2.5.1. Arrangements Regarding the Establishment of the Risk Center at the Banks Association of Turkey

Taking into account the fact that the activities of the Risk Center established within the CBRT were not covered by the key functions of the CBRT, and that the banking sector constitutes 87 percent of the financial sector, Law No.6111 of 13 February 2011 adjudicated the transfer of the activities of the Risk Center to the Banks Association of Turkey (BAT) to allow the activities of the Center to be improved according to the needs of the financial sector.

Article 150 of the Law stipulated that the procedures and principles regarding the functioning of the BAT Risk Center and methods of dissemination of information shall be determined by the BAT within 1 year following the publication of the Law and published in the Official Gazette as per Law No. 149.

Accordingly, upon the assent of the Banking Regulation and Supervision Agency (BRSA) and the CBRT, the "Regulation on the Risk Center" and "the Regulation on the Procedures and Principles regarding the Dissemination of Information at the Risk Center about the Clients of the Members of the Risk Center to themselves or to Legal Persons Determined upon their Consent" were published in the Official Gazette No. 28260 dated 10 April 2012 and took effect.

Moreover, Article 150 of the Law stipulated that until the Risk Center established at the BAT starts operating, the activities of the Risk Center shall be temporarily conducted by the CBRT as per the provisions of the CBRT Law abolished by the above-mentioned Law.