Union of Chambers and Commodity Exchanges of Turkey

Stating that postdated transactions hold an important place in trade, and that the increasing stability and trust in economy during the last few years the credit volume of banks has greatly increased, Hisarcıklıoğlu said, “Despite this postdate check and bonds are still important financial resources for companies.”

Hisarcıklıoğlu reminded that, according to the Central Bank data, the financing gained from postdated trade is 1.5 times greater than the financing gained from bank credit.

Stating that by the end of 2012, they expect all company turnovers, the domestic trade volume to reach 2.9 trillion TL and national income to reach twice its size, Hisarcıklıoğlu said, “We surmise that two thirds of this domestic trade volume, 2 trillion TL, is conducted with postdated practices. That is how large a place postdated trade holds in the economy.”

Despite this, they have been working in murky conditions as traders and industrialists until today, where they could not clearly see the risks, Hisarcıklıoğlu went on: “Before we were unable to gauge risks which resulted in losses for entrepreneurs.

In addition, the real sector capital accumulation process has suffered. The lack of information resulted in faulty estimations. Companies which did not calculate present risks and sold goods lost their money. Without capital accumulation our companies remain small.”

- “The murk in trade life will dissipate”

Stating that a new era in business life is about to start, Hisarcıklıoğlu said that the honest trader and industrialist will prosper and that the capital accumulation of the real sector will not be wasted.

Reporting that companies who so wish can share their check-bond-credit record with the traders-industrialists of their choice; and that those who wish to sell their goods but hesitate on postdated trade because they don’t know the people will be able to do business without being blindfolded, Hisarcıklıoğlu said, “The murk in trade life will dissipate.”

Stating that with this protocol, chambers in 81 provinces will be able to work with the KKB, Hisarcıklıoğlu reported that companies wishing to see credit and check records will be able to apply for it from the KKB via chambers.

Starting next week, Hisarcıklıoğlu reported that the system for this will be established in chambers and the necessary training conducted, “I would like to thank the KKB with which we have actualized this project. They have established and exemplary tracking and information system as well as showing that the financial and real sectors can come together for a shared goal and vision to support each other. I would like the whole KKB team starting with the Director General Kasım Akdeniz.”

Hisarcıklıoğlu stated that they also owe thanks to the Deputy Prime Minister Babacan, “Along with the Prime Minister, they ensured that Turkey’s economy was one of those which overcame the economic crisis and engendered trust the most.”

Drawing attention to the fact that in the past, their biggest fear as the private sector was instability in the macro economy, Hisarcıklıoğlu said that their defenses are strong and they are no longer worried about harming themselves accidentally.

Touching on the fact that with the leadership of the Deputy Prime Minister Babacan, revolutionary structural changes have been implemented to the check-bond system, Hisarcıklıoğlu said: “This way, many of the problems encountered in the domestic market will be resolved. We can focus more on integrating with the global system, trading more within our region and investing. With this in mind I issue a call to our companies: Use this system. Competition is increasing and will continue to do so. Therefore our real sector needs to manage risks, learn to live with risk and calculate the risks taken. The companies which are unable to manage risk will not be left standing.”

- Deputy Prime Minister Babacan

On the subject, Deputy Prime Minister Ali Babacan said, “The concept of trade secrets holds an important place in business life. All information can be shared with a third party with the permission of the individual. This system is a first in the world.”

On the suggestion of Ministry of Justice, prison sentences for checks has been removed, reported Babacan and said, “We were the only country in the world using prison sentences for crimes related to checks. Modern legislation has no place for such an application.”

Providing further information on the project, the present conjecture in the country and stressing the importance of promoting this application Babacan said, “The proper use of this system will bring about an increase in trade volume.”

- Credit Registry Bureau (KKB) Director General Akdeniz

Credit Registry Bureau (KKB) Director General Kasım Akdeniz reported that check reports were being delivered to customers starting April 2012.

Akdeniz detailed the workings of the project, how the application came to be implemented and the future developments in the works.