Para piyasasında banka dışı mali kesimde finansal farklılaşma: Factoring, forfaiting, leasing ve özel finans kurumları
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- Tez No: 43632
- Danışmanlar: PROF.DR. NAZIM EKREN
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, İşletme, Banking, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1995
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 222
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Özet (Çeviri)
CHAPTER I FINANCIAL SYSTEM INTRODUCTION 1-1 Financial System 1.2. Financial market 1.3 General Structure of Financial Organisation in Turkey 1.4 Money Market 1.5 Capital Market 1.5. İ Capital Market Institutions 1.6.Undevelopment Reasons of Financial Market Institutions Out of Banks in Turkey 1.7 Development Level of Financial Markets in Turkey and Their Comparison with International Financial Markets. CHAPTER II : NON-BANK FINANCIAL SECTION 2.1.1 SAVING BANES 2.1.2 SAVING AND CREDIT UNIONS 2.1.3 CREDIT UNIONS 2.1.4 INSURANCE INSTITUTIONS 2.İ.5 FINANCEMENT COMPANIES 2.1.6 INVESTMENT COMPANIES 2.İ.7 BANE OF PROGRESS 2.İ.8 PARTNERSHIPS OF INVESTMENT TO IMMOVABLES 2.1.9 RISK CAPITAL CHAPTER III FACTORING AND THE FINANCIAL ENVIRONMENT 3.1 DESCRIPTION 3.2 MECÎÎANISM KINDS OF FACTORING PROCEDURE 3.3 PRINCIPAL KINDS OF FACTORING PRODECURE 3.4 FACTORING AND ITS APPLICATION IN TURKEY 3.5 FACTORING AND ITS CONTRIBUTIONS TO THE ECONOMY OF THE COUNTRY CHAPTER IV. FORFAITING AND THE FINANCIAL ENVIRONMENT 4.1 DESCRIPTION 4.2 MECHANISM OF FORFAITING. 4.3 FORFAITING AND ITS DEVELOPMENT IN TURKEYCHAPTER V. LEASING AND THE FINANCIAL ENVIRONMENT 5.1. DESCRIPTION 5. 2. MECHANISM OF LEASING 5.3. KINDS OF LEASING OPERATION 5.5. PROFITS DUE TO LEASING ? 5. 6. LEASING, CONSIDERED IN FINANCIAL AND ECONOMICAL ASPECTS FOR TURKEY CHAPTER VII. PRIVATE FINANCE CORPORATIONS AND FINANCIAL ENVIRONMENT 6.1. OBJECTIVES OF ESTABLISHMENT IN OUR COUNTRY 6.2. SOURCES OF PFC AND THEIR USE ? 6.2. i. PRIVATE CURRENT ACCOUNTS 6.2.2. ACCOUNTS OF PARTICIPATIONS 6. 3. PFC AND GENERAL EVALUATIONFINANCIAL SYSTEM Introduction It is necessary to follow how the developrants and expectations in international financial markets show trend. and research their applicability in the markets in order to be able to evaluate the expectations and possible developments in the Turkish Financial Markets that integrate with developed country economies and play role in canalizing the international capitals and funds into our economy, in those days in which we move to the 2000' s rapidly. It has been accepted that deregulation technological developments and globalisation are most important three experiences behind the observed developments in the world money and capital markets in 1980's. Turkey is becoming attractive day by day for the internationaly capital and finance environments because of banking sector open to internal and external competition as a result of restructuring in or financial markets within ten financial year, developed money markets security exchange that is developing rapidly, attractive foreign capital fundamental subjects.a powerful and independent Center Bank and consequent moneter policies, a limitless foreign exchange regime and a liberal importation regime, developing foreign trade volume and incentive measures that cause consumer explosion. Parallel to these mentioned ones and besides the instruments that have been used in the Turkish Financial System, the new national institutions and establishments with the new instruments will provide the Turkish Financial Market to integrate with the world countries, and have power. For this purpose the subject I have chosen will be a source for the persons who follow the developments in this sjb.ject as it evaluates the Turkish Financial Markets within money market and examines the new instruments and interactions of market.-2- ı.ı FINANCIAL SYSTEM Financial system is a system established by joining o£ delinite institutions and markets in the developed economy in order to realize some basic functions that effect each other. system provides effective and continous flow of units that save and use funds by bringing ones that present funds and demand funds together. A developed financial system, while performing fund transfering function realises the term, amount and risk arrangements on conditions that the funds will be covered ih the most productive sources.-3- FIWANCIAL MARKET The institutions that arrange flown between onen that uw funds and present funda in a country and structure consists of legal and administrative rules1 that arrange instruments providing the flow in called an financial market. While persons, enterprises and government ?