Download LIST OF CHARTS

TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
LIST OF CHARTS
Chart I.1. Annual Growth Rates in Selected Advanced Economies
1
Chart I.2. Annual Growth Rates in Selected Emerging Economies
1
Chart I.3. Effect of Avoiding Fiscal Cliff on the Budget in the USA
2
Chart I.4. US Housing Sector Developments
2
Chart I.5. US Banking Sector Loans
3
Chart I.6. Change in US Inflation, Unemployment and Fed Balance Sheet Size
3
Chart I.7. Change in Debt of the US Households, Firms and Financial Sector Debt
3
Chart I.8. High-Risk Bond Issues of Firms in the US
3
Chart I.9. Banking Sector Loans in the Eurozone
4
Chart I.10. Bond Yield Spreads Between Selected EU Countries and Germany
4
Chart I.11. Ratio of Structural Budget Deficit to GDP in Eurozone Countries
5
Chart I.12. Ratio of Gross Public Debt to GDP in Eurozone Countries
5
Chart I.13. Indebtedness Rates of Eurozone Firms
5
Chart I.14. NPL Ratios of Eurozone Firm Loans
5
Chart I.15. EURIBOR-OIS Spread
6
Chart I.16. Fragmented Financial Structure – Changes in Interest Rates on
Eurozone Bank Loans
6
Chart I.17. BoJ Balance Sheet Size and the USD/Yen Parity
7
Chart I.18. Ratio of Gross Public Debt to GDP in Japan and
Other Advanced and Emerging Economies
7
Chart I.19. VIX Index
7
Chart I.20. Changes in MSCI Equity Index
7
Chart I.21. Ratio of Public Debt to GDP in Emerging Economies
8
Chart I.22. Inflation in Selected Emerging Economies
8
Chart I.23. Securities Issues of Firms in Emerging Countries
9
Chart I.24. Capital Flows to Emerging Countries
9
Chart II.1. GDP and Its Components
11
Chart II.2. Production and Imports Quantity Indices for Consumption and Capital Goods
11
Chart II.3. Current Account Balance
12
Chart II.4. Financing Sources of Current Account Deficit
12
________________________________________________________
102
Financial Stability Report – May 2013
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
Chart II.5. Primary Budget Balance
12
Chart II.6. Budget Balance
12
Chart II.7. Central Government Debt Stock
13
Chart II.8. Composition of Domestic Debt Stock
13
Chart II.9. Inflation
14
Chart II.10. 12 and 24 Month-Ahead CPI Expectations
14
Chart II.11. Net Portfolio Movements of Non-Residents
15
Chart II.12. Volatility of Capital Flows
15
Chart II.13. CBRT Weighted Average Funding Cost
16
Chart II.14. CBRT Policy Rates
16
Chart II.15. TL Loan Rates
16
Chart II.16. Annual Growth in Total Loans
16
Chart II.17. TL Reserve Requirement Ratios
17
Chart II.18. FX Reserve Requirement Ratios
17
Chart II.19. ROCs for FX Reserves That Might Be Held to Maintain TL Reserve Requirements
17
Chart II.20. ROCs for Gold Reserves That Might Be Held to Maintain TL Reserve Requirements
17
Chart II.21. TL Reserve Requirements
18
Chart II.22. FX Reserve Requirements
18
Chart II.23. CBRT Reserves and Reserve Requirements
18
Chart II.24. Contribution of Rediscount Credits to CBRT’s FX Reserves
18
Chart II.25. Real Effective Exchange Rates
19
Chart II.26. Implied Volatility of Exchange Rates
19
Chart II.27. Financial Debt of Corporate Sector
20
Chart II.28. Composition of Financial Debt of Corporate Sector
20
Chart II.29. Breakdown of Corporate Sector’s External Loans by Type
20
Chart II.30. Breakdown of Corporate Sector’s External Loans by Regions
20
Chart II.31. Corporate Sector’s External Loans Due within One Year
21
Chart II.32. Breakdown of Maturities of Corporate Sector’s External Financial Debts
21
Chart II.33. Non-Bank Sector’s Net FX Borrowings
21
Chart II.34. Non-Bank Sector External Debt Rollover Ratio
21
Chart II.35. Sales and Profitability of Firms in the First Quarter of 2013
22
Financial Stability Report – May 2013
________________________________________________________
103
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
Chart II.36. Foreign Exchange Position of the Corporate Sector
23
Chart II.37. FX Assets to FX Liabilities Ratio of the Corporate Sector
23
Chart II.38. Real Growth of Household Consumption, Growth of Consumer Credits and
Annual Change in Consumer Confidence Index
25
Chart II.39. Household Savings Rates in Selected Countries
25
Chart II.40. Annual Growth of Vehicle Loans and Annual Change in Automobile Sales
