\HU DODQ QHW IDL] PDUMÕ 52$ 52( FDUL RUDQ YH NDOGÕUDo RUDQÕ ILQDQVDO

LVWLNUDUJ|VWHUJHVLRODUDNNXOODQÕODFDNYHV|]NRQXVXRUDQODUGDNLJHOLúLP7UN

EDQNDFÕOÕN VLVWHPLQGHNL NRQVROLGDV\RQ LOH LOLúNLOHQGLULOPH\H oDOÕúÕODFDNWÕU

$\UÕFDFDULRUDQYHQHWIDL]PDUMÕ7&0%YHULOHULNXOODQÕODUDNKHP7/KHPGH

<3ED]ÕQGDLUGHOHQHFHNWLU

 êmë — Å ¡ ‘ í‘ §N‘ œ¹” š š “’ –“·› ‘ ™“ ™-¢+“š/¢‘ ¢H¡ —§N‘ ™·¢-“íš “§Nš  íM¤ › ‘ ™“™µ-‘ “š4¢t”+¢H¡ —§î¢-¦º™-–™+—¢+¢+¬ïð4ñ ªÆ“™“š ‘ œ-š —’ ‘‘ š —ò‘ š ‘ š ‘É”“² š “™

Å “š  ì ó§N“š “’ –“{µ-‘ ––‘‘ š —’ š —§—š —’4žH“+”+–—–‘ š §K‘ óH¡ ‘ ’ ³ñ ôNï@¤ ˆ ©©©ªp¶Ÿº Å “š  󧓚 “’ –“™{ž ¢-“µ+“B› ‘ ™“™-¢-“š¢-“íš “§Kš  žÆ ˜¢H¡ —’  —š —’ ‘ ¤ ïð4ñ ª;•-—õ§N“ž+’ ¦„‘ °H¡ ‘ ”-“-¡ š “™“š ‘ œÈ¦š “’ “ž·¢-˜-œH—-¡ §—žO¡ —ö•—÷Ÿ“™žH“„Ÿ“-œ ™+–“ò› ‘ ™-“™-¢-“šM‘ ¢H¡ ‘ ž+’ “’Æ ˜¢H¡ —’  —š —’ ‘ ™‘Lø?´ôNùú-ð ¤ ¢+—’ §N“+”+—B”+—¡ —’ š ‘ š ‘ í‘ ¶“žO¡ ‘ ›?žH“š ‘ ¡ —¢‘ ¶”-˜™+—¡ ‘ §K‘ ™BŸ“ó-“’  ¢ ¶žt“’ š  š  ž¶š ‘ ž+‘ –‘ ¡ —B•—9²‘ ”-“¢-“;’ ‘ ¢ž+‘ ™-— –º+”-“’ š  š  žtª ”-˜™+¡ —§N‘‘ š —;¦’ ¡ “-”-“ žH¦-”§“žO¡ “– ’ ³




 

1HW)DL]0DUMÕ  ûü

1HW IDL] PDUMÕ QHW IDL] JHOLULQLQ IDL] JHOLULQLQ IDL] JLGHULQGHQ IDUNÕ 

WRSODP DNWLIOHUH RUDQÕ RODUDN WDQÕPODQPDNWDGÕU 'HPLUJo.XQW /HYLQH YH

/DHYHQ   dRODN   ùDK|]NDQ   'HPLUJo.XQW /HYLQH YH

/DHYHQ   )LWFK   oDOÕúPDODUÕQGD QHW IDL] PDUMÕQÕQ DUWPDVÕQÕQ

EDQNDFÕOÕN VLVWHPLQLQ SHUIRUPDQVÕQÕ DUWÕUGÕ÷ÕQÕ YH GROD\ÕVÕ\OD ILQDQVDO

LVWLNUDUDNDWNÕ\DSWÕ÷ÕQÕEHOLUWPLúOHUGLU 

24.0

21.0

18.0



15.0

12.0



9.0

3.0 6.0



0.0 -3.0



Toplam TL YP



1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

3.49

2.06

4.86

7.19

6.99

8.34

9.16

6.50

7.91

8.06

9.93

7.03

4.78

9.28

6.30

4.73

5.45

16.25 18.52 13.90

9.01

23.42

8.63

6.09

7.78

0.92

-2.86 -0.51

2.58

1.94

1.71

  

0.00

-2.40

ùHNLO1HW)DL]0DUMÕQÕQ*HOLúLPL  

 



Ë ÌÍÎÌÏÐNýÖáNþ Ì Ø ÿ ÖÙ Ø × L É Ø Ø æØ Î¾ÑLÔÔ /á ÞÙ Ì ß ÌÏ+á Ø þÙ Ö×BØ æØ ÎÈÑ4ÒNÓ{Ô Gãääå„ÍÛ Ù ÛLØ æØ Î ÜÖÝÌÞ Ù Ì ÎßÛ àá Û ×â+Ñ NÕÖ ±Ø æØ ÎKÑ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù ÌÎÛ Ù ßÛ àáÛ × â

ÔçMçË

2003 Eyl.04

ÕÖ× Ø Ù Ö× ØÏÚÙ Ù ÌÎÛ Ù Ì× Ì Ï

ùHNLO  LQFHOHQGL÷LQGH EDQNDFÕOÕN VLVWHPLQLQ VUHNOL SR]LWLI QHW

IDL]PDUMÕLOHoDOÕúWÕ÷ÕYHQHWIDL]PDUMÕQÕQ\ÕOODUÕDUDVÕQGDDUWDUDN

yüzde 2,06’dan yüzde 9,16’yD \NVHOGL÷L J|UOPHNWHGLU  NUL]LQLQ

DUGÕQGDQ¶WH\]GH¶\HJHULOH\HQQHWIDL]PDUMÕ¶HNDGDUDUWPÕú

YH  \ÕO VRQX LWLEDUL\OH \]GH ¶H \NVHOPLúWLU .DVÕP  YH ùXEDW

2001 krizlerine kadar yüzde 4,78’e kadar gerileyen net faiz marMÕ NUL]LQ

DUGÕQGDQ\ÕOÕLWLEDUL\OH\]GHJLELoRN\NVHNVHYL\HOHUHXODúPÕúWÕU

 YH ¶WH QHW IDL] PDUMÕ JHULOHPHVLQH UD÷PHQ \NVHN VHYL\HOHULQL

NRUXPD\DGHYDPHWPLú(\OO¶WH\]GHRODUDNJHUoHNOHúPLúWLU

'L÷HU \DQGDQ EDQNDFÕOÕN VHNW|UQQ 7/ SODVPDQODUÕQD YH <3

ERUoODQPD\D D÷ÕUOÕN YHUGLNOHUL ELOLQPHNWHGLU .DVÕP  YH ùXEDW 

NUL]OHUL |QFHVLQGH V|] NRQXVX GXUXP DoÕN SR]LV\RQGDQ ND\QDNODQPÕúWÕU  ê —¡M› “‘ œ±§“’   ™ ™¾°-—¢-“ ²š “™§N“-¢ ™-–“¾°-—§ ®’ ž¹š ‘ ’ “¢G°-—§Á–—·”-“Ÿ-“™µG²-“’ “¾µ-‘ ™+¢‘ ™+–—™¾™+—¡M› “‘ œ¯ —š ‘ ’ ‘•—¾“žO¡ ‘ ›



Ÿ®H”®ž+š ®-í®M ˜-œM˜™®™-–—ÆŸºš º™-–º’ ºš §Nº-óH¡ º’ ³






'L÷HU \DQGDQ NUL] VRQUDVÕQGD DoÕNSR]LV\RQODUÕQÕNDSDWPD DPDFÕ\OD YHULOHQ

dövi]H HQGHNVOL SODVPDQODUÕQÕQ |]HOOLNOH NDPX ERUoODQPD VHQHWOHULQLQ 7/

RODUDN PXKDVHEHOHúPHVL QHGHQL\OH EDQNDFÕOÕN VHNW|UQQ SODVPDQODUÕQÕQ

oR÷X 7/ RODUDN PXKDVHEHOHúPHNWH YH <3 FLQVLQGHQ NDUODUÕ ROGX÷XQGDQ

GDKDGúNJ|]NPHNWHGLU

%X ED÷ODPGD EDQNDFÕOÕN VHNW|UQQ \NVHN QHW IDL] PDUMÕ LOH

oDOÕúWÕ÷Õ YH YHULPOLOL÷LQL NRUXGX÷X J|UOPHNWHGLU 6DGHFH  \ÕOÕQGD SDUD

SURJUDPÕQÕQ ROXPOX HWNLVL\OH EDQNDFÕOÕN VHNW|UQGH UHNDEHWLQ \R÷XQODúPDVÕ

EDQNDODUÕQ SODVPDQODUÕQÕQ IDL]OHULQLQ IRQODQPD IDL]OHULQGHQ GDKD KÕ]OÕ

GúPHVL LOH GúN QHW IDL] PDUMÕ LOH oDOÕúWÕNODUÕ J|UOPHNWHGLU 'L÷HU \DQGDQ

\NVHN QHW IDL] PDUMÕQÕQ ELU QHGHQL GH IDL]OHULQ KÕ]OD GúPHVL VRQXFX

EDQNDODUÕQ NÕVD YDGHOL IRQODQPD PDOL\HWOHULQL GúN IDL]OH \HQLGHQ

IL\DWODQGÕUPDODUÕYHIDL]JLGHUOHULQLD]DOWPDODUÕGÕU $NWLI*HWLULVL

$NWLILQ JHWLULVL QHW G|QHP NDUÕQÕQ WRSODP DNWLIOHUH RUDQÕ RODUDN

WDQÕPODQPDNWD YH EDQNDFÕOÕN VLVWHPLQLQ NDUOÕOÕ÷ÕQÕ RUWD\D NR\PDNWDGÕU

0LVKNLQ  YH *|QHQo YH .ÕOÕoKDQ   0LVKNLQ   ,0)  

*   *|QHQo YH .ÕOÕoKDQ   YH )LWFK   DNWLI JHWLULVLQLQ

ILQDQVDOLVWLNUDUÕROXPOXHWNLOHGL÷LQLYXUJXODPDNWDGÕUODU 

3.5 1.7

1.5



2.9

2.6

2.4

2.3

1.9

1.6

2.6

1.4

1.6



0.5 -0.5

2.3 2.1

2.6

2.4

 1.6

2.0

-0.7

 

Eyl.04

2003

2002

2000

1999

1998

1997

1996



1995

1994

1993

1992

1991

-3.2

1990



1989

-3.5

-1.4

1988

-2.5

2001

-1.5

1987

2.5

1986



ùHNLO$NWLI*HWLULVLQLQ*HOLúLPL  

ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ ×âãääå9ÍÛ Ù ÛØ æØ Î9ÔççË@ÕÖ× Ø Ù Ö× ØÏÚÙ Ù ÌÎ Û Ù ß Û àáÛ × â

ùHNLO  LQFHOHQGL÷LQGH EDQNDFÕOÕN VLVWHPLQGH DNWLI JHWLULVLQLQ

   DUDVÕQGD \]GH  LOH \]GH  DUDVÕQGD GDOJDODQGÕ÷Õ 




DQODúÕOPDNWDGÕU\ÕOÕQGDHQ\NVHNVHYL\HVLQHXODúDQ52(

ve 1994’te yüzde 1,6 ile HQGúNVHYL\H\HXODúPÕúWÕU

 \ÕOÕQGDQ LWLEDUHQLVHEDQNDFÕOÕNVHNW|UQQ]DUDUÕQDoDOÕúPD\D

EDúODPDVÕ LOH ELUOLNWH DNWLI JHWLULVL QHJDWLIH G|QPúWU .DVÕP  NUL]LQLQ

HWNLVL\OH  \ÕOÕQGD \]GH – LOH HQ N|W SHUIRUPDQVÕQÕ VHUJLOH\HQ

EDQNDFÕOÕN VHNW|U ILQDQVDO NRQVROLGDV\RQXQ DUWPDVÕ LOH ELUOLNWH G|QHP QHW

]DUDUÕQÕ  \ÕOÕQGD D]DOWPÕú YH  LWLEDUL\OH \HQLGHQ NDU HWPH\H

EDúODPÕúWÕU52$¶WH\]GH¶H(\OO¶WH\]GH¶\HXODúPÕúWÕU

g]HWOHQHFHN ROXUVD  \ÕOÕQGD ILQDQVDO NRnsolidasyon sürecinin

EDúODPDVÕQDUD÷PHQEDQNDFÕOÕNVHNW|UQQDNWLIJHWLULVLQHJ|UHEDNWÕ÷ÕPÕ]GD

SHUIRUPDQVÕ DUWPDPÕú DQFDN  0D\ÕV ¶GH GX\XUXODQ \HQLGHQ

\DSÕODQGÕUPD SURJUDPÕQÕQ DUGÕQGDQ KHP ILQDQVDO NRQVROLGDV\RQX KÕ]ODQPÕú

KHP GH EDQNDFÕOÕN VHNW|UQQ SHUIRUPDQVÕ DUWDUDN ILQDQVDO LVWLNUDUD NDWNÕ

\DSPD\DEDúODPÕúYHNRQVROLGDV\RQ|QFHVLVHYL\HOHUH\NVHOPLúWLU g]ND\QDN*HWLULVL

g]ND\QDNODUÕQ JHWLULVL WRSODP |]ND\QDNODUÕQ WRSODP DNWLIOHUH RUDQÕ

RODUDNWDQÕPODQPDNWD YH EDQNDFÕOÕN VLVWHPLQLQ NDUOÕOÕ÷ÕQÕ RUWD\DNR\PDNWDGÕU

0LVKNLQYH*|QHQoYH.ÕOÕoKDQ 0LVKNLQ  ,0)  YH

*   *|QHQo YH .ÕOÕoKDQ   YH )LWFK   |]ND\QDN

JHWLULVLQLQILQDQVDOLVWLNUDUÕROXPOXHWNLOHGL÷LQLYXUJXODPDNWDGÕU 40.0



30.0

25.6

22.6 15.8

 

14.8

-14.1



ùHNLOg]ND\QDN*HWLULVLQLQ*HOLúLPL  

ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ ×âãääå9ÍÛ Ù ÛØ æØ Î9ÔççË@ÕÖ× Ø Ù Ö× ØÏÚÙ Ù ÌÎÛ Ù ß Û àáÛ × â



Eyl.04

2003

2002

2001

2000

1999

1998

1997



1996

-46.5

1995



1994

-50.0

28.7

18.9

1993

-40.0

31.8 27.3

11.6

1992

-30.0

28.2

-11.2

1991

-20.0

25.9 21.0

19.2

1990

-10.0



24.4

25.4

1989

0.0



1988

10.0

28.2

1987

20.0

1986




 

%DQNDFร•Oร•N VLVWHPLQGH |]ND\QDN JHWLULVLQLQ    DUDVร•QGD

\ย]GH  LOH \ย]GH  DUDVร•QGD GDOJDODQGร•รทร• DQODรบร•OPDNWDGร•U 

\ร•Oร•QGDHQ\ยNVHNVHYL\HVLQHXODรบDQDNWLIJHWLULVLQLQNUL]LQGH\ย]GH

LOHHQGยรบยNVHYL\H\HXODรบPร•รบWร•U

 \ร•Oร•QGDQ LWLEDUHQ LVH EDQNDFร•Oร•N VHNW|UยQยQ ]DUDU Doร•NODPD\D

EDรบODPDVร• LOH ELUOLNWH 52$ JLEL 52( GH QHJDWLIH G|QPยรบWยU .DVร•P 

NUL]LQLQ HWNLVL\OH  \ร•Oร•QGD |]ND\QDNODUร•Q Kร•]OD HULPHVL YH VHNW|UยQ FLGGL

]DUDUODU \D]PDVร• LOH ELUOLNWH \ย]GH โ€“46,5 รถzkaynak getirisi ile en kรถtรผ

SHUIRUPDQVร•Qร• VHUJLOH\HQ EDQNDFร•Oร•N VHNW|Uย ILQDQVDO NRQVROLGDV\RQXQ 

0D\ร•V ยถGH GX\XUXODQ \HQLGHQ \DSร•ODQGร•UPD SURJUDPร• LOH ELUOLNWH

รบLGGHWOHQPHVL VRQXFXQGD ]DUDUร•Qร•  \ร•Oร•QGD D]DOWPร•รบ YH  LWLEDUL\OH

\HQLGHQ NDU HWPH\H EDรบODPร•รบWร•U g]ND\QDN JHWLULVL  \ร•Oร•QGD \ย]GH

ยถ\D(\OยOยถWH\ย]GHยถHXODรบPร•รบWร•U

.ร•VDFD|]ND\QDNJHWLULVLQLQยONHPL]Doร•Vร•QGDQLOJLQoELURUDQROGXรทX

DQODรบร•OPDNWDGร•U %DQNDFร•Oร•N VHNW|UยQยQ GยรบยN VHUPD\H LOH oDOร•รบPDVร• YH

\ยNVHN JHWLUL ULVN RUDQร•QD VDKLS HQVWUยPDQODUD SODVPDQ \DSPDVร• QHGHQL\OH

52( oRN \ยNVHN YH\D GยรบยN JHUoHNOHรบPHNWHGLU $QFDN .DVร•P  YH

รนXEDW  NUL]OHUL KDULo \ยNVHN 52( LOH oDOร•รบPDVร• LVWLNUDU J|VWHUJHVLGLU

 \ร•Oร•QGD EDรบOD\DQ ILQDQVDO NRQVROLGDV\RQ VยUHFLQH UDรทPHQ EDQNDFร•Oร•N

VHNW|UยQยQ |]ND\QDN JHWLULVLQH J|UH SHUIRUPDQVร• DUWPDPร•รบ DQFDN ILQDQVDO

NRQVROLGDV\RQXQ Kร•]ODQGร•รทร• G|QHPGH EDQNDFร•Oร•N VHNW|UยQยQ SHUIRUPDQVร•

DUWDUDNILQDQVDOLVWLNUDUDNDWNร•\DSPร•รบWร•U$QFDNKDOHQNRQVROLGDV\RQ|QFHVL

G|QHPH J|UH GยรบยN NDOGร•รทร• J|UยOPHNWHGLU $QFDN \HQL G|QHPGH 52(ยถQLQ

GยรบยN NDOPDVร•Qร•Q DUNDVร•QGD EDQNDFร•Oร•N VHNW|UยQยQ Doร•N SR]LV\RQ YH\D yรผkseNNUHGLULVNLDOPD\DUDNJHWLULULVNRUDQร•Qร•GยรบยUPHVLGH\DWPDNWDGร•U &DUL2UDQ &DUL RUDQ OLNLW YDUOร•NODUร•Q OLNLW \ยNยPOยOยNOHUH RUDQร• RODUDN

