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Fiskobirlik agreement

On 30 December 2005, our Bank signed a protocol with the Undersecretariat of Treasury and Fiskobirlik for the settlement of its receivable related with loans extended to Fiskobirlik. According to this protocol, our Bank's receivable as of 30 November 2005 has been determined as NTL 152,437,821. This receivable will be redeemed with inflation-indexed government bonds with three years maturity, bearing an annual coupon of ((1+CPI change)*1.05-1).

As also stated in the footnotes of our 30 September 2005 financial statements, an impairment provision for this receivable was already provided based on the estimated collection amount, bringing its book value to NTL 150 million. Therefore, the settlement of the debt as explained above will not have a negative impact on our financial statements.

Yapı Kredi / 02 Jan 2006

 
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