26
Chart II.41. Annual Growth of Housing Loans, Number of Houses Sold and Building Occupancy
Permits
26
Chart II.42. Annual Change in House Price Index in Real Terms
26
Chart II.43. Annual Nominal Change in House Prices in Selected Countries
26
Chart II.44. Credit Card Balances of Deposit Banks and Balances that Incur Interest Charges
27
Chart II.45. Individual Credit Cards With and Without Installment Options
27
Chart II.46. Household Liabilities
27
Chart II.47. Ratio of Household Liabilities to Disposable Income and GDP in
Selected EU Countries
28
Chart II.48. FX-Indexed Consumer and Housing Loans
28
Chart II.49. Composition of Household Liabilities and NPL Ratios by Type
29
Chart II.50. Individual Credit Rating - Average
29
Chart II.51. Individual Indebtedness Index
29
Chart II.52. Distribution of Borrowers According to Occupation and Income
30
Chart II.53. Household Financial Assets and Liabilities
31
Chart II.54. Real Return on Financial Investment Instruments by Types
32
Chart II.55. Ratio of Household TL Investment Instruments to FX Investment
Instruments
32
Chart II.56. Average Annual Growth Rate of Employment in Selected Countries
32
Chart II.57. Selected Indicators for the Labor Market
32
Chart II.58. Turkey’s FX Position
33
Chart III.1. Balance Sheet Size of the Financial Sector
35
Chart III.2. Development of the Banking Sector
35
Chart III.3. Concentration of the Turkish Banking Sector
36
Chart III.4. Composition of Banking Sector Assets by Structure of Ownership
36
Chart III.5. Asset Structure of the Banking Sector
36
________________________________________________________
104
Financial Stability Report – May 2013
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
Chart III.6. Liability Structure of the Banking Sector
36
Chart III.7. Credit Growth / GDP
37
Chart III.8. Annual Change in Credits
37
Chart III.9. Annual Growth of Loans
38
Chart III.10. Development of Loans Adjusted for Exchange Rate Effect
38
Chart III.11. . Development of Retail Loans Adjusted for Exchange Rate Effect
39
Chart III.12. Development of Corporate Loans Adjusted for Exchange Rate Effect
39
Chart III.13. Development of Loans by Type
41
Chart III.14. Contribution of Types of Loans to Credit Growth
41
Chart III.15. Breakdown of Total Loans
42
Chart III.16. Breakdown of Consumer Loans
42
Chart III.17. Corporate Loans
42
Chart III.18. Consumer Loans
42
Chart III.19. Composition of Credit Cards
43
Chart III.20. Credit Cards
43
Chart III.21. Maturity and Currency Composition of Loans
44
Chart III.22. FX Loans
44
Chart III.23. Interest Rates on Consumer Loans
45
Chart III.24. Interest Rates on Corporate Loans and Deposits
45
Chart III.25. Loan and Deposit Growth/GDP
45
Chart III.26. Deposits, Repo, Due to Banks and Equities
45
Chart III.27. Deposits
46
Chart III.28. Maturity of Deposits
46
Chart III.29. Foreign Liabilities of Banks
48
Chart III.30. External Debt Rollover Ratio of Banks
48
Chart III.31. Composition of Foreign Liabilities
49
Chart III.32. Average Maturity of Foreign Liabilities
49
Chart III.33. Banks’ Security Issues in Domestic Market
49
Chart III.34. Banks’ Security Issues Abroad
49
Chart III.35. Private Sector Debt Instruments by Investors
50
Chart III.36. Private Sector Debt Instruments by Investors
50
Financial Stability Report – May 2013
________________________________________________________
105
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
Chart III.37. Liquid Assets
51
Chart III.38. Total Liquidity Adequacy
51
Chart III.39. Total Securities Eligible for the CBRT as Collateral
52
Chart III.40. The Ratio of Free Government Securities to Liabilities
52
Chart III.41. FX Liquidity Adequacy Ratio
52
Chart III.42. FX Position
52
Chart III.43. Non-Performing Loans (NPL)
53
Chart III.44. NPL Ratio and Bad Cheque Ratio
54
Chart III.45. NPL Ratios and Net NPL/Capital Ratios in Countries
54
Chart III.46. Return on Assets and Return on Equity
55
Chart III.47. The Ratio of Sources of Income and Special Provisions for Non-Performing Loans to
Average Assets
55
Chart III.48. Return on Equity and Return on Assets by Countries
55
Chart III.49. Capital Adequacy Ratio
56