WDQร•PODQPDNWDGร•U 7%%   &DUL RUDQ EDQNDQร•Q OLNLGLWH รบRNODUร•QD NDUรบร•

D\DNWD NDOร•S NDOPD\DFDรทร•Qร• RUWD\D NR\PDNWDGร•U $\Uร•FD OLNLGLWH DUWร•รบร•Qร•Q

ILQDQVDO LVWLNUDUD NDWNร• VDรทODGร•รทร• NDEXO HGLOPHNWHGLU dDQND\D YH g] 

,0)YH)LWFK  




 



80

 

70 60 50 40

 

30



20 10

1988

1989

1990

1991

1992

1993

1994

1995 

1996

1997

1998

1999

2000

2001

2002

2003 Ey l.04

TL

26.98 25.99 24.28 22.42 24.11 27.77 20.78 25.61 19.36 18.81 17.39 16.44 23.77 23.53 19.12 16.92 13.27

YP

76.42 65.64 52.32 48.99 51.88 51.90 48.41 40.38 31.54 36.60 33.59 33.45 31.58 32.77 24.61 22.83 24.49



Topl. 57.61 54.23 48.55 50.17 53.07 57.48 51.87 48.49 45.78 31.39 29.40 26.61 25.97 28.01 22.45 20.06 18.98

ùHNLO&DUL2UDQÕQ*HOLúLPL  

ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ ×â ¯ÍÛ Ù Ù Ì×Û Ì × ÌÝÛ Î Ì·Ù Ø ÏØ áÉÕÌ × Ù Û ÏÙ Ì×ÎÌÏØ á Ö Ö× Ù Ö× Ì ÎÏ-ÌÙ Ì× ÿ × ÚÎÙ Ú ÏÌ× àÛ Ù Û ÏÙ Ì× ?Ù Ø ÏØ áÉÍ Ï ßÙ Ù ÏÙ Ö× ß;ÖÕ ÚÌáÕÖ@ÏÚÙ Ù Ì Î Û Ù Ì Î;Ï× Ö Ø Ù Ö× ÏÌ Ù Öß@Ù Ö× ØÏÌ ÚÙ+Ö Ø Ù ß@Ø àá Ø × â ã ääåÈÍÛ Ù Ù Ì× ÛØ æØ ÎòÙ Ø ÏØ áLÕÌ × Ù Û ÏÙ Ì ×Nß;Ö× Ï-Öÿ Ì ÎÏÌÝÛ Î Ì Î¾ÌÙ Ì ÌÏÙ Ì× Ì ÎÏÌ Ù Ì× Ì Î¾Ì Ù Ì ÌÏÙ Ì× ÞÌ × ÌÈÞ Ø Íâ Ì Ù Ì ÌÏÙ Ì × ÿ × ÚÎÙ Ú¯ÏÌ × àÛ Û ÏÙ Ì× ?Ù Ø ÏØ áÉÍ Ï ß@Ù Ù ÏÙ Ö×ß;ÖÕ ÚÌá ÌÎÏÌÙ Ì × Ì × æÙ Ì× ß9Ö× Ï-Öÿ Ì ÎÏÌÝÛ ÎÌ × æÙ Ì × ÞÌ× Ì¿Þ Ø Íâ × æÙ Ì ×ÏÌ ÚÙNÖ Ø Ù ß@Ø àá Ø × â ãääã ã ääåÀÍÛ Ù Ù Ì ×Û Ø æØ ÎÀÙ Ø ÏØ á;Í Ï ß@Ù Ù ÏÙ Ö× Ø ÎÀØ æÖ× Ø ÝØ ÎÖ½× Ö Þ

Ì ÜØ Ù – Ö Ø Ù ß@Ø àá Ø × â

    %& (  # ! 

 

! 



  " !  #  #$ $ $ $ !  '!  ( !  (  #$ $ $ $  ) ! *!#  +! *!  #$ $ $ $ ,  

%DQNDFÕOÕNVHNW|UQGHFDULRUDQ–\ÕOODUÕDUDVÕQGD\]GH

¶GDQ\]GH¶\HJHULOHPLúYH¶WH\]GH¶D\NVHOPLúWLU

NUL]LLOHELUOLNWHX]XQYDGHOLSODVPDQODUÕQNÕVDYDGHOLIRQODUODILQDQVHHGLOPHVL

DQOD\ÕúÕQÕQ EHQLPVHQPH\H EDúODQPDVÕ EDQNDFÕOÕN VLVWHPLQLQ OLNLW \DSÕVÕQÕ

ER]PD\DEDúODPÕúYH\ÕOÕQGDFDULRUDQ\]GH¶\DJHULOHPLúWLU

$QFDN .DVÕP  YH ùXEDW  NUL]OHULQLQ DUGÕQGDQ 0HUNH]

%DQNDVÕ¶QÕQ SL\DVD\D OLNLGLWH VD÷ODPDVÕ\OD ELUOLNWH  \ÕOÕQGD \]GH ¶H

\NVHOPLú HNRQRPL\H JYHQLQ DUWPDVÕ\OD EDQNDODUÕQ X]XQ YDGHOL NUHGL

NXOODQÕPÕQD YH NDPXQXQ ILQDQVPDQÕQD \|QHOPHVL LOH ELUOLNWH FDUL RUDQ

¶QoQFoH\UH÷LQGH\]GH¶D\NVHOPLúWLU

'L÷HU \DQGDQ 7/ FDUL RUDQÕQ <3 FDUL RUDQD J|UH GDKD GúN

ROGX÷X J|UOPHNWHGLU %X GD EDQNDODUÕQ <3 DoÕVÕQGDQ OLNLGLWH VÕNÕúÕNOÕ÷ÕQD

GDKDGX\DUOÕROGXNODUÕQÕRUWD\DNR\PDNWDGÕU

6RQXo RODUDN  \ÕOÕQGD EDúOD\DQ ILQDQVDO NRQVROLGDV\RQ

VUHFLQH

UD÷PHQ

EDQNDFÕOÕN

VHNW|UQGH

FDUL

RUDQGD

L\LOHúPH

VD÷ODQDPDPÕúWÕU %X GXUXP ILQDQVDO NRQVROLGDsyon döneminde, likidite

DoÕVÕQGDQ ILQDQVDO LVWLNUDUD NDWNÕ VD÷ODQDPDGÕ÷ÕQÕ RUWD\D NR\PDNWDGÕU 




%XQXQ WHPHOLQGH LVH EDQNDFÕOÕN VHNW|UQQ NÕVD YDGHOL IRQODPDODUOD X]XQ

YDGHOLNDPXND÷ÕWODUÕQDSODVPDQDOÕúNDQOÕ÷ÕQÕNRUXPDVÕEXOXQPDNWDGÕU .DOGÕUDo2UDQÕ

.DOGÕUDo RUDQÕ WRSODP \NPOONOHULQ |]ND\QDNODUD RUDQÕ RODUDN

WDQÕPODQPDNWD YH DNWLI NDOLWHVLQGHNL JHOLúLPL RUWD\D NR\PDNWDGÕU dRODN

,0)YHYH)LWFK 

9.6

9.9



ùHNLO.DOGÕUDo2UDQÕQÕQ*HOLúLPL

2003



2002

5.8

6.4

Eyl.04

7.0

2001



8.9

2000

5

10.0

1999

6

10.0 10.6 10.0

1998

7

9.7

1997

8

9.9



1996

9

12.7

1995

10



1994

11

13.4 12.4

1993

12



1992

13

16.0

1991

14



15.2

1990

15

1989

16

1988



ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ × â

.DOGÕUDo RUDQÕ    \ÕOODUÕ DUDVÕQGD ¶GHQ ¶D

JHULOHPLúWLU .DOGÕUDo RUDQÕ    \ÕOODUÕ DUDVÕQGD \]GH  LOH 

DUDVÕQGD\DWD\ ELU VH\LUL]OHPLúWLU  NUL]LQGH  LOH HQ \NVHNYH

\ÕOÕQGD  LOH HQ GúN VHYL\HGH JHUoHNOHúPLúWLU  \ÕOÕQGD LVH  \ÕOÕ

SDUD SURJUDPÕQÕQ ROXPOX HWNLOHU \DUDWDFD÷Õ EHNOHQWLVL\OH EDQNDFÕOÕN VHNW|U

FLGGL ELU \N DOWÕQD JLUPLú YH WRSODP \NPOONOHU |]ND\QDNODUÕQ  NDWÕQD

XODúDUDNUHNRUVHYL\H\HXODúPÕúWÕU

.DVÕP  YH ùXEDW  NUL]OHUL LOH ELUOLNWH NDPX EDQNDODUÕQÕQ

|]ND\QDNODUÕQÕQ DUWÕUÕOPDVÕ YH JoV] YH ]D\ÕI EDQNDODUÕQ VLVWHP GÕúÕQD

oÕNDUÕOPDVÕ LOH ELUOLNWH NDUOÕOÕ÷ÕQÕ DUWÕUDUDN |]ND\QDN \DSÕVÕQÕQ JoOHQGLULOPHVL

VRQXFXQGD NDOGÕUDo RUDQÕQÕQ KÕ]OD GúW÷ YH  \ÕOÕ VRQXQGD ¶H

XODúWÕ÷ÕJ|UOPHNWHGLU

6RQXo RODUDN  \ÕOÕQGD EDúOD\DQ ILQDQVDO NRQVROLGDV\RQ

VUHFLQH UD÷PHQ EDQNDFÕOÕN VHNW|UQGH  SDUD SURJUDPÕQÕQ ROXPOX

HWNLVL\OH\NVHNULVNDODQEDQNDFÕOÕNVLVWHPLQGHNDOGÕUDoRUDQÕKÕ]ODDUWPÕúWÕU 




$QFDN .DVร•P  YH รนXEDW  NUL]OHULQLQ DUGร•QGDQ NDPX EDQNDODUร•QD

ND\QDN DNWDUร•OPDVร• YH EDQNDFร•Oร•N VHNW|UยQยQ IDL]OHULQ Kร•]OD GยรบPHVL LOH

ELUOLNWH

NDUOร•Oร•รทร•Qร•Q

DUWPDVร•

LOH

|]ND\QDNODUร•Qร•Q

DUWPDVร•

VHNW|UGH

NRQVROLGDV\RQXQKร•]ODQGร•รทร•EXG|QHPGHNDOGร•UDoRUDQร•Qร•QKร•]ODJHULOHPHVLQH

QHGHQROPXรบYHILQDQVDOLVWLNUDUROXPOX\|QGHHWNLOHQPLรบWLU 0DNUR%D]GD)LQDQVDOรธVWLNUDUD(WNLVL

,0)   Eย\ยPH RUDQร• HNRQRPLN Eย\ยPH  FDUL Doร•N |GHPHOHU

GHQJHVL HQIODV\RQR\QDNOร•รทร•YHIDL]YHNXUR\QDNOร•รทร•Qร•PDNURED]GDILQDQVDO

LVWLNUDUJ|VWHUJHVLRODUDNNXOODQPDNWDGร•U7H]GH,0)ยถQLQGHNXOODQPร•รบROGXรทX

RUDQODUGDNL JHOLรบLP LQFHOHQHUHN 7ยUN EDQNDFร•Oร•N VLVWHPLQGHNL NRQVROLGDV\RQ

VยUHFLQGH PDNUR ED]GD ILQDQVDO LVWLNUDUGDNL JHOLรบPH LQFHOHQPH\H

oDOร•รบร•ODFDNWร•U

%ย\ยPH

%ย\ยPH RUDQร• HNRQRPLQLQ Nร•Uร•OJDQOร•รทD NDUรบร• JยFยQยQ DUWWร•รทร•Qร•

RUWD\DNR\PDNWDGร•U ,0)  

10.0



8.0



6.0

8.14 9.37

-2.0

7.78

6.34

9.70

5.00



0.0

8.29 7.12

6.40



2.0

7.95

9.8

6.8

4.0

3.86

1.45 1.63

0.35

 

.- /

ร‹ร‰รŒรรŽรŒรรรง

-6.08

Eyl.04

2003

2002

2001

2000

1999

1998

1997

1996



1995

1993

1992

1991

1990

-9.54

1989

-10.0

-6.08

1988

 

-8.0

1987

-6.0

1994

-4.0

1986



รนHNLO%ย\ยPH2UDQODUร•Qร•Q*HOLรบLPL

*HoPLรบWH PDOL VLVWHPGH \DรบDQDQ JHQLรบOHPHOHUOH NDPXQXQ ILQDQVH

HGLOPHVL HNRQRPLN VLVWHPGH Nร•Uร•OJDQOร•รทร• DUWร•UPDNWD YH JHOHFHN G|QHPOHUGH

PDOL VLVWHPLQ GDUDOWร•OPD\D oDOร•รบร•OPDVร• LOH ELUOLNWH VRUXQODU JยQGHPH

JHOPHNWHGLU 2(&'   %X oHUoHYHGHQ EDNร•OGร•รทร•QGD ยONHPL]GH Kร•]Oร• 




Eย\ยPH RUDQODUร•Qร• NยoยOPHOHULQ YH GXUJXQOXNODUร•Q L]OHGLรทL J|rรผlmektedir.

