Turkish Banks' European Deposits Get Regulators' Scrutiny
- Austrian regulator seeks daily updates by Turkish banks’ units
- Banks raise deposits in Germany, Austria to fund Turkish loans
Photographer: Ismail Ferdous/Bloomberg
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Austria’s banking supervisor has tightened its monitoring of Turkish banks’ local subsidiaries amid the slump in Turkey’s currency.
The regulator, known as Finanzmarktaufsicht, or FMA, is receiving daily updates about the liquidity situation at the Austrian units of DenizBank AS and Turkiye Vakiflar Bankasi TAO, a spokesman for the FMA said Monday. There have been no “extraordinary developments” so far, the spokesman said.