{"id":14719,"date":"2019-07-10T12:07:04","date_gmt":"2019-07-10T12:07:04","guid":{"rendered":"http:\/\/upt.esin.av.tr\/2019\/07\/10\/yapilandirsak-da-mi-saklasak-yapilandirmasak-da-mi-saklasak\/"},"modified":"2022-06-09T12:32:52","modified_gmt":"2022-06-09T12:32:52","slug":"yapilandirsak-da-mi-saklasak-yapilandirmasak-da-mi-saklasak","status":"publish","type":"post","link":"https:\/\/www.esin.av.tr\/tr\/2019\/07\/10\/yapilandirsak-da-mi-saklasak-yapilandirmasak-da-mi-saklasak\/","title":{"rendered":"Yap\u0131land\u0131rsak da m\u0131 saklasak; yap\u0131land\u0131rmasak da m\u0131 saklasak?"},"content":{"rendered":"<p>2018 yaz\u0131ndaki kur \u015fokuyla, &#8220;finansal yap\u0131land\u0131rma&#8221; kavram\u0131 hayat\u0131m\u0131za girdi.Bor\u00e7lu \u015firketin mali yap\u0131s\u0131n\u0131n elden ge\u00e7irilip, mali stratejisinin tekrar belirlenmesi olarak tan\u0131mlanabilecek finansal yap\u0131land\u0131rma; bir anda finansal kurulu\u015flar\u0131m\u0131z\u0131n en b\u00fcy\u00fck g\u00fcndemi haline geldi.<br \/>\n\u0130lgili kurumlar\u0131m\u0131z hemen m\u00fcdahale edip, yap\u0131land\u0131rma i\u00e7in yasal altyap\u0131y\u0131 olu\u015fturma y\u00f6n\u00fcnde \u00e7al\u0131\u015fmaya ba\u015flad\u0131. \u00d6zellikle BDDK&#8217;n\u0131n y\u00f6netmeli\u011fi takiben TBB ve BDDK \u00e7al\u0131\u015fmas\u0131 ile y\u00fcr\u00fcrl\u00fc\u011fe al\u0131nan \u00e7er\u00e7eve anla\u015fma, \u00e7ok \u00f6nemliydi.<br \/>\nBuna ra\u011fmen, yap\u0131land\u0131rma i\u015flemlerinin \u00e7ok yava\u015f ilerledi\u011fi ve \u00e7o\u011fu durumda \u00e7\u0131kmaza girdi\u011fine \u015fahit oluyoruz. Sebeplerini sorgularken, <em>Chapter 11<\/em> (ABD), <em>Administration<\/em> ve <em>Scheme of Arrangement<\/em> (\u0130ngiltere) gibi uluslararas\u0131 teknikleri \u00e7er\u00e7eve anla\u015fma ile kar\u015f\u0131la\u015ft\u0131rma ve finansal yap\u0131land\u0131rman\u0131n T\u00fcrkiye&#8217;de i\u015flerlik kazanmas\u0131n\u0131 engelleyen hususlar\u0131 tespit imk\u00e2n\u0131 buldum. S\u00f6z konusu engelleri nas\u0131l bertaraf edebilece\u011fimize ili\u015fkin g\u00f6r\u00fc\u015flerimi birka\u00e7 maddede sizlerle payla\u015fmak istiyorum.<\/p>\n<ul>\n<li><strong><em>Kanunla\u015ft\u0131rma: <\/em><\/strong>Yap\u0131land\u0131rman\u0131n yasal altyap\u0131s\u0131n\u0131 olu\u015fturma konusunda kafalar\u0131n biraz kar\u0131\u015ft\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyorum. Y\u00f6netmeli\u011fi m\u00fcteakiben, \u00e7er\u00e7eve anla\u015fmay\u0131 h\u0131zl\u0131ca devreye soktuk. Ancak, yerli ve yabanc\u0131 finans kurumlar\u0131n\u0131n ele\u015ftirileriyle, ikisini de k\u0131sa s\u00fcrede tadil etmek durumunda kald\u0131k. Bu