)LQDQVDO NRQVROLGDV\RQ |QFHVL EDQNDFร•Oร•N VLVWHPLQGH \RรทXQ NUHGL

NXOODQGร•UDQ EDQNDODUร•Q Eย\ยPH RUDQODUร•QGDNL GDOJDODQPDODU QHGHQL\OH

SODVPDQODUร•Qร•Q ROXPVX] HWNLOHQPHVL PDOL \DSร•ODUร•Qร•Q ER]XOPDVร•QD QHGHQ

ROPXรบWXU 6|]NRQXVX EDQNDODUร•QWDVIL\HROPDVร•LOHELUOLNWHNRQVROLGDV\RQGD

Kร•]ODQPร•รบWร•U

 \ร•Oร•QGD EDรบOD\DQ NRQVROLGDV\RQ KDUHNHWLQGH GH Eย\ยPHGHNL

GDOJDODQPDODUร•Q GHYDP HWWLรทL J|UยOPHNWHGLU %DQNDFร•Oร•N VHNW|UยQGH ILQDQVDO

NRQVROLGDV\RQXQXOXVODUDUDVร•VHYL\HOHUHXODรบWร•รทร• G|QHPGH UHHONUHGLOHUGHGH

WRSDUODQPD\DรบDQPDVร•Eย\ยPH\LROXPOXHWNLOHPLรบWLU

'LรทHU \DQGDQ 2(&'   UDSRUXQGD GD EHOLUWLOGLรทL JLEL KยNยPHW

SROLWLNDODUร•QDGX\XODQJยYHQ$%ย\HOLรทL\ROXQGDVDรทODQDQLOHUOHPHOHUYH,0)

YH 'ยQ\D %DQNDVร• LOH VDรทODQDQ Vร•Nร• LรบELUOLรทL Kร•]Oร• Eย\ยPH\L VDรทOD\DQ GLรทHU

|QHPOLHWNHQOHUGLU6|]NRQXVXXOXVODUDUDVร•oร•SDODUร•QNRUXQPDVร•GXUXPXQGD

Eย\ยPHQLQGHYDPHGHFHรทLEHOLUWLOPHNWHGLU &DUL$oร•N

&DUL Doร•รทร•Q Kร•]OD Eย\ยPHVL \XUWGร•รบร•QGDQ Nร•VD YDGHOL ERUoODQPDODUร•

gรผndeme getirmesi nedeniyle ILQDQVDO Nร•Uร•OJDQOร•รทร• DUWร•UPDNWDGร•U %X Doร•GDQ

,0)   YH 6XPPHUV   FDUL Doร•รทร•Q *60+ยถ\D RUDQร•Qร•Q \DNร•QGDQ

L]OHQPHVLJHUHNWLรทLQLEHOLUWPHNWHGLUOHU



-0.6

-1.3 -1.4 -1.4

ร‹ร‰รŒรรŽรŒรร-ร‘4ร’Nร“{ร”



2002

2000

1999

รนHNLO&DUL$oร•รทร•Q*60+ยถ\D2UDQร•Qร•Q*HOLรบLPL

Eyl.04

-4.9

-4.8

1994

1993

1992

1991

1990



-3.5

1989

-5.0

2001



-4.0

-2.9

-1.7

2003



-3.0

-0.8

-0.7

-0.9

1988

-2.0

0.2

1998

0.0 -1.0

1.0

0.9

1997

1.0

2.2

2.0

1.8

1996



2.0

1995



3.0

1987




 

ยถOร• \ร•OODUGDQ LWLEDUHQ ยONHPL]GH FDUL Doร•รทD GD\DOร• Eย\ยPH

SROLWLNDVร• L]OHQGLรทL DQODรบร•OPDNWDGร•U  \ร•Oร•QGD EDQNDFร•Oร•N VHNW|UยQGH

EDรบOD\DQ YH  \ร•Oร•QGDQ LWLEDUHQ XOXVODUDUDVร• VHYL\HOHUH XODรบDQ ILQDQVDO

NRQVROLGDV\RQD

UDรทPHQ

V|]

NRQXVX

SROLWLNDQร•Q

WHUNHGLOPHGLรทL

DQODรบร•OPDNWDGร•U 'ROD\ร•Vร•\OD ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH FDUL Doร•รทร•Q

D]DOWร•OPDVร•QD NDWNร• VDรทODQDPDPร•รบ YH PDNUR HNRQRPLN \DSร•GD FDUL Doร•N

Nร•Uร•OJDQ ELU XQVXU RODUDN YDUOร•รทร•Qร• NRUXPXรบWXU 'LรทHU \DQGDQ FDUL Doร•รทร•Q

ILQDQVH HGLOHPHPHVL VRQXFXQGD PDNUR HNRQRPLN LVWLNUDUร• ER]PDVร•

GXUXPXQGD EDQNDFร•Oร•N VLVWHPLQLQ SODVPDQODUร•Qร•Q ROXPVX] HWNLOHQHUHN

EDQNDODUร•Q ]D\ร•I GยรบPHVLQH QHGHQ RODELOHFHNWLU  YH \HQL ELU NRQVROLGDV\RQ

GDOJDVร•Qร•WHWLNOH\HELOHFHNWLU

2(&'   7ยUNL\H UDSRUXQGD GD FDUL Doร•รทร•Q *6<รธ+ยถ\HRUDQร•Qร•Q

yรผzde 3ยถย DรบWร•รทร• GXUXPODUGD HNRQRPLGH GX\DUOร•Oร•รทร•Q DUWWร•รทร•Qร• YXUJXODPร•รบWร•U

$\Qร• UDSRU FDUL Doร•N *6<รธ+ RUDQร•Qร•Q \ย]GH  VHYL\HOHULQGH NDOPDVร•

GXUXPXQGDKHUKDQJLELUWHKOLNHQLQJ|UยOPHGLรทLQLV|]NRQXVXRUDQร•Q\ย]GH

VHYL\HVLQL DรบPDVร• GXUXPXQGD NDPXQXQ GDKD \ยNVHN IDL] Gร•รบร• ID]OD YHUHUHN

YHWDOHELNร•VDUDNFDULDoร•รทร•QVRUXQROPDVร•Qร•HQJHOOH\HFHรทLEHOLUWPHNWHGLU

021

(QIODV\RQ2\QDNOร•รทร•  ,0)   HQIODV\RQGD \DรบDQDQ R\QDNOร•รทร•Q ILQDQVDO Nร•Uร•OJDQOร•N

J|VWHUJHVL ROGXรทXQX EHOLUWPHNWHGLU $QFDN JHoPLรบ \ร•OODUGD รผlkemizdeki

\ยNVHN HQIODV\RQ RUWDPร• YH HQIODV\RQXQ VRQ \ร•OODUGD Kร•]OD GยรบWยรทย J|]

|QยQGHEXOXQGXUXOGXรทXQGDHQIODV\RQXQL]OHQPHVLID\GDOร•RODFDNWร•U          354

X2Y : Z6"779TU8 : ;2G2<><2=@O[?<@72?A77BA2\@A2?9=27@72N;;]C9?: D Q EP ;@D F.=@; =D ^: : DD C>CH;7]G79Q 8;: ;2C>;<>=@T_?D 727RAJ97I`2`_<@?O : G_7K^9J>;LMQ S#;@D : T =9N;2;<C9D9O<@<>?P 7;A@79\@NA;7@Q NPR;U<@G#;:SNTUG];2G<ND O 7#: TUD 7G#VUCa<@P G?N7WO Q b J>LM;@=2: D CH?Q P ;: ;TU;2<D 72; 


  140 120

TÜFE

100 80 60 40 20

45



40 35



30



25 20



ggh i c efd

15



10 5



0

Ara.88 Haz.89 Ara.89 Haz.90 Ara.90 Haz.91 Ara.91 Haz.92 Ara.92 Haz.93 Ara.93 Haz.94 Ara.94 Haz.95 Ara.95 Haz.96 Ara.96 Haz.97 Ara.97 Haz.98 Ara.98 Haz.99 Ara.99 Haz.00 Ara.00 Haz.01 Ara.01 Haz.02 Ara.02 Haz.03 Ara.03 Haz.04

0







TÜFE

j.kmln)o2p q o

ùHNLO<ÕOOÕN(QIODV\RQ2UDQODUÕ  YH2\QDNOÕ÷Õ

ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ × â

 IL\DWODUÕ\ODJHUoHNOHúHQ\ÕOOÕNED]GDHQIODV\RQRUDQODUÕQÕQD\OÕN

JHOLúLPLQL LQFHOHGL÷LPL]GH ¶OÕ \ÕOODUGDNL \NVHN HQIODV\RQ RUWDPÕ GLNNDW

oHNPHNWHGLU (QIODV\RQ \]GH  LOH \]GH  DUDOÕ÷ÕQGD GDOJDODQPÕúWÕU

)LQDQVDO NRQVROLGDV\RQXQ EDúODGÕ÷Õ  \ÕOÕQGDQ LWLEDUHQ LVH HQIODV\RQGD

Gúú WUHQGLQLQ EDúODPDVÕ GLNNDW oHNLFLGLU $QFDN V|] NRQXVX JHOLúPHQLQ

³GúN HQIODV\RQ RUWDPÕQD D\DN X\GXUDPD\DQ EDQNDODUÕQ HOHQPHVL

VRQXFXQGD

ILQDQVDO

NRQVROLGDV\RQXQ

JHUoHNOHúWL÷L´

úHNOLQGH

\RUXPODQDELOHFH÷L XQXWXOPDPDOÕGÕU 2(&'   XOXVODUDUDVÕ oÕSDODUGD

VD÷ODQDQEDúDUÕQÕQHQIODV\RQXQWHNKDQHOLUDNDPODUDGúPHVLQLVD÷OD\DQHQ

|QHPOL HWNHQ ROGX÷XQX YXUJXODPÕúWÕU 6|] NRQXVX XOXVODUDUDVÕ oÕSDODUÕQ

NRUXQPDVÕGXUXPXQGDHQIODV\RQXQWHNKDQHOLUDNDPODUGDNDODFDNWÕU (QIODV\RQXQ

R\QDNOÕ÷ÕQ

J|]OHPOHQHQ

DUWWÕ÷Õ

DúÕUÕ

ND\QDNODQPDNWDGÕU

R\QDNOÕ÷ÕQÕ

LQFHOHGL÷LPL]GH

DQODúÕOPDNWDGÕU R\QDNOÕ÷ÕQ

LVH

 



¶GHQ

NUL]

LWLEDUHQ

HQIODV\RQXQ

KÕ]OÕ

G|QHPOHULQGH HQIODV\RQGD

GúúQGHQ




0r



.XU2\QDNOÕ÷Õ  .XUODUGD J|UOHQ DúÕUÕ R\QDNOÕN ILQDQVDO VLVWHPLQ LVWLNUDUÕQÕ WHKGLW

HWPHNWHGLU ,0)  YH   %X DPDoOD $%' GRODUÕQÕQ \ÕOOÕN ED]GD

GH÷LúLPLYHR\QDNOÕ÷ÕùHNLO¶GDLQFHOHQPHNWHGLU 

28



90 80



24 20 16 12 8

60





50 40 30



20



10 0



-10 -20



Ara.88 Haz.89 Ara.89 Haz.90 Ara.90 Haz.91 Ara.91 Haz.92 Ara.92 Haz.93 Ara.93 Haz.94 Ara.94 Haz.95 Ara.95 Haz.96 Ara.96 Haz.97 Ara.97 Haz.98 Ara.98 Haz.99 Ara.99 Haz.00 Ara.00 Haz.01 Ara.01 Haz.02 Ara.02 Haz.03 Ara.03 Haz.04

4

70

Dolar Kuru

€€ ‚ | ~}

32

ƒ…„)†‡ˆ@‰ Š ˆ



Dolar Kuru

ùHNLO$%''RODUÕQÕQ<ÕOOÕN'H÷LúLPL  YH2\QDNOÕ÷Õ

ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ ×â

$%' GRODUÕQÕQ \ÕOOÕN GH÷LúLPLQL YH R\QDNOÕ÷ÕQÕ LQFHOHGL÷LPL]GH

|]HOOLNOH NUL] G|QHPOHULQGH YH HUWHVL \ÕO R\QDNOÕ÷ÕQ KÕ]OD DUWWÕ÷Õ NXUODUGDNL

\ÕOOÕN GH÷LúLPLQ DUWPDVÕ LOH R\QDNOÕ÷ÕQ DUWWÕ÷Õ J|UOPHNWHGLU $QFDN ILQDQVDO

NRQVROLGDV\RQXQ EDúODGÕ÷Õ  \ÕOÕQGDQ LWLEDUHQ .DVÕP  YH ùXEDW

NUL]OHULKDULoGRODUNXUXQGDNLGH÷LúLPLQD]DOGÕ÷ÕDQODúÕOPDNWDGÕU$QFDN

GRODU NXUXQGD \DúDQDQ R\QDNOÕN  \ÕOÕQGDQ LWLEDUHQ D]DOPD\D

EDúODPÕúWÕU %XQD JHUHNoH RODUDN ROLJRSROLVWLN \DSÕQÕQ G|YL] SL\DVDODUÕQGD

GDKD HWNLQ úHNLOGH SL\DVD \DSÕFÕOÕ÷Õ UROQ VWOHQHELOPHVL J|VWHULOHELOLU

2(&'¶QLQ   ]HULQGH GXUGX÷X XOXVODUDUDVÕ oÕSDODUÕQ NRUXQPDVÕ

GXUXPXQGDG|YL]NXUXQGDR\QDNOÕ÷ÕQGDD]DOPDVÕEHNOHQPHNWHGLU     3[s

2X Y : Z27TUG<@O  t"AQ A27?@=27@;C9: D ED FumvxwyN?: ;QxC9AQ A27A7R<@?7zJ>L{;@=9N;C9O2<>P ;7@N;Q P"<@;ST ;@<D 7#D 7#V<@?7zJ>L{;@=2: D C]?Q P ;: ;T ;2<D 7@; <@?72A2\@A7@N;]?Q P ;@=@;]^D C>;7]Q ;C>;TRD 7_J9``_O : G]^9;Q S#D : TU;2<D9<@?7A2\@A79N; G#: NG GN#O : TUGCaP GN#O Q b  




0‹



)DL]2\QDNOÕ÷Õ  5HHO IDL]OHUGH J|UOHQ DúÕUÕ R\QDNOÕ÷ÕQ ILQDQVDO VLVWHPLQ LVWLNUDUÕQÕ

WHKGLW HWWL÷L ,0)   WDUDIÕQGDQNDEXOJ|UPHNWHGLU%XDPDoODEDQNDFÕOÕN

VHNW|UQQHQ|QHPOLIRQND\QD÷ÕRODQPHYGXDWODUÕQELUD\YDGHGH|QHULOHQ

IDL]OHULQLQ D\OÕN ED]GD UHHO JHWLULVLQLQ JHOLúLPL YH R\QDNOÕ÷Õ ùHNLO ¶GH

LQFHOHQPHNWHGLU

45 40

šš› œ ˜™

–—

35 30 25 20 15 10 5

5



4



3



2 1



0



-1



-2

Ara.88 Haz.89 Ara.89 Haz.90 Ara.90 Haz.91 Ara.91 Haz.92 Ara.92 Haz.93 Ara.93 Haz.94 Ara.94 Haz.95 Ara.95 Haz.96 Ara.96 Haz.97 Ara.97 Haz.98 Ara.98 Haz.99 Ara.99 Haz.00 Ara.00 Haz.01 Ara.01 Haz.02 Ara.02 Haz.03 Ara.03 Haz.04

0



Reel Faiz

50

 

ž"Ÿ ¡>¢ £ ¡

Reel faiz

ùHNLO%LU$\9DGHOL0HYGXDWODUÕQ$\OÕN5HHO*HWLULVL  YH2\QDNOÕ÷Õ

ËÉÌÍÎÌÏÐ-Ñ4ÒNÓ{ÔÕÖ× Ø Ù Ö× ØÏÚÙ Ù Ì Î Û Ù Ì × ÌÏ ÜÖÝÌÞ Ù Ì ÎßÛ àáÛ ×â

%LUD\YDGHOL7/PHYGXDWIDL]RUDQODUÕQÕQD\OÕNED]GDUHHOJHWLULVLQLQ

JHOLúLPLQLLQFHOHGL÷LPL]GH\ÕOÕ|QFHVLQGHLVWLNUDUVÕ]ELU\DSÕVHUJLOHQGL÷L

görülmektedir. 1988 –  \ÕOODUÕ DUDVÕQGD 7/ PHYGXDWÕQ LOJLOL D\GDNL UHHO

JHWLULVLQLQGH÷LúNHQELU\DSÕDU]HWWL÷LDQODúÕOPDNWDGÕU

\ÕOÕQGDEDúOD\DQILQDQVDONRQVROLGDV\RQG|QHPLQGHLVH.DVÕP

 YH ùXEDW  NUL]OHUL KDULo 7/ PHYGXDWODUÕQ D\OÕN ED]GD VUHNOL UHHO

JHWLUL VD÷ODGÕ÷Õ DQODúÕOPDNWDGÕU <R÷XQODúPDQÕQ DUWPD\D EDúODGÕ÷Õ ELU

G|QHPGH V|] NRQXVX JHOLúPHQLQ DUNDVÕQGD LVH 0HUNH] %DQNDVÕ¶QÕQ \NVHN

UHHOIDL]SROLWLNDVÕYH\NVHNNDPXNHVLPLERUoODQPDLKWL\DFÕ\DWPDNWDGÕU

%LU D\ YDGHOL 7/ PHYGXDW IDL] RUDQODUÕQÕQ D\OÕN ED]GD R\QDNOÕ÷ÕQÕ

LQFHOHGL÷LPL]GHNUL]G|QHPOHULKDULoR\QDNOÕ÷ÕQGúNROGX÷XJ|UOPHNWHGLU   Œ Ž

;O  ?9=272;C9: D ED F"‘{T.G2’2N#A2;9P ;“A>=9”#A: ;72;7•JR;@=2: D C 8 ;O R?Q ;72: ;Q D 7#D 7;@=2: D CR72?T O 72;:”G2P O Q O <2O 7O 7 <@?7“J>Lz;@=9N;C9O<>P ;79N;Q P <@;S2T ;2<D 7D 7#V<@?7zJ[L{;@=2: D C ?Q P ;: ;T ;2<D 72; X@Y : Z7T.G<2O2<@?72A2\@A7@N;?Q P ;@=@; ^D C>;7 Q ;C>;T_D 7{J9`` O : G ^9;Q SD : T ;2<D2<@?7A2\9A7@N; G#: N2G]GN#O : T.G#CaP GN#O Q b 


