UPDATE 1-Turkey to extend new $4.3 bln loan package to companies -TRT

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UPDATE 1-Turkey to extend new $4.3 bln loan package to companies -TRT

ISTANBUL, June 12 (Reuters) - Twelve Turkish banks will offer companies a total of 25 billion lira ($4.31 billion) as part of a Treasury-backed loan p

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ISTANBUL, June 12 (Reuters) – Twelve Turkish banks will offer companies a total of 25 billion lira ($4.31 billion) as part of a Treasury-backed loan package, state broadcaster TRT Haber said on Wednesday, in what would be Ankara’s […] recession.

The crisis raised the cost of servicing foreign debt for companies who had for years been flourishing on cheap credit, leading to a build up of bad loans in banks.

Finance Minister Berat Albayrak announced in April that Ankara would provide a $4.9 billion to state banks to support their balance sheets. He announced another package in May that would provide banks another $4.9 billion to help bail out some exporting sectors.

Ziraat Bank, Is Bank, Halkbank, Garanti Bank, Yapi Kredi Bank, Vakifbank, Akbank, QNB Finansbank, Denizbank, TEB, Sekerbank and Eximbank will participate in the new loan package, TRT said. ($1 = 5.8070 liras) (Reporting by Ali Kucukgocmen; Editing by Jonathan Spicer)

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