ele\u015ftiriler \u00f6nce Bankac\u0131l\u0131k Kanunu&#8217;nda \u00e7e\u015fitli de\u011fi\u015fiklikler yapacak kanun de\u011fi\u015fikli\u011fi haz\u0131rlanmas\u0131na; sonras\u0131nda da ba\u015fl\u0131 ba\u015f\u0131na finansal yap\u0131land\u0131rma kanunu haz\u0131rlanmas\u0131na yol a\u00e7t\u0131. \u0130ki taslak farkl\u0131 kulvarlarda tart\u0131\u015f\u0131lmaya devam ediyor. Kanunla\u015ft\u0131rma s\u0131ras\u0131n\u0131n \u015fa\u015fmas\u0131 (\u00f6nce y\u00f6netmelik sonra kanun) ve ayn\u0131 konuda farkl\u0131 taslaklar\u0131n g\u00fcndemde olmas\u0131; kur hareketinin sebep oldu\u011fu \u015foka h\u0131zl\u0131 cevap verilmesi gereklili\u011fi kar\u015f\u0131s\u0131nda anla\u015f\u0131l\u0131r dursa da, \u015fokun kontrol alt\u0131na al\u0131nd\u0131\u011f\u0131 ve finansal yap\u0131land\u0131rma dalgas\u0131n\u0131n uzun soluklu olaca\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnde, mevzuat \u00e7al\u0131\u015fmalar\u0131n\u0131n daha serinkanl\u0131 ve t\u00fcm payda\u015flar\u0131n g\u00f6r\u00fc\u015fleri dikkate al\u0131narak planl\u0131 y\u00fcr\u00fct\u00fclmesi gerekti\u011fi a\u015fikar.<\/li>\n<li><strong><em>&#8220;Zimmet&#8221; kayg\u0131s\u0131: <\/em><\/strong>Bankac\u0131l\u0131k Kanunu&#8217;nun 160. maddesinde tan\u0131mlanan &#8220;zimmet su\u00e7u&#8221;, bankac\u0131lar\u0131n ba\u015flar\u0131 \u00fczerinde Damokles&#8217;in k\u0131l\u0131c\u0131 gibi sallan\u0131rken, bankac\u0131lar\u0131m\u0131zdan ger\u00e7ek anlamda yap\u0131land\u0131rma yapmalar\u0131n\u0131 beklemek zor g\u00f6r\u00fcn\u00fcyor. Zira, uluslararas\u0131 teknikler incelendi\u011finde, alacaktan feragat (<em>write-down<\/em>), alaca\u011f\u0131n bor\u00e7lu \u015firket sermayesine eklenmesi ile hisseye d\u00f6n\u00fc\u015ft\u00fcr\u00fclmesi (<em>debt to equity swap<\/em>), bor\u00e7luya di\u011fer t\u00fcm alacakl\u0131lardan \u00f6nce gelecek \u015fekilde (<em>super senior<\/em>) yeni kredi kulland\u0131r\u0131lmas\u0131 (<em>DIP financing<\/em>), bor\u00e7lunun y\u00f6netim ve operasyonunun devral\u0131nmas\u0131 gibi ara\u00e7lar\u0131n s\u0131kl\u0131kla kullan\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6r\u00fcyoruz. Halbuki, 160. madde &#8220;<em>kredi kurulu\u015funun kaynaklar\u0131n\u0131, \u2026 kendilerinin veya ba\u015fkalar\u0131n\u0131n menfaatlerine kulland\u0131rmak suretiyle, kredi kurulu\u015funu her ne suretle olursa olsun zarara u\u011fratmalar\u0131 zimmet olarak kabul edilir<\/em>&#8221; diyerek, yukar\u0131daki gibi ara\u00e7lar\u0131n kullan\u0131m\u0131n\u0131n cezai sorumluluk yaratabilece\u011fi izlenimini veriyor. Bu noktada, bankalar\u0131m\u0131za vade uzat\u0131m\u0131 (<em>amend and