 

)LQDQVDO

SDUoDODQPD

G|QHPLQGH

LVH

R\QDNOร•รทร•Q

\ยNVHN

ROGXรทX

DQODรบร•OPDNWDGร•U  \ร•Oร•QGD R\QDNOร•รทร•Q DUWPDVร•QGD LVH KยNยPHWH GX\XODQ

JยYHQLQ DUWPDVร• YH $% Uย]JDUร•Qร•Q HWNLVL\OH IDL]OHUGH \DรบDQDQ Kร•]Oร• Gยรบยรบ

HWNLOLROPXรบWXU

ร–zet olarak, konsolidasyon dรถneminde eQIODV\RQGDNL GยรบยรบH EDรทOร•

RODUDN PHYGXDWODUร•Q D\Oร•N ED]GD UHHO JHWLULVLQLQ DUWWร•รทร• GLรทHU \DQGDQ

HQIODV\RQGDNL JHOLรบPH\H EDรทOร• RODUDN R\QDNOร•รทร•Q DUWWร•รทร• J|UยOPHNWHGLU

(QIODV\RQGDNL GยรบยรบยQ DUGร•QGDQ HQIODV\RQGD WHN KDQHOL UDNDPODUร•Q NDOร•Fร•

ROPDVร• LOH ELUOLNWH R\QDNOร•รทร•Q D]DOPDVร• YH LVWLNUDUร•Q NDOร•Fร• ROPDVร•

EHNOHQPHOLGLU

)LQDQVDO.RQVROLGDV\RQXQg]HOYH<DEDQFร•%DQNDODUD(WNLVL 7H]LQ EX E|OยPยQGH ILQDQVDO NRQVROLGDV\RQXQ |]HO YH \DEDQFร•

EDQNDODU JUXEXQD HWNLVL UDV\R DQDOL]OHUL DUDFร•Oร•รทร•\OD LQFHOHQHFHktir. Sรถz

konusu grubun incelenmesindeki amaรง finansal konsolidasyon hareketinin

NDPXHWNLVLQGHQDUร•QGร•Uร•OPร•รบEDQNDFร•Oร•NVHNW|UยQHHWNLOHULQLDQDOL]HWPHNWLU (WNLQOLรทH(WNLVL 

รŽรŠร„ร รƒร„ร…รŒ

ร€ รร‚ รŠ2ร‰ ร‹ รƒ รˆร‡ ร†ร‚ รƒร„ร… ร€ รร‚

    

80 75 70 65 60 55 50 45 40 35 30 25

12.0 10.0

6.0 4.0

ร€ รร‚

รร…รŒร

2.0

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Eyl04

Kredi / Mevduat

49.7 55.1 70.2 65.4 70.5 76.1 54.7 57.4 61.8 66.8 64.2 53.1 61.2 35.7 45.0 52.0 65.9

Kredi / T. Aktifler

33.3 36.7 43.4 40.2 39.4 39.9 37.1 38.5 42.6 43.3 40.2 31.9 35.6 26.7 31.0 33.3 38.8

TGA / T.Kredi

1.8



รƒร„

8.0

0.9

0.5

0.7

0.8

0.6

1.1



0.4

0.4

0.6

1.0

1.4

1.6

11.1

8.8

6.7

0.0

4.6

รนHNLOg]HOYH<DEDQFร•%DQNDODU*UXEXQXQ(WNLQOLรทLQLQ*HOLรบLPL

ยคยฅยฆ#ยง#ยฅยจ#ยฉ@ยชย…ยซยซย•ยฌยญ"ยฎ ยฏ ยฐ ยญ"ยฎ ยฏ@ยจยฑยฐ ยฐ ยฅยฒยงยฒยณ ยฐ ยฅยฒยฎ ยฅยจRยดยญยตยฅยถยฒยฐ ยฅยฒยงยทย•ยณ ยธ2ยน ยณ ยฎ ยบ2ยปยผยผยฝ{ยฆ#ยณ ยฐ ยณยฏ ยพ#ยฏ ยง{ยซยฟUยฟUยคย“ยฌยญ)ยฎ ยฏ ยฐ ยญ)ยฎ ยฏ2ยจยฑยฐ ยฐ ยฅ"ยงยณ ยฐ ยทย•ยณ ยธ2ยน ยณ ยฎ ยบ

6HoLOPLรบ HWNLQOLN J|VWHUJHOHUL LQFHOHQGLรทLQGH |]HO YH \DEDQFร•

EDQNDODU JUXEXQGD  \ร•Oร•QGDQ LWLEDUHQ EDรบOD\DQ ILQDQVDO NRQVROLGDV\RQ

sรผrecinde sektรถrรผn eWNLQOLรทLQLQ D]DOGร•รทร• J|]OHQPHNWHGLU $QFDN 

\ร•Oร•QGDQ LWLEDUHQ ILQDQVDO NRQVROLGDV\RQXQ XOXVODUDUDVร• VHYL\HOHUH XODรบPDVร• 




EDQNDODUÕQ NUHGL NXOODQGÕUÕUNHQ GDKD |]HQOL GDYUDQPDODUÕ HNRQRPLGHNL

E\PH SHUIRUPDQVÕQD ED÷OÕ RODUDN NUHGL NXOODQÕFÕODUÕQÕQ JHUi ödeme

NDELOL\HWOHULQLQ JHoPLú G|QHPOHUH J|UH DUWPDVÕ YH øVWDQEXO \DNODúÕPÕQD

DOÕQDQNUHGLOHUGHNLDUWÕúÕQHWNLVL\OHHWNLQOL÷LQDUWPD\DEDúODGÕ÷ÕJ|UOPHNWHGLU 9HULPOLOL÷H(WNLVL

      

ÿõ ýûþ ü úó ÷øù õö òóô



30.0



28.0



24.0



20.0

15.0 

9.0

22.0

6.0

18.0 16.0



3.0

14.0 12.0



õö

ü òõ   ÷  õ 

òõ   ÷  õ 

12.0   

26.0

ò  ò   

ó ú õ

0.0

198 198 199 199 199 199 199 199 199 199 199 199 200 200 200 200 Eyl8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 04 19.4 22.6 20.5 19.9 18.7 14.5 20.8 17.4 17.8 17.8 19.8 19.5 16.9 16.3 16.4 14.3 12.3

Gider/ Aktifler



 !"$# &%&'( ) (

28.1 27.7 27.3 22.7 21.0 20.9 19.8 19.9 20.3 20.5 20.1 19.9 19.2 18.6 18.7 20.0 20.6

Net Kom. Gel. / Faal. Gel.

4.0

3.0

3.3 3.1

2.5

2.5

1.7 4.5

3.8

3.6

3.8 3.5

5.3

5.7

5.7 7.7

Serm. Piy. Gel. / Faal. Gel.

0.0

7.2

5.6 3.3

5.0

6.8

4.7 7.2

5.0

2.4

4.0 11.5 5.0

6.2

9.2 14.3 9.1



7.3

ùHNLOg]HOYH<DEDQFÕ%DQNDODU*UXEXQXQ9HULPOLOL÷LQLQ*HOLúLPL

¤¥¦#§#¥¨#©@ª…««•¬­"® ¯ ° ­"® ¯@¨±° ° ¥²§²³ ° ¥²® ¥¨R´­µ¥¶²° ¥²§·•³ ¸2¹ ³ ® º2»¼¼½{¦#³ ° ³¯ ¾#¯ §{«¿U¿U¤“¬­)® ¯ ° ­)® ¯2¨±° ° ¥"§³ ° ·•³ ¸2¹ ³ ® º 6HoLOPLú

YHULPOLOLN

J|VWHUJHOHUL

LQFHOHQGL÷LQGH

ILQDQVDO

NRQVROLGDV\RQ VUHFLQGH YHULPOLOL÷LQ ROXPOX \|QGH JHOLúWL÷L J|]OHQPHNWHGLU

(QIRUPDV\RQ WHNQRORMLVL DODQÕQGDNL JHOLúPHOHULQ GH EX ROXPOX VUHFH NDWNÕ

\DSWÕ÷ÕELOLQPHNWHGLU

5HNDEHW(WNLVL  Krediler (TÜFE 87=100)



18000

2200

16000

 14000 12000

1600

 10000   

1300

8000

6000

1000

4000

700

2000 0

ç[è5éaê>ë ì5è í_î>ï ð ñ

Kredi ler

åæäâ ã

1900

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Eyl04

6197 6406 7594 7746 8437 10960 8905 1019613912 1780016442 14804 1498313083 13389 1361617211 587

411

510

612

578

815

857

1137 1394 1698 1829 2100 1283

677

854

850

825

ùHNLOg]HOYH<DEDQFÕ%DQNDODU*UXEXQGD5HNDEHWLQ*HOLúLPL

¤¥¦#§#¥¨#©@ª…««•¬­"® ¯ ° ­"® ¯@¨±° ° ¥²§²³ ° ¥²® ¥¨R´­µ¥¶²° ¥²§·•³ ¸2¹ ³ ® º2»¼¼½{¦#³ ° ³¯ ¾#¯ §{«¿U¿U¤“¬­)® ¯ ° ­)® ¯2¨±° ° ¥"§³ ° ·•³ ¸2¹ ³ ® º 

400

Þ ßàáÜÝ

Ø ÙÚÛ ÔÕÓ Ò×Ö ÑÒ


 

.UHGL IDDOL\HWOHULQLQ JHOLรบLPL LQFHOHQGLรทLQGH ILQDQVDO SDUoDODQPD

G|QHPLQGH UHNDEHWLQ DUWWร•รทร• DQFDN ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH

UHNDEHWLQ DUWPDGร•รทร•  \ร•Oร•QGDQ LWLEDUHQ LVH NUHGLOHUGH \DรบDQDQ UHHO DUWร•รบ

QHGHQL\OH UHNDEHWLQ DUWWร•รทร• J|]OHPOHQPHNWHGLU .DUOร•Oร•รทร•Q JHOLรบLPL Doร•Vร•QGDQ

EDNร•OGร•รทร•QGD ILQDQVDO SDUoDODQPD G|QHPLQGH UHNDEHWLQ D]DOGร•รทร• ILQDQVDO

NRQVROLGDV\RQ VยUHFLQGH LVH Kร•]OD DUWWร•รทร•DQODรบร•OPDNWDGร•U $QFDNQHW G|QHP

NDUร•QGDNL GHรทLรบLPOHU EDQNDFร•Oร•N VLVWHPLQGHNL NRQVROLGDV\RQGDQ ]L\DGH

EDQNDODUร•Q ULVN LรบWDKร•Qร• D]DOWDUDN GDKD GยรบยN NDUODUD UD]ร• ROPDVร•QGDQ

ND\QDNODQPDNWDGร•U

0LNUR%D]GD)LQDQVDOรธVWLNUDUD(WNLVL 

78

70.0



50.0

60.0

16.0

-

+ 4063 405 12/ 03 +,. * -

12.0

 8.0

40.0 30.0

 4.0  0.0 :; < =?> @ ;AC BD@ ;$E$>

ROA

NFM ROE



Cari Oran

ROE, Cari Oran

9

20.0

20.0 10.0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 3.2

2.4

2.9

3.2

2.7

3.0

3.6

4.3

4.3

4.1

4.5

4.5

3.0

1.4

7.6

8.8

9.3

8.9

8.2

7.2

8.2

8.1

7.8

7.3

9.1

9.2

11.4

5.2

4.1

2.5

6.0

7.9

7.8

8.7

10.7

9.0

9.5

10.2

12.4 10.2

7.5

6.5

2.0

2.1

15.1 17.9 5.3

3.4

Eyl04

0.0

1.9 12.3 5.1

44.6 29.2

34.2 38.8 35.8

44.0 47.3 57.2

59.0 60.8

53.4 54.0 29.7

27.9 15.0 13.7

14.1

39.9 32.0

28.4 30.3 34.0

38.2 33.2 30.9

24.3 22.8

22.1 23.8 28.6

27.7 18.5 14.4

17.8

รนHNLOg]HOYH<DEDQFร•%DQNDODU*UXEXQXQ0LNUR%D]GD)LQDQVDOรธVWLNUDUD.DWNร•Vร•

ยคยฅยฆ#ยง#ยฅยจ#ยฉ@ยชย…ยซยซย•ยฌยญ"ยฎ ยฏ ยฐ ยญ"ยฎ ยฏ@ยจยฑยฐ ยฐ ยฅยฒยงยฒยณ ยฐ ยฅยฒยฎ ยฅยจRยดยญยตยฅยถยฒยฐ ยฅยฒยงยทย•ยณ ยธ2ยน ยณ ยฎ ยบ2ยปยผยผยฝ{ยฆ#ยณ ยฐ ยณยฏ ยพ#ยฏ ยง{ยซยฟUยฟUยคย“ยฌยญ)ยฎ ยฏ ยฐ ยญ)ยฎ ยฏ2ยจยฑยฐ ยฐ ยฅ"ยงยณ ยฐ ยทย•ยณ ยธ2ยน ยณ ยฎ ยบ

1HW IDL] PDUMร• DNWLI JHWLULVL YH |]ND\QDN JHWLULVLQLQ JHOLรบLPL

EDQNDFร•Oร•NWD \DรบDQDQ ILQDQVDO NRQVROLGDV\RQ G|QHPLQGH ILQDQVDO LVWLNUDUร•Q

ROXPOX \|QGH JHOLรบPHGLรทL DQFDN NRQVROLdasyon รถncesi yรผksek rakamlara

\HQLGHQ XODรบร•OGร•รทร•Qร• J|VWHUPHNWHGLU =RUXQOX NRQVROLGDV\RQ G|QHPLQGH

JUXEXQ NDOGร•UDo RUDQร•QGD FLGGL DUWร•รบODU \DรบDQPDVร• |]ND\QDNODUร•Qร•Q ย]HULQGH

FLGGL ELU \ยN DOWร•QD JLULOGLรทLQL FDUL RUDQGD \DรบDQDQ Kร•]Oร• JHULOHPH OLNLGLWH

Doร•Vร•QGDQ ROXPOX ELU JHOLรบPH ROPDGร•รทร•Qร• J|VWHUPHNWHGLU $QFDN NDOGร•UDo

RUDQร•QGD  \ร•Oร•Qร•Q LON ยo oH\UHรทLQGH \DรบDQDQ ROXPOX JHOLรบPH YH FDUL

RUDQD LNLQFLO GHUHFH OLNLW YDUOร•N RODUDN NDEXO HGLOHQ PHQNXO GHรทHUOHULQ GDKLO

HGLOPHVLGXUXPXQGDROXPOXELUWDEORRUWD\Doร•NDFDNWร•U  


 

6RQXo

L  7ยUN ILQDQVDO VLVWHPLQGH EDQNDFร•Oร•N VLVWHPLQLQ EDVNร•Q ROGXรทX YH

VHoLOPLรบ GยQ\D |UQHNOHULQH J|UH V|] NRQXVX EDVNร•QOร•รทร•Q oRN \ยNVHN ROGXรทX

DQODรบร•OPDNWDGร•U'ROD\ร•Vร•\ODWH]GH EDQNDGร•รบร• VHNW|UOHUHLOLรบNLQYHULNร•Vร•Wร•YH

ILQDQVDO VLVWHPGHNL EDQNDODUร•Q EDVNร•QOร•รทร• J|] |QยQGH EXOXQGXUXODUDN

7ยUNL\H X\JXODPDVร•QGD EDQNDFร•Oร•N VLVWHPLQGH \DรบDQDQ NRQVROLGDV\RQ

KDUHNHWLLQFHOHQPLรบWLU

LL 7ยUNEDQNDFร•Oร•NVLVWHPLQLQJHQHO|]HOOLNOHULLQFHOHQGLรทLQGH

โ€ข

WDP ILQDQVDO VHUEHVWOHรบPH VRQUDVร• |]HOOLNOH \DEDQFร• SDUD

โ€ข

WDPILQDQVDOVHUEHVWOHรบPHVRQUDVร•QGDDNWLIEย\ยNOยรทยUHHORODUDN

FLQVLQGHQWDVDUUXIODUDUDFร•Oร•รทร•\ODILQDQVDOGHULQOHรบPHQLQJHUoHNOHรบWLรทL

Kร•]OD DUWPDVร•QD UDรทPHQ .DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD

ILQDQVDO NRQVROLGDV\RQD, kamu borรงlanma senetlerine bankaGร•รบร• NHVLPGHQ

JHOHQ\RรทXQWDOHEHHQIODV\RQGDNLYHG|YL]NXUODUร•QGDNLJHULOHPH\HYHNDPX

NHVLPLQLQ ERUoODQPD LKWL\DFร•QGDNL D]DOPD\D EDรทOร• RODUDN UHHO RODUDN

NยoยOGยรทย โ€ข

\ยNVHN HQIODV\RQ RUWDPร•QD YH NDPX NHVLPLQLQ \ยNVHN Lo

ERUoODQPD LKWL\DFร•QD EDรทOร• RODUDN \ยNVHOHQ UHHO IDL]OHU QHGHQL\OH \ยNVHN

NDUOร•Oร•NRUDQODUร•\ODoDOร•รบWร•NODUร•YHUHHOHNRQRPL\HND\QDNVDรทODPDNWDQ]L\DGH

NDPXERUoODQPDVHQHWOHULQHSODVPDQ\DSWร•NODUร• gรถrรผlmektedir. 