Chart III.50. Ratio of Equity to Total Assets
56
Chart III.51. Capital Adequacy Ratio, Tier 1 Capital Ratio and Ratio of Equity to Total Assets by
Countries
57
Chart III.52. Composition of Total Risk Exposure
57
Chart III.53. Developments in Free Capital
57
Chart III.54. Results of Scenario Analysis
59
Chart III.55. CAR, NPL Ratio and Loan Growth of Banking Sector Under the Scenario Analysis
60
Chart III.56. Financial Strength Index
61
Chart III.57. Banking Sector Stability Map
61
Chart IV.1. Volume and Value of the Annual Transactions in the CBRT EFT System
65
Chart IV.2. Volume and Value of the Annual DvP¹ Transactions in the CBRT ESTS System
65
Chart IV.3. Breakdown of Payments by Hours and Value of Transactions in the CBRT EFT System 66
Chart IV.4. Breakdown of Value of Transactions in the CBRT Payment Systems
66
Chart IV.5 Concentration ratio in CBRT EFT System
66
Chart IV.6 Availability ratio of the CBRT EFT System
66
Chart IV.7 Volume and Value of Transactions and Daily Averages within the CBRT EFT System
67
Chart IV.8 Volume and Value of Cheques Processed in ICH
68
Chart IV.9 Settlement Hours of the Cheque Clearing System -2012
69
________________________________________________________
106
Financial Stability Report – May 2013
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
Chart IV.10. Number of Debit and Credit Cards
70
Chart IV.11. Number of ATM-POS devices
70
Chart IV.12. Volume and Value of Credit Card Transactions
71
Chart IV.13. Volume and Value of Debit Card Transactions
71
Chart IV.14. Number of Online Payments with Cards
71
Chart IV.15. Value of Online Payments with Cards
71
Chart IV.16. Volume and Value of Credit Cards Processed in the Card Clearing System
72
Chart IV.17. Volume and Value of Debit Cards Processed in the Card Clearing System
72
Chart IV.18. Ratio of the Value of Credit Card Transactions Subject to Clearing Process to the Total
Value of Credit Card Transactions
72
Chart IV.19. Transactions Carried out at Borsa Istanbul’s Equity Market and Emerging Companies
Market
73
Chart IV.20. Transactions Carried out at Borsa Istanbul’s Debt Securities Market
73
Chart IV.21. Breakdown of Transaction Volume of Debt Securities at the Borsa Istanbul by Markets74
Chart IV.22. Bond, Bill and Repo Transactions Carried Outside but Certified by Borsa Istanbul
74
Chart IV.23. TPP Transaction Volume and Amount
75
Chart IV.24. Interest rates at TMM – Interest Rates on Other Markets
75
Financial Stability Report – May 2013
________________________________________________________
107
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
LIST OF TABLES
Table II.1. Return on Equity and Its Components
22
Table II.2. Selected Financial Indicators Pertaining to Households
27
Table II.3. Number of Credit Card and Consumer Loan Defaulters
29
Table II.4. Household Financial Assets
31
Table III.1. Comparison of the Selected Financial Indicators with the EU Countries
37
Table III.2. Bond and Bill Issues by Banks
50
Table III.3. NPL Ratios
53
Table III.4. Scenarios Applied
59
Table IV.1. Distribution of the Number of Cheques Subject to Clearing by Value Tranches
69
Table IV.2. Cheque Clearing System-Netting Ratio
69
Table IV.3. Card Clearing and Settlement System/ Netting Ratio
72
________________________________________________________
108
Financial Stability Report – May 2013
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
LIST OF BOXES
Box II.1. Export Rediscount Credits Extended to the Corporate Sector
23
Box III.1. Bank Lending Surveys
39
Box III.2 Regulations on Overdraft Accounts
43
Box III.3. Measures on Extension of the Maturity of Deposits
46
Box III.4. CBRT’s Short-term Liquidity Measures
50
Box III.5. Studies Carried out for the Transition to Basel III in Turkey
57
Financial Stability Report – May 2013
________________________________________________________
109
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
ABBREVIATIONS
ACMIIT :
The Association of Capital Market Intermediary Institutions of Turkey
AIRCT :
The Association of the Insurance and Reinsurance Companies of Turkey
ATM
:
Automated Teller Machine
BIS
:
Bank for International Settlements
BIST
:
Borsa Đstanbul A.Ş.