>rr demanding fund from the financial marketn in order to realize investments suggested hy them.persons and enterprises prenent the fundn to the market that are turned to oaving hy them. In thin way a fund turnover in realized in the financial marketn. According to this we can collect the financial institutions that establish a connection between ones that prenent fund and demand fund. under there titles: i) Financial inntitutionn that invent money - T.R. Center Bank - Deposit Bankn - Private Fundamentel Subjects Banks ii ) Financial Inntitutionn that do not create money -Investment and Development Bankn -Social Security Inntitutionn -Insurances -Credit and Guranty Cooperatives iii) Inntitutionn that give service to the Capital Market - İstanbul Stock Exchange - Stock Brokers i.3) General Structure of Financial Organisation in Turkey It in possible to show the general organisation structure of financial area in Turkey an in figure 3.-4- F İNANCI AL AREA BANKING AREA MONETARY COMPENENT INSTITUTIONS DEPOSIT BANKS OTHER FINANCIAL INSTITUTIONS DEVELOPMENT INVESTMENT BANKS CENTER TREASURY BANK PUBLIC PRIVATE SOCIAL SECURITY TNSTS BANKS BANKS INSURANCE COMPANIES COOPARATTVES COLLECTIVE SAVING TNSTS. 1.4) HOMEY MARKET The market in which short termed fund supply and demand meet is called Money Market. Money market han an arrow and technical quality than financial market concept and generally taken place in the financial market. The? typical pccularity of money market is it's generally formed by short termed funds less than one year. Funds obtained from the money markets are used as credits in the financements of revolving assets of enterprises. Accumulations of saving owners and various deposits in banks establish ' the sources of money market. 5..4.1 Money Market Institutions I. Institutions that arrange money market a) TCMB b) HDTM c) Turkey Banks Union d) Savins Deposit Insurance Fund-5- II.Banko a) T.R Center Bank b) Commercial Banko c) Development: Banks d) Investment Banks c) O-Shore Banks III Financial Area ot.it of Banking a) Finance Hiring Companion b)Forfaiting Companion c) Factoring Companion d)Privato Finannr Institutions 1.5 Capital Market Capital market in a market in which medium and long termed fund suply and demand meet. In general it consintn of every kind of buying and selling of stock and share such an credit.foreign exchange, share certificate, debenture bonds, gold etc. Capital markets) assist to companion to market share certificates and debenture bondo easily when source insufficiency exists, and at the same time while spreading production property they provide attractive income possibilities for the small saving owners. Credits obtained from this market in used mostly in financement of fixed assets of enterprises such as building. machine and equipment. Funds obtained from new capital market arc used in providing fixed capital need, and consists of two sections. a)Firnt market: This in a market met by companies that export stocks and shares such as share certificate, and saving owners that buyers. b)Secondary market; The persons who buy shares and stocks from export cannotapply to exportation companies never for the share certificates and for debenture funds before due date when they want to turn them to monev.The secondary market provides shares and stocks in thin situation to be turned to money. and shares and stocks exchanges İd a bent example to know thin market. Secondary market by increasing the liquidation of shares and stocks creator) a demand for the first market. i.5.1 Capital Market Institutions We can examine the capital market Institutions under three sections: i. Institutions that arrange Capital Markets a) Committee of Capital Market b) Treasury and Foreign Trade Councellorship c)Türkish Republic Center Bank 2. Capital Market Institutions a)3tock Brokers b) Investment Funds c)Investment Partnerships d)Portfolio Management e) General Finance Partnership 1 1 1. Stock Exchanges a)İstanbul Stocks and Sharer. F.xchange b) Valuable Metals Stock Exchanges i.6 Undevelopment Reasons of Financial Market Institutions Out of Banks in Turkey-7- Competition and a good cnformation nyotem is noceooarry for the development of financial markets. Effective and equitable data turnover related to the companion and presenting confident information to the inventor increase the competition between financial market institution. As a roult of this productivity increases, rationalisrnoccuro in source distribution and important decrease? in fund transfcring coot. Financial Market institutions has not been developed in Turkey except banking. Saving institutions out of Commercial Bankt. financial institutions that give consumer credits. Intelligence institutions. etc do not exist in Turkey. Recently establishment workings of rating institutions are being continued. (1?) The reasons of why banking is prevailent institution in Turkish financial market can be explained as f ollows. ( 1 8 ) a)During development process of financial market and industry in Turkey, many things are hoped from banking