LLL  7ยUN EDQNDFร•Oร•N VLVWHPLQGH  โ€“ 997 dรถneminde finansal

SDUoDODQPD\DรบDQGร•รทร•\ร•Oร•QGDQLWLEDUHQLVHEDQNDJLULรบOHULQLQD]DOPDVร•

YHVHNW|UGHIDDOL\HWJ|VWHUHQOLGHUNXUXOXรบODUร•QSD\ร•Qร•DUWร•UPDVร•QHGHQL\OHD]

GD ROVD NRQVROLGDV\RQXQ EDรบODGร•รทร• DQFDN \HWHUVL] NDOGร•รทร• WHVSLW HGLOPLรบWLU

.DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD \DรบDQDQ \RรทXQ EDQND

ELUOHรบPH YH VDWร•Q DOPDODUร• YH WDVIL\HOHUL VHNW|UH JLULรบOHULQ GXUPDVร• YH NDPX

EDQNDODUร•QD ND\QDN DNWDUร•OPDVร• VRQXFXQGD  \ร•Oร• LWLEDUL\OH EDQNDFร•Oร•N sektรถrรผnde

konsolidasyonun

zorunlu

olaraN \DรบDQGร•รทร• J|UยOPHNWHGLU

.RQVROLGDV\RQXQ GLรทHU JHOLรบPLรบ ยONHOHUGHQ IDUNOร• RODUDN ]RUXQOX RODUDN

\DรบDQPDVร•FLGGLPDOL\ยNOHULGHEHUDEHULQGHJHWLUPLรบWLU




 

โ€ข

 โ€“ 2001 dรถneminde 35 yeni banka sisteme dahil olarak

ILQDQVDO SDUoDODQPD\D NDWNร• \DSPร•รบODU DQFDN V|] NRQXVX EDQNDODUร•Q ยถVร•

GDKD VRQUDNL \ร•OODUGD VLVWHP Gร•รบร•QD oร•NPร•รบWร•U <HQL VLVWHPH GDKLO RODQ

EDQNDODUร•Q \DUร•Vร•QD \DNร•Qร•Qร•Q EDรบDUร•Vร•] ROPDVร• VLVWHPH NDSDVLWHVLQLQ

ย]HULQGH EDQNDQร•Q GDKLO ROGXรทXQX XOXVODUDUDVร• VWDQGDUWODU J|] |QยQGH

EXOXQGXUXOPDGDQ EDQNDODUD IDDOL\HW L]QL YHULOGLรทLQL YH EDQNDFร•Oร•N VLVWHPLQGH

NRQVROLGDV\RQLKWL\DFร•Qร•RUWD\DNR\PDNWDGร•U โ€ข

 VRQUDVร•  J|QยOOย  ]RUXQOX EDQND ELUOHรบPHVL  VDWร•Q

DOPD YH  WDVIL\H JHUoHNOHPLรบWLU *|QยOOย ELUOHรบPHOHULQ YH VDWร•Q DOPDODUร•Q

WDPDPร• ]RUXQOX ELUOHรบPHOHULQ ยถL  +D]LUDQ  WDULK YH  VD\ร•Oร•

5HVPL *D]HWHยถGH \D\ร•PODQDQ ยณ%DQNDODUร•Q %LUOHรบPH YH 'HYLUOHUL +DNNร•QGD

<|QHWPHOLNยด YH  WDULK YH  VD\ร•Oร• 5HVPL *D]HWHยถGH

\D\ร•PODQDQ<|QHWPHOLN'HรทLรบLNOLรทLVRQUDVร•QGDJHUoHNOHรบPLรบWLU โ€ข

++ HQGHNVL YH \RรทXQODรบPD RUDQODUร• HQ Eย\ยN LON EHรบ LON  YH

LON  EDQND Doร•Vร•QGDQ LQFHOHQGLรทLQGH EDQNDFร•Oร•N VLVWHPLQGH  โ€“ 

\ร•OODUร• DUDVร•QGD EDQNDFร•Oร•N VHNW|UยQGH ILQDQVDO SDUoDODQPD  \ร•Oร•QGDQ

LWLEDUHQ NRQVROLGDV\RQXQ EDรบODGร•รทร• YH  \ร•Oร•QGD XOXVODUDUDVร• VHYL\HOHUH

XODรบร•OGร•รทร•J|UยOPHNWHGLU

LY  )LQDQVDO NRQVROLGDV\RQXQ 7ยUN EDQNDFร•Oร•N VLVWHPLQH HWNLVLQLQ

HWNLQOLN YHULPOLOLN UHNDEHW PLNUR YHPDNURED]GD ILQDQVDO LVWLNUDUDoร•Vร•QGDQ

UDV\RDQDOL]LDUDFร•Oร•รทร•\ODLQFHOHQPHVLVRQXFXQGD โ€ข

(WNLQOLN 7ยUN EDQNDFร•Oร•N VLVWHPLQGH  \ร•Oร•QGDQ LWLEDUHQ

EDรบOD\DQ ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH VHNW|UยQ HWNLQOLรทLQLQ D]DOGร•รทร•

J|]OHQPHNWHGLU $QFDN  \ร•Oร•QGDQ LWLEDUHQ ILQDQVDO NRQVROLGDV\RQXQ

XOXVODUDUDVร• VHYL\HOHUH XODรบPDVร• EDQNDODUร•Q NUHGL NXOODQGร•Uร•UNHQ daha รถzenli

GDYUDQPDODUร• HNRQRPLGHNL Eย\ยPH SHUIRUPDQVร•QD EDรทOร• RODUDN NUHGL

NXOODQร•Fร•ODUร•Qร•QJHUL|GHPHNDELOL\HWOHULQLQJHoPLรบG|QHPOHUHJ|UHDUWPDVร•YH

รธVWDQEXO\DNODรบร•Pร•QDDOร•QDQNUHGLOHUGHNLDUWร•รบร•QHWNLVL\OHHWNLQOLNDUWPร•รบWร•U โ€ข

9HULPOLOLN รนXEH EDรบร•QD oDOร•รบDQ VD\ร•Vร•QD QHW NRPLV\RQ

JHOLUOHULQLQ IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•QD VHUPD\H SL\DVDVร• LรบOHP

NDUODUร•Qร•Q IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•QD YH EUยW JLGHUOHULQ IDDOL\HW




 

JHOLUOHULQH RUDQร• ILQDQVDO NRQVROLGDV\RQ VยUHFLQGH YHULPOLOLรทLQ ROXPOX \|QGH

HWNLOHQGLรทLQLRUWD\DNR\PDNWDGร•U โ€ข

5HNDEHW 7DVDUUXI PHYGXDWร• 7/ UHHO IDL] RUDQODUร•Qร•Q JHOLรบLPLQH

EDNร•OGร•รทร•QGD NXU ULVNL DOPDN LVWHPH\HQ EDQNDODUร•Q 7/ ND\QDNODUD \|QHOPHVL

VRQXFXQGD ILQDQVDO NRQVROLGDV\RQXQ XOXVODUDUDVร• VHYL\HOHUH XODรบWร•รทร•

G|QHPGH UHNDEHWLQ DUWWร•รทร• J|UยOPHNWHGLU '7+ IDL] RUDQODUร•Qร•Q NUHGL

IDDOL\HWOHULQLQ QHW NRPLV\RQ JHOLUOHULQLQ YH NDUOร•Oร•รทร•Q JHOLรบLPLQH EDNร•OGร•รทร•QGD

UHNDEHWLQD]DOGร•รทร•DQODรบร•OPDNWDGร•U โ€ข

0LNUR ED]GD ILQDQVDO LVWLNUDU1HWIDL]PDUMร•52$YH52(ยถQLQ

JHOLรบLPL LQFHOHQGLรทLQGH EDQNDFร•Oร•NWD NUL] G|QHPOHUL KDULo ILQDQVDO

SDUoDODQPD YH ILQDQVDO NRQVROLGDV\RQ G|QHPOHUL DUDVร•QGD FLGGL IDUNOร•Oร•NODU

ROPDGร•รทร•Qร• J|VWHUPHNWHGLU .RQVROLGDV\RQ G|QHPLQGH NDPX EDQNDODUร•QD

ND\QDN DNWDUร•OPDVร• VRQXFXQGD NDOGร•UDo RUDQร•QGDNL JHULOHPH ILQDQVDO LVWLNUDU

Doร•Vร•QGDQ ROXPOX RODUDN \RUXPODQVD GD FDUL RUDQGD \DรบDQDQ Kร•]Oร• JHULOHPH

OLNLGLWH Doร•Vร•QGDQ ROXPOX ELU JHOLรบPH ROPDGร•รทร•Qร• J|VWHUPHNWHGLU $QFDN FDUL

RUDQD LNLQFLO GHUHFH OLNLW YDUOร•N RODUDN NDEXO HGLOHQ PHQNXO GHรทHUOHULQ GDKLO

HGLOPHVLGXUXPXQGDROXPOXELUWDEORRUWD\Doร•NDFDNWร•U โ€ข

0DNUR ED]GD ILQDQVDO LVWLNUDU %ย\ยPH RUDQร• HQIODV\RQ

RUDQร•Qร•QKร•]ODJHULOHPHVLNXUGDNLYHIDL]GHNLR\QDNOร•รทร•QD]DOPDVร•YHIDL]OHULQ

Kร•]OD JHULOHPHVL EDQNDFร•Oร•N VHNW|UยQGH \DรบDQDQ ]RUXQOX NRQVROLGDV\RQXQ

XOXVODUDUDVร• VHYL\HOHUH XODรบWร•รทร• G|QHPH GHQN JHOPLรบWLU &DUL Doร•รทร•Q D\Qร•

G|QHPGH ROXPVX] \|QGH JHOLรบWLรทL J|]OHPOHQPHNWHGLU 'LรทHU \DQGDQ

NRQVROLGDV\RQ |QFHVL EDQNDFร•Oร•N VLVWHPLQGH \RรทXQ NUHGL NXOODQGร•UDQ

EDQNDODUร•QPDOL\DSร•ODUร•Eย\ยPHRUDQODUร•QGDNLGDOJDODQPDODUNXUYHIDL]GHNL

GDOJDODQPDODU \ยNVHN FDUL Doร•NODU YH \ยNVHNHQIODV\RQ QHGHQL\OH ER]XOPXรบ

YH WDVIL\H ROPDODUร• LOH NRQVROLGDV\RQ NDoร•Qร•OPD] RODUDN JHUoHNOHรบPLรบWLU

+ยNยPHW SROLWLNDODUร•QD GX\XODQ JยYHQ $% ย\HOLรทL \ROXQGD VDรทODQDQ

LOHUOHPHOHU YH,0) YH'ยQ\D %DQNDVร• LOH VDรทODQDQVร•Nร•LรบELUOLรทLPDNURED]GD

ILQDQVDOLVWLNUDUD|QHPOLNDWNร•ODUVDรทODPร•รบWร•U โ€ข

g]HO YH \DEDQFร• EDQNDODU JUXEX

Sektรถrde

finansal

parรงalanma ve zorunlu konsolidasyon sรผrecinde etkinlik, verimlilik, rekabet

Doร•Vร•QGDQ \DรบDQDQ JHOLรบPHOHU EHQ]HU รบHNLOGH |]HO YH \DEDQFร• EDQNDODU 


 

JUXEXQGDGDJ|]OHPOHQPHNWHGLU)LQDQVDOLVWLNUDUDNDWNÕDQODPÕQGDVHNW|UQ

JHULVLQGHNDOÕQGÕ÷ÕYH\NVHNNDOGÕUDoRUDQÕ\ODoDOÕúÕOGÕ÷ÕJ|UOPHNWHGLU 7$%/2±'g1(0ø1'(7h5.%$1.$&,/,.6(.7g5h bdc"efefg bdc"cfh

(WNLQOLN   

¤m® ­"m)¯ ° ­"® ¯ §]ªMn¶²° ¥·po]¨9¹ ¯ q ° ­)® ­TrR® ¥"§³ ­#d¬ m"±#¥#¹ ³ §z¤m® f­ m"¯ ¦2­•X¿ v""§ w"¸ wOr ® ¥"§³ u ªMxXoUy §²³ §]zª n²¶° ¥²· ¤m® f­ m)¯ ° ­)® T­ rR® ¥"§³

FHGJIJKMLON bdc"cfhfg ifj"jfi

ifj"jfifg ifj"jlk

LQPJGJRTSUGTVXWZYMWZ[]\U^"YMWZ[HIMW _`NHaQYQa b.cfe"eDg b.cfc"hDg ifj"jfifg bdc"cfh i"jfj"i i"jfjdk

9HULPOLOLN

¿.±® ¥ls²¥²§ r ° ±#·{µ#±.t r ° ±·“° ± ¿ ±® ¥ls²¥²§ rR° ±·µ±t rR° ±·“° ± ¿.±® l¥ s²¥²§ r ° ±#·{µ#±.t r ° ±·“° ± ¿ ±® ¥ls²¥²§ rR° ±·µ±t rR° ±·“° ± ¿.±® l¥ s²¥²§ r ° ±#·{µ#±.t r ° ±·“° ± ¿ ±® ¥ls²¥²§ rR° ±·µ±t rR° ±·“° ±

±"|­%«¥#¸³ §¥T}U¥²° ³ ¸¥²§`~¥¦³ µ³ r ° ±·“° ±rR° ±·“° ±€r ° ±#·µ±.t r ° ±#·•° ±r ° ±#·“° ±‚r ° ±·µ±t ­¹)„¤ n²·“¯ µ2.¦ n²O§ x]­)° lº …²¥¥"° ¯ ¦2­D¹ x ­)° ºr ® ¥"§³†r ° ±#·µ±.t rR° ±·“° ±‡r ° ±·“° ± ¿±® ¥ls²¥²§ r ° ±#·“° ±ˆrR° ±·“° ± ƒ ~m­)® ·z¥¦2Š ­ ‰m¯ ¦"º ‹ ¸#° º¤¥"® ° "º …²¥¥"° ¯ ¦2­#¹ ¿.±® l¥ s²¥²§ r ° ±#·{µ#±.t r ° ±·“° ±‚rR° ±·µ±.t r ° ±#·“° ±ˆrR° ±·“° ± x]­"° ¯ ® ° ­"® ¯ §T ­ rR® ¥"§³ «m® w2D¹ x ¯ m­)® ° ­)® ¯ Œ§ …²¥¥"° ¯ ¦2­#D¹ x ­)° .º rR® ¥²§²³ ¿.±® l¥ s²¥²§ r ° ±#·{µ#.± t r ° ±·“°  ± r ° ±#·•° Ž ± rR° ±·µ±t rR° ±·“° ± «m® w2D¹ x ¯ m­)® ° ­)® ¯ §_zª n¶²° ¥p · o]¨9¹ ¯ q ° ­"® T­ r ® ¥"§ ³ r ° ±#·µ.± t ¿.±® l¥ s²¥²§ r ° ±·“° ± ¿±® l¥ s²¥²§ r ° ±#·“° ˆ ± rR° ±·“° ±

 {    

5HNDEHW 

   

¿mªX’‘ «m¯ ®.o.¦H“.¥"m­"° ¯ ”„…"¥²¯ t`rR® ¥²§° ¥²® ³ r ° ±·“° ±rR° ±·“° ±€r ° ±#·µ±.t ª]• u ­d¬ m"±#¥¹ l³ –m­­"d° …²¥"¯ t`rR® ¥²§° ¥²® ³ r ° ±#·µ±.t ¿.±® ¥ls²¥²§ r ° ±·“° ± ¤m±° ° ¥²d§ m)³ ® ³ ° ¥²Œ§ –m­­"°¤m® "­ m)¯ ° ­"® r ° ±·“° ±—r ° ±#·{µ#±.t r ° ±·“° ±r ° ±#·•° ±ŽrR° ±·µ±t rR° ±·“° ± ¤¥"® ° ³ ° ³ ¨ r ° ±#·•° ±—r ° ±#·{µ#±.t r ° ±·“° ±‚rR° ±·µ±.t rR° ±·µ±t ¿.±® ¥"s¥"§ ­ƒ ¹)„¤ n²·“¯ µ2.¦ n²O§ x]­)° lº …²¥¥"° ¯ ¦2­D¹ x ­)° ¯ ® ° ­)® ¯ §­ r ® ¥"§²³ r ° ±·“° ±—r ° ±#·{µ#±.t r ° ±#·µ±.t ¿±® ¥ls²¥²§ rR° ±·µ±t r ° ± · µ±t