BoJ
:
Bank of Japan
BRSA
:
Banking Regulation and Supervision Agency
CAR
:
Capital Adequacy Ratio
CBRT
:
Central Bank of the Republic of Turkey
CMB
:
Capital Markets Board
CPI
:
Consumer Price Index
CPSS
:
Committee for Payment and Settlement Systems
CRA
:
Central Registry Agency
DBRS
:
Dominion Bond Rating Service
DvP
:
Delivery versus Payment
ECB
:
European Central Bank
EU
:
European Union
EURIBOR:
Euro Interbank Offered Rate
Fed
:
Federal Reserve System
FSB
:
Financial Stability Board
FSC
:
Financial Stability Committee
FSI
:
Financial Strength Index
FSI
:
Financial Strength Indicators
________________________________________________________
110
Financial Stability Report – May 2013
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
FX
:
Foreign Exchange
FXNGP :
Foreign Exchange Net General Position
G20
:
Group of Twenty
GDDS
:
Government Domestic Debt Securities
GDP
:
Gross Domestic Product
GMM
:
Generalized Method of Moments
IBAN
:
International Bank Account Number
ICC
:
Interbank Card Center
ICH
:
Interbank Cheque Clearing Houses Center
IFS
:
IMF International Financial Statistics
IMF
:
International Monetary Fund
IMM
:
Interbank Money Market
IOSCO :
International Organization of Securities Commissions
ISO
:
International Organization for Standardization
JCR
:
Japan Credit Rating Agency
KKB
:
Credit Bureau of Turkey
LBRR
:
Leverage Based Reserve Requirement
LEI
:
Global Legal Entity Identifier
LIBOR :
London Interbank Offered Rate
MPC
:
Monetary Policy Committee
MSCI
:
Morgan Stanley Capital International
NPL
:
Non-performing loans
ODA
:
Overdraft Deposit Account
ODD
:
Automotive Distributors Association
OECD
:
Organisation for Economic Co-operation and Development
Financial Stability Report – May 2013
________________________________________________________
111
TÜRKĐYE CUMHURĐYET MERKEZ BANKASI
OIS
:
Overnight Indexed Swap
OTCD
:
Over-the-counter Derivatives
PDP
:
Public Disclosure Platform
PIS
:
Participant Interface System
POS
:
Point of Sale
PPI
:
Producer Price Index
ROC
:
Reserve Option Coefficient
ROM
:
Reserve Options Mechanism
RR
:
Reserve Requirements
RTGS
:
Real Time Gross Settlement
RUSF
:
Resource Utilization Support Fund
SME
:
Small and Medium-Sized Enterprises
TIC-ESTS:
Turkish Interbank Clearing-Electronic Securities Transfer and Settlement
TIC-RTGS:
Turkish Interbank Clearing-Real Time Gross Settlement
TL
:
Turkish lira
TMM
:
Takasbank Money Market
TOKI
:
Housing Development Administration of Turkey
TR
:
Transactions Registry
TURKDEX:
Turkish Derivatives Exchange
TURKSTAT:
Turkish Statistical Institute
USA
:
United States of America
USD
:
United States dollar
VAR
:
Vector Autoregressive
VAT
:
Value Added Tax
VIX
:
Volatility Index
________________________________________________________
112
Financial Stability Report – May 2013