and so big authorisations are given to the banko. While competitor institutions are tried to be established against to banks, tnarty faults are made. For example in 1982' s a bankership situation occurod and as a result of this, unjust application against to banko was performed, bankers were colleced deposits like bankn but did not set the added equivalents of deposits as banko. The fault is mixing of functions. Money market and bankking was mixed each other. The other fatslt wan to hope that legal organisations would develop the market alone. c)Commorcial and industrial sections in Turkey were realised by the closed family companies. Companion tried to develop by excess debting and restricted autofinano.ing. Acs mentioned before, negative interest applications before 1980' o made attractive excess debting. Interests were increased in i960' s but increase profitability in inflational environment and excess value increments of realeotates prevent company owners to open to the public.-8- ı.7 Development level of financial markets in Turkey and their comparisons to international financial markets. An real estate investment funds have not been developed yet, other financial instruments are vised ooporately. İn thio view, the rate of turning of savings to financial instruments in rather below the potancial.Thin situation alno reflects to economical development. (19) Differentiation in financial area by changing the monopol situations of banks will provide competition and have an effect on decreasing interer.tr.. The two situation should be considered during institutional varieties. l.ît io ncccooarry that intoresto should reflect time, risk and inflation mcann. 2. The poonibîlity of long termed financing by the institutions io very low, in cane of inflation environment. For this reason interests of government debenture without risk should be kept lower than the interests of instruments with rink for the institutional differentiation. Besides government internal debts should be lowered and economical sources ohould be freed. The institutions that provide short termed financing during high inflation and interrest environment ohould become first. Stocks and ohare funds is an inotitution that provides short termed financing but it is necesoarry to consider thin inotitution out of banko and provide activity to the money market. For this reason rating institutions are needed. Inotitution that provide longer termed financing ouch as thrift inntitutiono, saving and loan associations, investment partnerships! and especially real estate investment fundo should take place in the financial area differentation in time._9- In our country public section taken place in our economy actively and has an effect on market eventhough free market economy in applied. Because public section, by exporting public finance instruments with low risk by high ree interest, prevents decreasing of interests and oecuring of new and different finance institutions out of banko. During high interest and.inflation environment in Turkey it is normal to have finance institutions that provide shorttermed finance. For this reason it io difficult to have finance institions that provide long termed financing. In Turkey only the banks have right to sell the participation documents of portfolio formed by money market vehicles such as money market mutual funds which is short termed money market institution, f inancement bunds (commercial paper ), treasury bund, government debenture bunds, bank shares and stock certificate etc. In case the authorization is given to institutions out of banks to use and market such and market such kind of funds, competition and productivity in financial will increase. Social Security Institutions in Turkey hold their money in Public banks or. invest to government debenture bonds as they are public originated and as a legal obligation. But this restriction effects these institutions in a negative way because of low advantage and as it restricts its role in capital market. In our country insurance companies especially life insurance have not been developed. As there are insufficient funds in their hards and deposit collecting authority belongs to only banks insurance companies can not show any activity in the capital markets as a source collector and theoretical investor. Capital market institution sample does not exist in the foreign countries as in Turkey. In general thrift institutions, building societies, credit unions, saving and loan associations use longer termed fund. Besides investment companies, finance partership and real estate investment funds have not been developed in Turkev.