0LNUR%D]GD)LQDQVDOøVWLNUDU 

­ ¹…²¥"¯ t u ¥²® ˜ ³ o]¨9¹ ¯ qDx]­¹ ¯ ® ¯ µ¯



¤¥"° m)³ ® ¥¾ZrR® ¥"§³

° ±·“° ± ¿.±® ¥ls²¥²§ r ° ±·“° ±—r ° ±#·{µ#±.t r ° ±·“° — ± r ° ±#·{µ#.± t ¿.±® l¥ s²¥²§ r ° ±#·{µ#.± t r ° ±#·µ. ± t ¿.±® l¥ s²¥²§

 ƒ

 Özkaynak Getirisi

r

 Cari Oran (MDC Hariç)

0DNUR%D]GD)LQDQVDOøVWLNUDU        

«Mw¦lw#·­ŒrR® ¥"§° ¥"® ³ ¥"® $¯ o ¾³ ¨ ™ § q ° ¥#µ2.¦ n²`§ rR® ¥²§° ¥²® ³ . š § q ° ¥#µ2.¦ n²`§ rU¦#§#¥¨° ³ s)³ . š ¤m±®)¿"­ s)¯ ¸¯ ·“¯ ¤m±f® r ¦#§¥²¨° ³ sx³ …"¥²¯ t`rR® ¥²§° ¥²® ³ …"¥²¯ t`rU¦#§#¥¨° ³ s)³

¿.±® ¥ls²¥²§ r ° ±#·•° ±ŽrR° ±·µ±t ¿.±® ¥"s¥"§ r ° ±·“°  ± r ° ±#·•° ±r ° ±#·“° ± ¿.±® ¥"s¥"§ r ° ±·“°  ± r ° ±#·•° Ž ± rR° ±·µ± t ¿.±® ¥"s¥"§ r ° ±·“° ± ¿±® l¥ s²¥²§ ¿.±® "¥ s¥"§ r ° ±·µ±t ¿.±® l¥ s²¥²§ rR° ±·µ.± t r ° ±#·“° ‚ ± r ° ±·µ±t

° ±#·µ±.t r ° ±#·{µ#±.t r ° ±·“° ± r ° ±#·µ±.t r ° ±#·{µ#±.t r ° ±#·µ±.t r ° ±#·µ. ± t rR° ±·“° ±‡r ° ±·“° ± r ° ±·“°  ± rR° ±·“° ±€r ° ±#·µ±.t r ° ±#·µ. ± t rR° ±·“° ‡ ± r ° ±·“° ± r ° ±#·µ. ± t rR° ±·“° ‡ ± r ° ±·“° ± r ° ±#·µ. ± t rR° ±·“° ‡ ± r ° ±·“° ± r ° ±·“°  ± rR° ±·“° € ± r ° ±#·µ.± t r




 

%(รนรธ1&รธ%g/h0 6218d9(g1(5รธ/(5 )LQDQVDO VLVWHPOHUGH \DรบDQDQ NRQVROLGDV\RQ WUHQGL HYUHQVHO

EDQNDFร•Oร•N VยUHFLQGH \DรบDQDQ HQ |QHPOL \DSร•VDO GHรทLรบLPOHUGHQ ELULVL RODUDN

NDEXO J|UPHNWH YH ยถOL \ร•OODUGDQ LWLEDUHQ JHOLรบPLรบ ยONHOHUGH J|]OHPOHQHQ

|]HOOLNOHยถOร• \ร•OODUGDQ LWLEDUHQ GยQ\D ILQDQV SL\DVDODUร•QDHJHPHQRODQELU

KDUHNHW RODUDN NDUรบร•Pร•]D oร•NPDNWDGร•U )LQDQVDO NRQVROLGDV\RQXQ HQ |QHPOL

gรถsterJHVL RODQ EDQND ELUOHรบPH YH VDWร•Q DOPDODUร•Qร•Q GยQ\D JHQHOLQGH

|]HOOLNOH\ร•Oร•QGDQLWLEDUHQKร•]ODQGร•รทร•J|UยOPHNWHGLU$\Uร•FDGยQ\DQร•QHQ

Eย\ยNEDQNDODUร•Qร•QNRQVROLGHDNWLIEย\ยNOยNOHULQLQ*ยONHOHULQLQ*6<รธ+ยถ\D

RUDQร•Qร•Q  โ€“  G|QHPLQGH \DNODรบร•N RODUDN LNL\H NDWODQPร•รบ ROPDVร• GD

ILQDQVDO NRQVROLGDV\RQXQ YDUOร•รทร•Qร• WH\LW HWPHNWHGLU %ย\ยN EDQNDODUร•Q GDKD

GD Eย\ยPHVL GLรทHU EDQNDODUร• UHNDEHW JยoOHULQL NRUX\DELOPHOHUL LoLQ X]PDQODรบPD\D YH\D ELUOHรบPHOHUH ]RUODPDNWD \HQL R\XQ NXUDOODUร•QD X\XP

VDรทOD\DPD\DQ EDQNDODU PDOL JยFยQย \LWLUHUHN WDVIL\H ROPDNWD YH\D GLรทHU

EDQNDODUOD]RUXQOXRODUDNELUOHรบPHN]RUXQGDNDOPDNWDGร•U

* ยONHOHULQL LQFHOHGLรทLPL]GH GยQ\DQร•Q HQ Eย\ยN HNRQRPLVL

RODQ $%'ยถQGH EDQNDFร•Oร•N DUDFร• NXUXOXรบ VLJRUWDFร•Oร•N VHNW|UOHULQGH YH

KD\DW VLJRUWDVร• KDULo  ILQDQVDO NRQVROLGDV\RQ \DรบDQPDNWDGร•U  

 G|QHPLQGH $%' ILQDQV VLVWHPLQGH IDDOL\HW J|VWHUHQ EDQND DUDFร•

NXUXP YH KD\DW VLJRUWDVร• Gร•รบร•QGDNL VLJRUWD NXUXOXรบODUร• VD\ร•Vร•QGD FLGGL

D]DOPDODU \DรบDQPร•รบWร•U +D\DW VLJRUWDFร•Oร•รทร• VHNW|UยQGe finansal parรงalanma

gรถrรผlmektedir. 

$YUXSD %LUOLรทL ยONHOHULQLQ JHQHOLQGH YH -DSRQ\DยถGD ILQDQVDO

NRQVROLGDV\RQXQ    \ร•OODUร• DUDVร•QGD * ยONHOHUL

RUWDODPDVร•Qร•QYH$%'ยถQLQJHULVLQGHNDOGร•รทร•J|UยOPHNWHGLUAncak, sektรถr

ED]ร•QGD XOXVDO YH XOXVODUDUDVร• DQODPGD $%'ยถQGH \DรบDQDQ JHOLรบPHOHULQ

EHQ]HUรบHNLOGH\DรบDQGร•รทร•J|UยOPHNWHGLU 


 

*HOLรบPHNWH RODQ ยONHOHUGH ยถOร• \ร•OODUGD NDPX EDQNDODUร•Qร•Q

YHULPVL]OLรทL VRQXFXSL\DVDGDNLSD\ODUร•Qร•QD]DOPDVร•\DEDQFร•NDWร•Oร•Pร•Qร•Q

DUWPDVร• YH \HQLGHQ \DSร•ODQGร•UPD NDSVDPร•QGD WDVIL\H HGLOHQ EDQNDODU

QHGHQL\OH EDQND VD\ร•Vร•Qร•Q D]DOGร•รทร• \RรทXQODรบPDQร•Q DUWWร•รทร• YH ILQDQVDO

NRQVROLGDV\RQXQ JHUoHNOHรบWLรทL J|UยOPHNWHGLU 6HoLOPLรบ JHOLรบPHNWH RODQ

รผlke รถrneklerinde, 1994  2000 dรถneminde,'RรทX$YUXSD%UH]LO\D0HNVLND

รธVUDLO *ยQH\GRรทX $V\D ยONHOHUL EX WHFUยEHOHUL EL]]DW \DรบDPร•รบWร•U hONHPL]GH

LVH  \ร•Oร• LOH  \ร•Oร•Qร• YH GLรทHU JHOLรบPHNWH RODQ ยONHOHUOH ยONHPL]L

Nร•\DVODGร•รทร•Pร•]GD EDQND VD\ร•Vร•Qร•Q DUWWร•รทร• ILQDQVDO SDUoDODQPDQร•Q \DรบDQGร•รทร•

YH EDQNDFร•Oร•N VLVWHPLQGH NRQVROLGDV\RQXQ V|] NRQXVX ยONHOHUH J|UH GยรบยN

NDOGร•รทร•VHNW|UยQSDUoDODQPร•รบELU\DSร•VHUJLOHGLรทLJ|UยOPHNWHGLU

Dรผnya finansal sistemlerinde sรผregelen konsolidasyon hareketine

UDรทPHQ 7ยUN EDQNDFร•Oร•N VLVWHPLQGH  โ€“ 1997 dรถneminde finansal

SDUoDODQPD\DรบDQGร•รทร•\ร•Oร•QGDQLWLEDUHQLVHEDQNDJLULรบOHULQLQD]DOPDVร•

YH VHNW|UGH IDDOL\HW J|VWHUHQ OLGHU NXUXOXรบODUร•Q SD\ร•Qร•Q DUWPDVร• QHGHQL\OH

\DYDรบ GD ROVD ILQDQVDO NRQVROLGDV\RQXQ EDรบODGร•รทร• DQFDN \HWHUVL] NDOGร•รทร•

DQODรบร•OPDNWDGร•U .DVร•P  YH รนXEDW  NUL]OHUL VRQUDVร•QGD \DรบDQDQ

\RรทXQ EDQND ELUOHรบPHOHUL VDWร•Q DOPDODUร• YH WDVIL\HOHUL VHNW|UH JLULรบOHULQ

GXUPDVร• YH NDPX EDQNDODUร•QD ND\QDN DNWDUร•OPDVร• VRQXFXQGD  \ร•Oร•

LWLEDUL\OH ILQDQV VHNW|UยQGH NRQVROLGDV\RQXQ ]RUXQOX RODUDN JHUoHNOHรบWLรทL

DQFDNXOXVODUDUDVร•VHYL\HOHUHXODรบร•OGร•รทร•J|UยOPHNWHGLU hONHPL]GH

YH

GยQ\D

ILQDQV

VLVWHPOHULQGH

NRQVROLGDV\RQGDOJDVร•Qร•WHรบYLNHGHQWHPHOHWNHQOHU

\DรบDQDQ

โ€ข gOoHNHNRQRPLVLVDรทOD\DUDNLรบOHPPDOL\HWOHULQLGยรบยUPHN โ€ข hUยQYHKL]PHW\HOSD]HVLQLoHรบLWOHQGLUPHN โ€ข 3D]DUSD\ร•Qร•DUWร•UPDN โ€ข *LUGLIL\DWODUร•Qร•GยรบยUPHN โ€ข 9HUJLNROD\Oร•NODUร•QGDQID\GDODQPDN โ€ข %DรบDUร•Vร•]YHILQDQVDOJยoOยNLoHULVLQGHNLNXUXOXรบODUร•NXUWDUPDN โ€ข %ย\ยN|OoHNOLEDQNDODUร•QNUL]GHQGDKDD]HWNLOHQHFHรทLYHVLVWHPGH

Gย]HQOH\LFL|QHPOLLรบOHYOHUยVWOHQHELOHFHรทLVDYร• 


 

RODUDNNDEXOHGLOPHNWHGLU $\Qร•oDOร•รบPDODUGDILQDQVDONRQVROLGDV\RQXQ|QยQGHNLHQJHOOHUHWNLQ

ROPD\DQ YHULPVL] SL\DVD NRรบXOODUร• \DVDO Vร•Qร•UODPDODU YHUJL Gย]HQOHPHOHUL

NยOWยUHO IDUNOร•Oร•NODU X]PDQODรบPDQร•Q |QHP ND]DQPDVร• Gร•รบ ND\QDN NXOODQร•Pร•

RXWVRXUFLQJ YHLQWHUQHWRODUDNLIDGHHGLOPHNWHGLU

)LQDQVDO NRQVROLGDV\RQXQ ILQDQV VLVWHPLQH VDรทODGร•รทร• ID\GDODU

OLWHUDWยUGH WDUWร•รบPD NRQXVXROPDNODEHUDEHULQFHOHQHQDPSLULNoDOร•รบPDODUGD

ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLรทL YH YHULPOLOLรทL DUWร•UGร•รทร•QD GDLU J|Uยรบ

D\Uร•Oร•NODUร• ROGXรทX J|UยOPHNWHGLU dLOOL   $OWXQEDรบ YH 0RO\QHX[  

(UWXรทUXOYH=DLP  0LVKNLQ YH $PLKXGYH0LOOHU  

&LQJL YH7DUร•P  &XPPLQV YH5XELR0LVVDQV  dDQND\DYHg]

  <DNร•Fร• YH dDQND\D   ILQDQVDO NRQVROLGDV\RQ VRQUDVร•QGD

HWNLQOLรทLQ YH YHULPOLOLรทLQ DUWWร•รทร•Qร• RUWD\D NR\PDNWDGร•U %XQXQ WHPHO

รบDUWODUร•QGDQ ELULVLQLQ EDQNDFร•Oร•N VLVWHPLQGH |OoHรทLQ DUWDQ JHWLULVL ROPDVร•

JHUHNWLรทL รบHNOLQGH LIDGH HGLOPHNWHGLU 'LรทHU \DQGDQ %HUJHU YH +DQQDQ

  <ร•OGร•Uร•P   *   +XJKHV 0HVWHU YH 0RRQ   YH

$PHO %DUQHV 3DQHWWD YH 6DOOHR   ILQDQVDO NRQVROLGDV\RQXQ VLVWHPLQ

GDKDD]HWNLQYHYHULPOLoDOร•รบPDVร•QDQHGHQROGXรทXQXEXOPXรบODUGร•U

)LQDQVDO NRQVROLGDV\RQXQ XOXVDO HNRQRPLGHNL UHNDEHW NRรบXOODUร•Qร•

ROXPVX] HWNLOHGLรทL NRQXVXQGD ILNLU ELUOLรทL ROXรบPDPร•รบWร•U (UWXรทUXO YH =DLP

  $\Gร•QOร•   'HQL]HU   YH *10 (2001) ve Gรผnal (2001),

EDQND \RรทXQODรบPDVร•Qร•Q SL\DVDGD EXOXQDQ Eย\ยN |OoHNOL EDQNDODUร•Q

Eย\ยNOยNOHULQLQ UHNDEHW \DSร•Vร• ย]HULQGH ROXPVX] HWNL \DUDWDUDN PDOL VLVWHPH

\HQL JLULรบOHUL HQJHOOHGLรทLQL IL\DWODUร• \ยNVHOWWLรทLQL EXOPXรบODUGร•U 'LรทHU \DQGDQ

EX J|UยรบOHULQ WDP WHUVLQH 0LVKNLQ   YH $QJHOLQL YH &HWRUHOOL  ยถ\H

J|UH ILQDQVDO NRQVROLGDV\RQ XOXVDO HNRQRPLGHNL UHNDEHW NRรบXOODUร•Qร•

L\LOHรบWLUPHNWHGLU

)LQDQVDO NRQVROLGDV\RQXQ ILQDQVDO NXUXOXรบODUร•Q SHUIRUPDQVร•Qร•

DUWร•UDUDN ILQDQVDO VLVWHPLQ LVWLNUDUร•QD NDWNร• \DSWร•รทร• DQFDN ILQDQVDO

NXUXOXรบODUร•Q ยณEDWPD\DFDN NDGDU Eย\ยNยด KDOH JHOPHVLQLQ VLVWHPLN ULVN YH

RSHUDV\RQHOULVNWHKOLNHVLQLDUWร•UGร•รทร•DQODรบร•OPDNWDGร•U0LVKNLQ  YH*

ILQDQVDONRQVROLGDV\RQVRQUDVร•QGDED]ร•EDQNDODUร•QEDWPD\DFDNNDGDUEย\ยN 


 