extend<\/em>) haricinde yap\u0131land\u0131rma enstr\u00fcman\u0131 kalm\u0131yor. Standart vade uzat\u0131mlar\u0131 da mevcut ekonomik konjonkt\u00fcrde, finansal yap\u0131land\u0131rma ihtiyac\u0131n\u0131 lay\u0131\u011f\u0131yla kar\u015f\u0131layam\u0131yor. Bu noktada yap\u0131lmas\u0131 elzem olan, kanun de\u011fi\u015fikli\u011fi yoluyla, yap\u0131land\u0131rma kapsam\u0131nda at\u0131labilecek yukar\u0131daki gibi ad\u0131mlar\u0131n zimmet su\u00e7u te\u015fkil etmedi\u011finin netle\u015ftirilmesi ve bankac\u0131lar\u0131m\u0131za bu hususta \u015fahsi sorumluluk almad\u0131klar\u0131n\u0131n g\u00fcvencesinin verilmesi olacakt\u0131r.<\/li>\n<li><strong><em>NPL meselesi: <\/em><\/strong>Bankalar\u0131m\u0131z\u0131n alacaklar\u0131n\u0131 yap\u0131land\u0131r\u0131rken, sermaye yap\u0131lar\u0131n\u0131 da sa\u011flam tutabilmeleri gerekiyor. Bunun yollar\u0131ndan biri NPL (<em>non-performing loan<\/em>) denilen donuk alacaklar\u0131n bilan\u00e7olardan h\u0131zl\u0131 \u015fekilde \u00e7\u0131kar\u0131lmas\u0131ndan ge\u00e7iyor. \u0130\u015fleri NPL&#8217;leri al\u0131p tahsil etmek olan varl\u0131k y\u00f6netim \u015firketlerimizin, b\u00fcy\u00fck NPL y\u00fck\u00fcn\u00fcn alt\u0131na tek ba\u015flar\u0131na girmelerini beklemek haks\u0131zl\u0131k olacakt\u0131r. Bu noktada, NPL yat\u0131r\u0131mlar\u0131na odakl\u0131 uluslararas\u0131 fonlardan faydalanmak g\u00fcndeme gelebilir.Bu kurulu\u015flar\u0131n bankalar\u0131m\u0131z\u0131n NPL portf\u00f6ylerine ilgisi piyasan\u0131n bildi\u011fi bir ger\u00e7ek. Ancak, bu t\u00fcr kurulu\u015flar\u0131n NPL al\u0131mlar\u0131nda, varl\u0131k y\u00f6netim \u015firketlerine tan\u0131nan vergi istisnalar\u0131n\u0131n ge\u00e7erli olmamas\u0131, maliyetleri fazlaca art\u0131r\u0131p NPL y\u00fck\u00fcn\u00fcn bu kurulu\u015flara kayd\u0131r\u0131lmas\u0131n\u0131 hayal haline getiriyor. Uluslararas\u0131 alanda T\u00fcrk NPL&#8217;lerine ilgiyi yat\u0131r\u0131ma d\u00f6n\u00fc\u015ft\u00fcrmenin yolu vergi mevzuat\u0131 ve NPL mevzuat\u0131n\u0131n bu i\u015flemleri m\u00fcmk\u00fcn k\u0131lar bir \u015fekilde g\u00fcncellenmesinde yat\u0131yor.<\/li>\n<li><strong><em>Vergi maliyeti: <\/em><\/strong>Yap\u0131land\u0131rman\u0131n en kritik noktalar\u0131ndan biri, i\u015fletme sermayesi s\u0131k\u0131nt\u0131s\u0131na girmi\u015f ve m\u00fctemerrit bor\u00e7luya ek finansman sa\u011flanmas\u0131 ile \u00e7arklar\u0131n tekrar d\u00f6nmesi ve bor\u00e7lunun nakit ak\u0131\u015f\u0131n\u0131n sa\u011flanmas\u0131. Elbette, alacaklar\u0131n\u0131 tahsil edemeyen bankalar\u0131m\u0131z\u0131n ek finansman y\u00fck\u00fc alt\u0131na girmelerini beklemek adil olmayacakt\u0131r. Bu k\u0131s\u0131r