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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: who cares? who wrote (62018)	11/5/2000 8:55:42 PM
From: StockDung	Respond to of 122087

I wonder is the U.S. will follow?->Turkey bars thieves, forgers, conmen from banking By Steve Bryant ANKARA, Nov 5 (Reuters) - Turkey's new banking watchdog at the weekend set personal and financial standards for bank ownership as part of a clean-up effort to regulate a crowded and troubled sector. The Banking Supervisory Board recently took two more banks into receivership, bringing to 10 the number of troubled institutions under its administration. Total bad loans of the 10 banks exceed $7.3 billion. Police have launched investigations into many of the former directors, officials and owners of the banks. More than 20 have been detained and questioned. In a statement late on Saturday the watchdog said that no one convicted of "embezzlement, corruption, bribery, fraud, forgery, counterfeiting (or) confidence tricks" should apply to found, own shares in, or buy any bank in Turkey. Turkey has promised to reform its banking sector as part of pledges to the International Monetary Fund under a $4 billion standby deal and to the World Bank to secure some $2 billion in structural adjustment loans. The supervisory board was established earlier this year to oversee the banking system as part of those reforms and is just beginning to show its teeth. "Assets that make up financial strength must not have been obtained by unregistered means," it said. Bankers should be "moral and virtuous" and "not involved in any shady dealings." The banks watchdog has also promised to announce soon a plan to rehabilitate the 10 banks it controls with a view to eventual sale. It has secured a $6.1 billion loan from the treasury to help put the banks on a sound footing before sale. Analysts have long warned of failures and consolidations in the banking sector, where 80 banks are chasing dwindling margins as real interest rates decline under the IMF programme. Total assets of the entire Turkish banking sector are some $140 billion, with around half of that held by four state banks that Turkey has also pledged to restructure and eventually sell. 03:57 11-05-00