KDOH JHOPHVLQLQ ULVN ROXรบWXUGXรทXQX DQFDN PHYGXDWD JยYHQFHQLQ

Vร•Qร•UODQGร•Uร•OPDVร•Qร•QYHHWNLQEDQNDGHQHWLPLQLQEXWHKOLNH\LD]DOWDFDรทร•Qร•LIDGH

HWPLรบWLU $\Uร•FD RSHUDV\RQHO ULVNLQ GH |QHPLQL DUWร•UGร•รทร• YXUJXODQPDNWDGร•U

'LรทHU

\DQGDQ

ILQDQVDO

NRQVROLGDV\RQ

PHYGXDWD

JยYHQFHQLQ

Vร•Qร•UODQGร•Uร•OPDVร•QD RODQDN VDรทODPDVร• YH DKODNL ER]XOPDQร•Q PRUDO KD]DUG 

|QยQH JHoLOPHVLQL VDรทODPDNWDGร•U 0HUFDQ YH <RODODQ   &XPPLQV YH

5XELR 0LVVDQV   6HUGDU =HQJLQREX] YH 2UKDQ   %HFN

Demirgรผรง.XQW YH /HYLQH   $OOHQ YH *DOH   +DUWPDQQ &DUOHWWL

YH 6SDJQDOR   รนDK|]NDQ   )LWFK   YH .XPFX   GH

EDQNDODUร•Q SHUIRUPDQVODUร•Qร•Q ILQDQVDO NRQVROLGDV\RQ DUDFร•Oร•รทร•\OD DUWWร•รทร•Qร• YH

SHUIRUPDQVDUWร•รบร•Qร•QILQDQVDOLVWLNUDUDNDWNร•\DSWร•รทร•Qร•EHOLUWPHNWHGLUOHU

7ยUNL\H X\JXODPDVร•Qร• LQFHOHGLรทLPL]GH 7ยUN EDQNDFร•Oร•N VLVWHPLQGH

 โ€“  G|QHPLQGH ILQDQVDO SDUoDODQPD \DรบDQGร•รทร•  \ร•Oร•QGDQ

LWLEDUHQ EDQND JLULรบOHULQLQ D]DOPDVร• YH OLGHU NXUXOXรบODUร•Q SD]DU SD\ร•Qร•

DUWร•UPDVร•QHGHQL\OHEDQNDFร•Oร•NVLVWHPLQGHNRQVROLGDV\RQXQEDรบODGร•รทร•.DVร•P

 YH รนXEDW  NUL]OHUL VRQUDVร•QGD ]RUXQOX RODUDN JHUoHNOHรบHQ

NRQVROLGDV\RQVRQUDVร•QGDXOXVODUDUDVร•VHYL\HOHUHXODรบร•OGร•รทร•DQODรบร•OPร•รบWร•U

)LQDQVDO NRQVROLGDV\RQ VยUHFLQGH 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ

HWNLQOLรทLQLQ JHOLรบLPLQLQ UDV\R DQDOL]L DUDFร•Oร•รทร•\OD LQFHOHQPHVL VRQXFXQGD

KHP 7ยUN EDQNDFร•Oร•N VLVWHPLQGH KHP |]HO YH \DEDQFร• EDQNDODU JUXEXQGD

\ร•Oร•QGDQLWLEDUHQEDรบOD\DQILQDQVDONRQVROLGDV\RQKDUHNHWLQGHVHNW|UยQ

HWNLQOLรทLQLQ D]DOGร•รทร• DQFDN  \ร•Oร•QGDQ LWLEDUHQ ILQDQVDO NRQVROLGDV\RQXQ

XOXVODUDUDVร• VHYL\HOHUH XODรบPDVร• LOH ELUOLNWH HWNLQOLรทLQ DUWPD\D EDรบODGร•รทร•

gรถrรผlmektedir. Amel, Barnes, Panetta ve SallHRยถQXQ   LIDGH HWWLรทL JLEL

ILQDQVDO NRQVROLGDV\RQXQ HWNLQOLรทH HWNLOHUL X]XQ YDGHGH NHQGLQL J|VWHUPLรบWLU

8]XQ YDGHGH HWNLOHULQLQ RUWD\D oร•NPDVร•Qร•Q WHPHO QHGHQOHUL ILQDQVDO

NRQVROLGDV\RQD UDรทPHQ  \ร•Oร•QGD \DรบDQDQ *ยQH\GRรทX $V\D YH 

/7&0 YH 5XV\D NUL]OHUL QHGHQL\OH Gร•รบ NRQMRQNWยUยQ N|Wย ROPDVร• EDWร•N

NUHGLOHULQ NDUรบร•Oร•N D\Uร•OPDPDVร• LoLQ FDQOร• J|VWHULOPHVL oHรบLWOL ELODQoR

PDN\DMODPD WHNQLNOHULQLQ NXOODQร•OPDVร• ELU Nร•Vร•P VRUXQOX JUXS NUHGLOHULQLQ

FDQOร• J|VWHULOPHVL Gร•รบODPD HWNLVL YH \ยNVHN UHHO IDL]OHUGLU .DVร•P  YH

รนXEDW  NUL]OHULQLQ DUGร•QGDQ EDQNDODUร•Q NUHGL NXOODQGร•Uร•UNHQ GDKD |]HQOL

GDYUDQPDODUร• HNRQRPLGHNL Eย\ยPH SHUIRUPDQVร•QD EDรทOร• RODUDN NUHGL 


 

NXOODQร•Fร•ODUร•Qร•QJHUL|GHPHNDELOL\HWOHULQLQJHoPLรบG|QHPOHUHJ|UHDUWPDVร•YH

รธVWDQEXO \DNODรบร•Pร•QD DOร•QDQ NUHGLOHUGHNL DUWร•รบร•Q HWNLVL\OH ROXPOX\D G|QPHVL

VRQXFXQGDNRQVROLGDV\RQVยUHFLQGHHWNLQOLNROXPOX\|QGHHWNLOHQPLรบWLU

1HW NRPLV\RQ JHOLUOHULQLQ IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•QD

VHUPD\H SL\DVDVร• LรบOHP NDUODUร•Qร•Q IDDOL\HW JHOLUOHUL LoHULVLQGHNL SD\ร•QD EUยW

JLGHUOHULQ WRSODP DNWLIOHUH RUDQร•QD YH EUยW JLGHUOHULQ IDDOL\HW JHOLUOHULQH

RUDQร•QD EDNร•OGร•รทร•QGD ]RUXQOX NRQVROLGDV\RQ VยUHFLQGH YHULPOLOLรทLQ ROXPOX

\|QGH JHOLรบWLรทL DQODรบร•OPDNWDGร•U รนXEH EDรบร•QD oDOร•รบDQ VD\ร•Vร•QD EDNร•OGร•รทร•QGD

LVH KHP VHNW|UยQ KHP |]HO YH \DEDQFร• EDQNDODU JUXEXQXQ YHULPOL oDOร•รบWร•รทร• gรถrรผlmektedir. 7DVDUUXI PHYGXDWร• 7/ UHHO IDL] RUDQODUร•Qร•Q JHOLรบLPL LQFHOHQGLรทLQGH

NXU ULVNL DOPDN LVWHPH\HQ EDQNDODUร•Q 7/ ND\QDNODUD \|QHOPHVL VRQXFXQGD

ILQDQVDONRQVROLGDV\RQXQXOXVODUDUDVร•VHYL\HOHUXODรบWร•รทร•G|QHPGH7/WDVDUUXI

PHYGXDWODUร• LoLQ UHNDEHWLQ DUWWร•รทร• $%' GRODUร• FLQVLQGHQ '7+ยถODU LoLQ

UHNDEHWLQ D]DOGร•รทร• J|UยOPHNWHGLU .UHGL IDDOL\HWOHULQLQ QHW NRPLV\RQ

JHOLUOHULQLQ YH NDUOร•Oร•รทร•Q JHOLรบLPL ]RUXQOX NRQVROLGDV\RQ KDUHNHWLQGH KHP

EDQNDFร•Oร•N VHNW|UยQGH KHP |]HO YH \DEDQFร• EDQNDODU JUXEXQGD UHNDEHWLQ

D]DOGร•รทร•QD LรบDUHW HWPHNWHGLU $QFDN UHNDEHWLQ D]DOPDVร• EDQNDFร•Oร•N

VLVWHPLQGHNL NRQVROLGDV\RQGDQ ]L\DGH \ยNVHN JHWLULOL KD]LQH ERQRODUร•Qร•Q

EDQNDODUร•Q

NDUOร•Oร•รทร•Qร•

DUWWร•UPDVร•QGDQ

|]HQGLUPHPHOHULQGHQND\QDNODQPDNWDGร•U

YH

NUHGL

NXOODQGร•UPDODUร•Qร•

1HW IDL] PDUMร•Qร•Q DNWLI JHWLULVLQLQ |]ND\QDN JHWLULVLQLQ NDOGร•UDo

RUDQร•Qร•Q JHOLรบLPL EDQNDFร•Oร•N VHNW|UยQยQ SHUIRUPDQVร•Qร•Q DUWWร•รทร•Qร• YH ]RUXQOX konsolidasyon

dรถneminde

PLNUR DQODPGD ILQDQVDO LVWLNUDUD NDWNร•

VDรทODGร•รทร•Qร• J|VWHUPHNWHGLU )LQDQVDO SDUoDODQPD G|QHPLQGH FDUL RUDQGDNL

Kร•]Oร• JHULOHPH ROXPVX]OXN \DUDWVD GD ILQDQVDO NRQVROLGDV\RQ G|QHPLQGH

OLNLGLWH VHYL\HVL NRUXQPXรบWXU 0HQNXO GHรทHUOHULQ OLNLW YDUOร•N NDEXO HGLOPHVL

GXUXPXQGD OLNLGLWHGHNL JHOLรบLP ROXPOXGXU 'LรทHU \DQGDQ |]HO YH \DEDQFร•

EDQNDJUXEXQXQSHUIRUPDQVร•Qร•QVHNW|UยQJHULVLQGHNDOGร•รทร•VHNW|UHYHNDPX

EDQNDODUร•QDJ|UH\ยNVHNNDOGร•UDoRUDQร•\ODoDOร•รบWร•รทร•J|UยOPHNWHGLU

.DVร•P  YH รนXEDW  NUL]OHUL |QFHVLQGH \DรบDQDQ PDNUR

HNRQRPLN LVWLNUDUVร•]Oร•N EDQNDODUร•Q PDOL EยQ\HOHULQLQ ER]XOPDVร•QD QHGHQ 


 

ROPXรบ YH EDQNDFร•Oร•N VHNW|UยQGH ILQDQVDO NRQVROLGDV\RQ GDOJDVร•Qร•

WHWLNOHPLรบWLU'LรทHU\DQGDQPDOLGLVLSOLQLQVDรทODQPDVร•YHLVWLNUDUSURJUDPร•Qร•Q

EDรบDUร•Oร• ROPDVร• LOH ELUOLNWH \ยNVHN Eย\ยPH RUDQODUร• HQIODV\RQ RUDQร•Qร•Q Kร•]OD

JHULOHPHVL NXUGDNL YH IDL]GHNL R\QDNOร•รทร•Q D]DOPDVร• YH IDL]OHULQ Kร•]OD

JHULOHPHVL ]RUXQOX NRQVROLGDV\RQXQ DUDFร•Oร•รทร•\OD XOXVODUDUDVร• VHYL\HOHUH

XODรบร•ODQ  \ร•Oร•QGDQ LWLEDUHQ PDNUR DQODPGD ILQDQVDO LVWLNUDUร•Q

VDรทODQGร•รทร•Qร•J|VWHUPHNWHGLU&DULDoร•รทร•QROXPVX]\|QGHJHOLรบPHVLQHUDรทPHQ

JHUHNOL |QOHPOHULQDOร•QPDVร•YHILQDQVPDQร•VRUXQX\DรบDQPDPDVร•GXUXPXQGD

VRUXQ\DUDWPD\DFDรทร•DQODรบร•OPDNWDGร•U

7ยUNL\H X\JXODPDVร•QGD EDQNDFร•Oร•N VLVWHPLQGH \DรบDQDQ ]RUXQOX konsolidasyon

dรถneminde

rekabet

kRรบXOODUร•QD LOLรบNLQ รบยSKHOHU YH

ROXPVX]OXNODU ROVD GD VHNW|UยQ HWNLQOLรทLQLQ YHULPOLOLรทLQLQ YH PLNUR YH PDNUR

ED]GD ILQDQVDO LVWLNUDUร•Q L\LOHรบWLรทL J|UยOPHNWHGLU 'ROD\ร•Vร•\OD 7ยUN EDQNDFร•Oร•N

VHNW|UยQGH \DรบDQDQ ]RUXQOX NRQVROLGDV\RQXQ UDV\RQHO YH NDoร•Qร•OPD] ELU

o|]ยP ROGXรทX DQODรบร•OPDNWDGร•U $\Uร•FD *10โ€™un (2001), G12โ€™yi kapsayan

DQNHW VRQXoODUร•QD J|UH |QยPย]GHNL G|QHPGH GH GยQ\D JHQHOLQGH ILQDQVDO

VLVWHPOHUGH NRQVROLGDV\RQXQ GHYDP HGHFHรทL YH 2(&'   7ยUNL\H

UDSRUXQGD Doร•NODQGร•รทร• JLEL 7ยUN EDQNDFร•Oร•N VLVWHPLQLQ XOXVODUDUDVร• UHNDEHW

JยFยQย DUWร•UPD YH \ยNVHN UHHO IDL]OHUL D]DOWPD ]RUXQOXOXรทX J|] |QยQGH

EXOXQGXUXOGXรทXQGD 7ยUN EDQNDFร•Oร•N VLVWHPLQGH NRQVROLGDV\RQ KDUHNHWLQLQ

YH HYUHQVHO EDQNDFร•Oร•รทร•Q |QยPย]GHNL G|QHPGH |QHPLQL NRUXPDVร•

EHNOHQPHNWHGLU




 

.$<1$.d$ Akgรผรง, ร–. (2 Temmuz 2004). Bankalarda Verimlilik. &XPKXUL\HW*D]HWHVLV  Allen, F. ve Gale, D. (Eylรผl, 2003). Competition and Financial Stability. :KDUWRQ )LQDQFLDO ,QVWLWXWLRQV &HQWHU :RUNLQJ 3DSHU 1R  (ULรบLP7DULKL0DUW ILFZKDUWRQXSHQQHGXILFSDSHUVSGI

$OSHU&(%HUXPHQW+YH0DODW\DOร•.  7KH,PSDFWRI'LVLQIODWLRQ 3URJUDP RQ WKH 6WUXFWXUH RI WKH 7XUNLVK %DQNLQJ 6HFWRU (YLGHQFH IURP%RรทD]LoL-RXUQDO9RO1R

$OWXQEDรบ < YH 0RO\QHX[3  *ยPUยN%LUOLรทLQH*LULรบ6ยUHFLQGH7ยUN %DQNDFร•Oร•N 6LVWHPLQLQ 'HรทHUOHQGLULOPHVL 8]PDQ *|]ย\OH %DQNDFร•Oร•N 'HUJLVL6D\ร•

$PHO'%DUQHV&3DQHWWD)YH6DOOHR& +D]LUDQ &RQVROLGDWLRQ DQG (IILFLHQF\ LQ WKH )LQDQFLDO 6HFWRU $ 5HYLZ RI WKH ,QWHUQDWLRQDO (YLGHQFH &HQWHU IRU ,QWHUQDWLRQDO 6WXGLHV RQ (FRQRPLF *URZWK 5HVHDUFK3DSHU6HULHV9RO1RVI

$PLKXG < YH 0LOOHU *  %DQN0HUJHUVDQG$FTXLVLWLRQV'RUGUHFKW .OXZHU$FDGHPLF3XEOLFDWLRQV $QJHOLQL3YH&HWRUHOOL1 รนXEDW %DQN&RPSHWLWLRQDQG5HJXODWRU\ 5HIRUP 7KH &DVH RI WKH ,WDOLDQ %DQNLQJ ,QGXVWU\ )HGHUDO 5HVHUYH %DQN RI &KLFDJR 5HVHDUFK 'HSDUWPHQW :RUNLQJ 3DSHU 6HULHV :3 

$YUXSD 0HUNH] %DQNDVร•  0HUJHUVDQG$FTXLVLWLRQV,QYROYLQJWKH(8 %DQNLQJ ,QGXVWU\  )DFWV DQG ,PSOLFDWLRQV (&% :RUNLQJ 3DSHUV (ULรบLP(NLP ZZZHFELQWSXESGIRWKHUHXENPHUJHUVHQSGI

$\Gร•QOร• รธ   7ยUN %DQNDFร•Oร•N 6LVWHPL 3L\DVD <DSร•Vร•  6HUPD\H3L\DVDVร•.XUXOX<D\ร•QODUร•<D\ร•Q1R