d\u00f6ng\u00fcy\u00fc, \u00f6zellikli finansman (mezzanine, distressed vb) sa\u011flayan fonlar sayesinde k\u0131rabiliriz. Bu fonlar\u0131n pek \u00e7o\u011fu, vergi mevzuat\u0131m\u0131z uyar\u0131nca &#8220;finansal kurulu\u015f&#8221; say\u0131lmad\u0131\u011f\u0131 i\u00e7in, onlardan kullan\u0131lan kredilerde damga vergisi, kurumlar vergisi ve KDV gibi ek vergiler \u00e7\u0131k\u0131yor ve bu maliyet finansman\u0131n cazibesini ortadan kald\u0131r\u0131yor. Finansal kurulu\u015flardan kullan\u0131lan kredilerde ge\u00e7erli olan vergi istisnalar\u0131n\u0131n; mali s\u0131k\u0131nt\u0131daki \u015firketlerin kullanaca\u011f\u0131 bu t\u00fcr kredilere de uygulanabilir hale getirmek, t\u0131kan\u0131kl\u0131\u011f\u0131n a\u015f\u0131lmas\u0131nda olumlu etki yapacakt\u0131r.<\/li>\n<\/ul>\n<p>Bu yaz\u0131da, finansal yap\u0131land\u0131rman\u0131n i\u015flerli\u011fini engelleyen en temel sorunlar\u0131n \u00e7\u00f6z\u00fcmlerine dair fikirlerimi payla\u015fmaya \u00e7al\u0131\u015ft\u0131m. Ak\u0131l ak\u0131ldan \u00fcst\u00fcnd\u00fcr; en do\u011fru yakla\u015f\u0131m\u0131n, TBB \u00f6nderli\u011finde finansal kurulu\u015flar, yap\u0131land\u0131rma uzman\u0131 hukuk\u00e7ular ve finansal dan\u0131\u015fmanlar ile yukar\u0131da sayd\u0131\u011f\u0131m uluslararas\u0131 kurulu\u015flar\u0131 bir araya getiren bir kurultay\u0131n acilen toplan\u0131p gerekli mevzuat de\u011fi\u015fiklikleri konusunda fikir birli\u011fi sa\u011flanmas\u0131 ve bu plan\u0131n en h\u0131zl\u0131 \u015fekilde uygulanmas\u0131 olaca\u011f\u0131n\u0131 d\u00fc\u015f\u00fcn\u00fcyorum. Finansal yap\u0131land\u0131rman\u0131n \u00f6n\u00fcm\u00fczdeki \u00fc\u00e7-d\u00f6rt y\u0131l\u0131n ger\u00e7e\u011fi olaca\u011f\u0131n\u0131 kabullenip, uluslararas\u0131 standartlara uygun; t\u00fcm payda\u015flar\u0131n menfaatlerini g\u00f6zeten bir sistemi olu\u015fturmak, bu \u015fekilde m\u00fcmk\u00fcn olacakt\u0131r.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2018 yaz\u0131ndaki kur \u015fokuyla, &#8220;finansal yap\u0131land\u0131rma&#8221; kavram\u0131 hayat\u0131m\u0131za girdi.Bor\u00e7lu \u015firketin mali yap\u0131s\u0131n\u0131n elden ge\u00e7irilip, mali stratejisinin tekrar belirlenmesi olarak tan\u0131mlanabilecek [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stopmodifiedupdate":false,"_modified_date":"","footnotes":""},"categories":[120],"tags":[90],"class_list":["post-14719","post","type-post","status-publish","format-standard","hentry","category-legal-alerts","tag-banking-finance-tr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yap\u0131land\u0131rsak da m\u0131 saklasak; 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