%''. รนXEDW %DQNDFร•Oร•N6HNW|Uย'HรทHUOHQGLUPH5DSRUX$QNDUD

Beck, T., Demirgรผรง.XQW $ YH /HYLQH 5 $รทXVWRV   %DQN &RQFHQWUDWLRQDQG&ULVHV1%(5:RUNLQJ3DSHU6HULHV1R

%HQLQN +   :LOO 6XSHUYLVRUV +DYH 7RR 0XFK 'LVFUHWLRQ 8QGHU 7KH New Regimeโ€ *OREDO5LVN5HJXODWRU9ROXPH,VVXHVI

%HUJHU$1YH+DQQDQ7+  7KH(IILFLHQF\&RVWRI0DUNHW3RZHU LQ WKH %DQNLQJ ,QGXVWU\ $ 7HVW Rf โ€˜Quiet Lifeโ€™ and Related +\SRWKHVHV 5HYLHZ RI (FRQRPLFV DQG 6WDWLVWLFV &LOW 6D\ร• V  


 

%R\G-YH*UDKDP6/  &RQVROLGDWLRQLQ86%DQNLQJ,PSOLFDWLRQV IRU (IILFLHQF\ DQG 5LVN )HGHUDO 5HVHUYH %DQN RI 0LQQHDSROLV :RUNLQJ3DSHU1R

Can, M. (2003). ABD Ticaret Hukukunda Temel Düzenlemeler. %DúDUÕ 0HY]XDW'HUJLVL6D\Õ(ULúLP(NLP KWWSZZZEDVDUPFRPWU

&LQJL 6 YH 7DUÕP $ 0D\ÕV   7UN %DQND 6LVWHPLQGH 3HUIRUPDQV Ölçümü DEA0$/048,67 7)3 (QGHNVL 8\JXODPDVÕ 7%% $UDúWÕUPD7HEOL÷OHUL6HULVL6D\ÕVI

&XPPLQV - ' YH 5XELR0LVVDQV 0   'HUHJXODWLRQ &RQVROLGDWLRQ DQG (IILFLHQF\ (YLGHQFH )URP WKH 6SDQLVK ,QVXUDQFH ,QGXVWU\ :KDUWRQ6FKRRO:RUNLQJ3DSHU6HULHV

Çankaya, F. ve Öz, M. (2001). 7UNL\H¶GH .DPX %DQNDODUÕQÕQ g]HOOHúWLULOPHVL.DPX YH g]HO 6HUPD\HOL 7LFDUHW %DQNDODUÕQGD (WNLQOLNYH9HULPOLOLN$QDOL]LøVWDQEXO7%%<D\ÕQ1R Çilli, H. (1995). Economies of Scale and Scope in Banking : Evidence from WKH 7XUNLVK &RPPHUFLDO %DQNLQJ 6HFWRU 7&0% 7DUWÕúPD 7HEOL÷OHUL 1R

dRODN g ) YH .ÕOÕoNDSODQ 6  0D\ÕV   %DQNDFÕOÕN 6HNW|UQGH gOoHN (NRQRPLOHUL 7UN 7LFDUHW %DQNDODUÕ øoLQ %LU 0DOL\HW )RQNVL\RQX,98OXVDO(NRQRPHWULYHøVWDWLVWLN6HPSR]\XPX%HOHN $QWDO\D

Çolak, Ö. F. (1999). TürkiyH¶GH YH 'Q\D¶GD %DQND %LUOHúPHOHUL 8]PDQ *|]\OH%DQNDFÕOÕN6D\ÕVI

Demirgüç.XQW $ /HYLQH 5 YH /DHYHQ / 1LVDQ   7KH ,PSDFW RI %DQN 5HJXODWLRQV &RQFHQWUDWLRQ DQG ,QVWLWXWLRQV RQ %DQN 0DUJLQ :RUOG%DQN3ROLF\5HVHDUFK:RUNLQJ3DSHU1R

Demirgüç.XQW $ /HYLQH 5 YH %HFN 7 $÷XVWRV   %DQN &RQFHQWUDWLRQDQG&ULVHV1%(5:RUNLQJ3DSHU1R Denizer, C. (Eylül 1997). The Effects of Financial Liberalization and New %DQN (QWU\ RQ 0DUNHW 6WUXFWXUH DQG &RPSHWLWLRQ LQ 7XUNH\ :RUOG %DQN 0DFURHFRQRPLFV *URZWK DQG 'HYHORSPHQW 5HVHDUFK *URXS :RUNLQJ3DSHU

'RQRYDQ 6 YH *DUW $  0D\ÕV   7KH )LQDQFLDO 'HWHUPLQDQWV RI 0HUJHU DQG $FTXLVLWLRQ 3UHPLXPV 3DLG IRU 86 /LIH ,QVXUDQFH &RPSDQLHV $%,7  $QQXDO &RQIHUHQFH 0RQURHYLOOH 3HQQV\OYDQLD

(UG|QPH] 3 $ $UDOÕN   %UH]LO\D %DQNDFÕOÕN 6LVWHPL 7%% <D\ÕQODUÕ %DQNDFÕOÕN$UDúWÕUPD%LULPL(ULúLP.DVÕP KWWSZZZWEERUJWUWXUNFHDUDVWLUPDODU%UH]LO\D%DQNDFLON 6LVWHPLGRF

(UWX÷UXO $ YH=DLP 2  7UN%DQNDFÕOÕ÷ÕQGD(WNLQOLN7DULKL*HOLúLP .DQWLWDWLI$QDOL]%LONDPDWøúOHWPHYH)LQDQV<D\ÕQODUÕ<D\ÕQ1R




 

)LQDQFLDO 6WUXFWXUH DQG (FRQRPLF 'HYHORSPHQW 'DWDEDVH   (ULúLP $UDOÕN7KH:RUOG%DQN*URXS5HVHDUFK'DWDEDVH KWWSZZZZRUOGEDQNRUJUHVHDUFKSURMHFWVILQVWUXFWXUHGDWDEDVHKW P

),7&+ 5DWLQJV  1LVDQ   7XUNLVK %DQNV 5HYLHZ DQG 2XWORRN /RQGUD *HORV * 5 YH 5ROGRV - .DVÕP   &RQVROLGDWLRQ DQG 0DUNHW 6WUXFWXUHLQ(PHUJLQJ0DUNHW%DQNLQJ6\VWHPV,0):RUNLQJ3DSHU 1R(ULúLP KWWSZZZZRUOGEDQNRUJUHVHDUFKFRQIHUHQFHVILQDQFLDOBJOREDOL]DWL RQFRQVROLGDWLRQSGI

*|QHQo+YH.ÕOÕoKDQ%  .UHGL3RUWI|\dHúLWOHQGLUPHVLQLQ%DQND 3HUIRUPDQVÕh]HULQGHNL(WNLVL7%%%DQNDFÕODU'HUJLVL

*URXS RI 7HQ   5HSRUW RQ &RQVROLGDWLRQ LQ WKH )LQDQFLDO 6HFWRU %DVHO(ULúLPKWWSZZZELVRUJSXEOJWHQKWP Günal, M.   7UN %DQNDFÕOÕN 6HNW|UQQ 6RUXQODUÕ YH *HOHFH÷L %DQNDFÕOÕN']HQOHPH9H'HQHWOHPH.XUXPX<HQL0HYGXDW6LJRUWD 6LVWHPLgQHULVL%DQND%LUOHúPH9H'HYLUOHUL$QNDUD$72

+DUWPDQQ 3 &DUOHWWL ( YH 6SDJQROR * .DVÕP   %DQN 0HUJHUV &RPSHWLWLRQ DQG /LTXLGLW\ (&% :RUNLQJ 3DSHU 6HULHV 1R  (ULúLP KWWSZZZHFELQWSXESGIVFSZSVHFEZSSGI +DZDZLQL *$ DQG 6ZDU\ ,   0HUJHUV DQG $FTXLVLWLRQV LQ 7KH 86 %DQNLQJ ,QGXVWU\ (YLGHQFH )URP &DSLWDO 0DUNHWV $PVWHUGDP 1RUWK+ROODQG

+XJKHV - 3 0HVWHU - / YH 0RRQ &   $UH 6FDOH (FRQRPLHV LQ %DQNLQJ (OXVLYH RU ,OOXVLYH" (YLGHQFH 2EWDLQHG E\ ,QFRUSRUDWLQJ &DSLWDO 6WUXFWXUH DQG 5LVN7DNLQJ LQWR 0RGHOV RI %DQN 3URGXFWLRQ -RXUQDORI%DQNLQJDQG)LQDQFH&LOW6D\Õ

øQDQ ( $   %DQND (WNLQOL÷LQLQ gOoOPHVL YH 'úN (QIODV\RQ 6UHFLQGH%DQNDFÕOÕNWD(WNLQOLN7%%%DQNDFÕODU'HUJLVL

,QVXUDQFH ,QIRUPDWLRQ ,QVWLWXWH   )LQDQFLDO6HUYLFHV)DFWV%RRN :DVKLQJWRQ(ULúLP KWWSZZZILQDQFLDOVHUYLFHVIDFWVRUJ ,QWHUQDWLRQDO0RQHWDU\)XQG  0DFURSUXGHQWLDO,QGLFDWRUVRI)LQDQFLDO 6\VWHP6RXQGQHVV,0)2FFDVLRQDO3DSHUV1R

BBBBBB $÷XVWRV   )LQDQFLDO 6HFWRU &RQVROLGDWLRQ LQ (PHUJLQJ 0DUNHWV ,0) :RUOG (FRQRPLF DQG )LQDQFLDO 6XUYH\V &KDSWHU 9 (ULúLP(NLP KWWSZZZLPIRUJH[WHUQDOSXEVIWLFPHQJSGIFKDSSGI

.ÕUPDQ $ +D]LUDQ   %DQND %LUOHúPHOHUL YH 'HYUDOPDODUÕ 6RUXQODU Önlemler ve Öneriler. 7UNL\H%DQNDODU%LUOL÷L5DSRUXV

.XPFX (   %DQNDFÕOÕNWD <HQLGHQ <DSÕODQPD +UUL\HW *D]HWHVLV 


 

/HQFH6  5HFHQW&KDQJHVLQWKH6WUXFWXUHRIWKH%DQNLQJ,QGXVWU\ &DXVHV (IIHFWV DQG 7RSLFV IRU 5HVHDUFK ,RZD 6WDWH 8QLYHUVLW\ 'HSDUWPHQWRI(FRQRPLFV:RUNLQJ3DSHUV

0DFH\ - 5 YH 0LOOHU * 3   %DQN 0HUJHUV DQG $PHULFDQ %DQN &RPSHWLWLYHQHVV (Editör: Y. Amihud ve G. Miller) s. 175.OXZHU $FDGHPLF3XEOLVKHUV1HWKHUODQGV 0DKPXG 6 YH =DLP 2   &RVW 6WUXFWXUH RI 7XUNLVK 3ULYDWH %DQNLQJ ,QGXVWU\ $ */ 5HVWULFWHG &RVW )XQFWLRQ $SSURDFK 2'7h *HOLúPH 'HUJLVL6D\Õ

0DOL3L\DVDODUdDOÕúPD*UXEX  Türk Mali Sektörü Raporuø]PLUøNWLVDW .RQJUHVL 0HUFDQ 0 YH <RODODQ 5   7UN %DQNDFÕOÕN 6LVWHPLQGH gOoHN YH 0ONL\HW <DSÕODUÕ LOH )LQDQVDO 3HUIRUPDQVÕQ øOLúNLVL <.% 7DUWÕúPD 7HEOL÷OHUL6HULVL1R

0LVKNLQ ) 6 7HPPX]   %DQN &RQVROLGDWLRQ 'DQJHUV DQG 2SSRUWXQLWLHV1%(5:RUNLQJ3DSHUV1R BBBBBB   %DQN &RQVROLGDWLRQ $ &HQWUDO %DQNHU V 3HUVSHFWLYH 1%(5 :RUNLQJ3DSHUV1R(ULúLP.DVÕP KWWSSDSHUVVVUQFRPVROSDSHUVFIP"DEVWUDFWBLG 

2UJDQL]DWLRQ RI (FRQRPLF &RRSHUDWLRQ DQG 'HYHORSPHQW .DVÕP   $QQXDO5HYLHZ7XUNH\3DULV

BBBBBB. (Eylül 2004). (FRQRPLF5HYLHZ–7XUNH\)LUVW'UDIW3DULV

Özkan, G. (1998). Economies of Scale and Scope in the Turkish Banking ,QGXVWU\7KH-RXUQDORI(FRQRPLFV6D\Õ1R

3DORPER/ 0DUW %DQND%LUOHúPHYH6DWÕQ$OPDODUÕ7%%%DQNDFÕODU 'HUJLVL6D\Õ Peek, J. ve Rosengren, E. S. (Eylül 2000). Implications of the Globalizations RI WKH %DQNLQJ 6HFWRU 7KH /DWLQ $PHULFDQ ([SHULHQFH 1HZ (QJODQG(FRQRPLF5HYLHZ)HGHUDO5HVHUYH%DQNRI%RVWRQ

5LVVHHXZ3  (VWLPDWLQJ7KH'HWHUPLQDQWVRI)LQDQFLDO3HUIRUPDQFH RI9HU\6PDOO6HUYLFH)LUPV9ULMHW8QLYHUVLWHLW(FRQRPLFDQG6RFLDO ,QVWLWXWH<D\ÕQODUÕ(ULúLP(\OO KWWSZZZXVDVEHRUJNQRZOHGJHSURFHHGLQJV35LVVHHXZ 3')

Serdar, A., Zenginobuz, Ü. ve Orhan, M. A. (Mart 2001). The Likely Impact RI 0HUJHUV DQG $FTXLVLWLRQV RQ WKH 7XUNLVK %DQNLQJ 6HFWRU $ 6W\OL]HG 0RGHO DQG 6LPXODWLRQV %R÷D]LoL -RXUQDO 5HYLHZ RI 6RFLDO (FRQRPLFDQG$GPLQLVWUDWLYH6WXGLHV(ULúLP(NLP KWWSZZZHFRQERXQHGXWUSDSHUVSGIZSSGI

6XPPHUV/  ,QWHUQDWLRQDO)LQDQFLDO&ULVHV&DXVHV3UHYHQWLRQDQG &XUHV$PHULFDQ(FRQRPLF5HYLHZ

ùDK|]NDQ % & 7HPPX]   %DQND %LUOHúPHOHUL Türkiye Bankalar %LUOL÷L<D\ÕQODUÕ1RøVWDQEXO 


 

7UNL\H%DQNDODU%LUOL÷L  %DQNDODUÕPÕ]øVWDQEXO

BBBBBB  %DQNDODUÕPÕ]øVWDQEXO BBBBBB  %DQNDODUÕPÕ]øVWDQEXO BBBBBB  %DQNDODUÕPÕ]øVWDQEXO BBBBBB  %DQNDODUÕPÕ]øVWDQEXO BBBBBB  %DQNDODUÕPÕ]øVWDQEXO BBBBBB  %DQNDODUÕPÕ]øVWDQEXO

BBBBBB 0DUW   6HoLOPLú hONHOHUGH %RUo <HQLGHQ <DSÕODQGÕUPDVÕ 8\JXODPDODUÕ

BBBBBB    <ÕOÕQGD 7UNL\H %DQNDODU %LUOL÷L YH 7UN %DQNDFÕOÕN 6LVWHPLøVWDQEXO

<DNÕFÕ $ 7 YH dDQND\D )   7UN %DQNDFÕOÕN 6LVWHPLQLQ gOoHN (NRQRPLOHUL $oÕVÕQGDQ 'H÷HUOHQGLULOPHVL 7%% %DQNDFÕODU 'HUJLVL 

<ÕOGÕUÕP &   (YDOXDWLRQ RI WKH 3HUIRUPDQFH RI 7XUNLVK &RPPHUFLDO %DQNV $ 1RQ 3DUDPHWULF $SSURDFK LQ &RQMXQFWLRQ ZLWK )LQDQFLDO 5DWLR $QDO\VHV ,QWHUQDWLRQDO &RQIHUHQFH LQ (FRQRPLFV ,,, 2'78 $QNDUD

=DLP 2   7KH (IIHFW RI )LQDQFLDO /LEHUDOL]DWLRQ RQ WKH (IILFLHQF\ RI 7XUNLVK &RPPHUFLDO %DQNV $SSOLHG )LQDQFLDO (FRQRPLFV    



Untitled Document  

7 UNL\H&amp;XPKXUL\HW0HUNH]%DQNDVÕ %DQNDFÕOÕNYH)LQDQVDO.XUXOXúODU*HQHO0 G UO ÷ $QNDUD2FDN 8]PDQOÕN&lt;HWHUOLOLN7H]L Mehmet GENÇAY...

Read more
Read more
Similar to
Popular now
Just for you