-10- Real estate investmont funds neod a great capital.Now bankn have roal ostateo of cornpan.icn from whiah thcy could not take haok their nrr?dits,a0 a guarantee. For this roason public can bo thc partner of their incomün.Whrn thc low incomod amali oaving owner beeomeo the partner of high value incrementn in real eotates during inflationalünt cnvironmrnt,inoomp distribution will br effeoted in a positive way. SEÇTİON îî NON BANK FTNANCIAL KECTÎON 2.1 NOM BAMK FINANCTAl. IMTF.RMBDTARIRfl Such kind of f inançla l i.ntprmodiarirTi are callod non bank financial intermcdiarieo. Tht? main ppcularity of thesıe non bank financial inotitutJonr. in that they no not have diroct rclation with Center Banka and can not create bank money (I). Non Bank financial inntitutionn lend the fundo thoy collected to thc ones that demand fvınds,without croating buying power. Non bank financial intcrmodiaries can öpen credit by the buying powor obtained from commcrcial banko,depooitö ownoro,moncy market they can use the liqu.id.ii-y they collected in lend procedures and rcal estate inveotmentn.like life inourance companico.Ao like inotitutions that finance real ootate construction, conaumption credit and agricultural rqııipmcnt,can opon credit to onro that obtain only reel valucs b the fund thny borrowed. Thoy can operato the oavings of depooit invootoro and partnrrohipn likc investment partncrohipr, and invcstmc?nt inotitutions.Thpy can carry out credit,oale and purchane proceduros of partnere likr cooparativps. Croditn oponpd by non bank financial intcrmediarios dopend on oavinga madç1 bofore.Bocauoc thone inotitutionn hnvo not ponnibility to nroate monoy. Ropr»Rİally wr ?5rc varioun namplen of Non ban k Intormcdiariro in US Credit uniono that partly donond on to tho govommont and altso havc ö juridisl pcroonalîty,rtıt-ahlioh thr grrat part of these inntitutionn that havo an important place withi.n othor monoy market institutiona.-11- Thono inntitutionn canaliîîo tho fundn to tho pornonst whn nupply fund as agrieulturo and hotıno crodit. thooe inotitutions mako ponoible th The 9O % of the fundn ia formed of dcpooito at a fixed dnto and the remaining, of cap.ital reoorvoo and of not ohared bcnefito.The kinda of establishmpnts renemblo to coopcrativen.They are distributing profit oharcs amone the ownern of deponits. (6) Greditr given by the navingn banko are determined by laws concerning the avability of the fundn and aro undcr the control of thc Statr.Thoy nan not rcalir.c p.1accmrnto,othcr than thone mentioned on thc Vint fixed by the Taw. Exclxıoivcly they can rea.li?.c placements(inve5tistnonto) to atate's bonds and to bondn isouod by local rogional adminiotrationo and to sharp billsj portaininie to companios which havc continiovıoly dintributed dividcnd during the bygone yc?ars,to loan oprrations againnt hypothca,to immovableo and to anoeptanooo and policios acceptablea by Federal Banko of Rescrve. Thcy invost the main part of thcir fnnds, 25 credito of immovable againot hypotnec.(7) The legiolation necenrsitates that the owners of accovmto neear oavingo money give, noti.ce to the said banko. Ao otated here abovc, the main port of the funda of oavingo banko io formed of depooitn and they oan not iooue bonds on their behalf. Theoe propertieo reoemble thooe of the r.ommere.ia! bank's. The afor cxplained oavingo banko do not constitute a good oample to Finanrial Tntermediarieo out of the Bank.Becauoe their procedure to collect denonits and to öpen credito.. create an indirect purchaning power._ '>_ 2.î.2 SâVING AND LOAN A8SOCIATIONS Thcse are coopcrativo egtablinhmcnts with natüre of rsfmi-pubîic: îoundationo and they trnnnf^r to people rcquosting funda by forming a fund-pooî Jn ordrr to provide houoing f.insncemcnt and houoe own«?r.«3hip. They opon credits for immovahle purchases againot the funda ool.1cr.trd f rom the owner?! of frhr naving dcpooitsı. Tho purnhar.od İTnmovablcs conntitur tho security for tho crcdit oprnc-d by theoo foundationn.Thc mjîin diffcrrncr nx.iat.ing bctween thin foundationo and tbo banko, irs that.theoe are nonprofit £stablinhmpnta. î n spitc of not boıng. bank thoy may oxcrcc banking activitieîi ao by providing for tho ownrrs of thî? oaving tbn poeoibility of drawing moncy againnt chequf? ör to öpen connumern' credita. 2.İ.3 CREDIT UN1ON8 Thcoe aro conotitvıte by tho partipication of îtomo people.This is a kind of nooporative more aft O U a J O -, «Ö C *H (3 t- ı ~ 10 r- ÛJ O.P o 03 X O.p O (D U fc C Û) r~l“O _ & c. u. o m U (0 X-ı Sj O t- fi XI C -P -H ~3.p O 01 o c S e ?H E C Tl (3 Sa O.o o x a; D C.P (fi P & 0ı O 2: o c «3 o o (0.8 ?O 0) C0 O > O as m a > 3» o n > g o.H -P 10 İZ C o -3 ÛJ r o -r-S ?P O a: Kİ X p İS (0 - U O' 6) -P O”S3 T3 ti. O £1 O O m m < p o -H O -P rH Oı S3 m îö p © +?> S, ?S k U ® O o -H 03 e u B< «3 c o.H ?P S «3 ¥ «J «H O.H.P ü O -. u.-ı «3 ^ 2 «3 C 83 C ~* O 4J > ca -H o +j U ü ÛJ ffi.p ıw C «w ra 3 U t-0 m u x: !>. m m ât.in.a «u a c S3 > X! e* ?ca «s“U S m ta w ta < -H ° 8 01 o p E nj tu di XI.>. -M Xi xı ”a S3 H3 V-S « fO2.Î.4 INSURANCE FOUNDATION In developped Finance markets the resources of the insurance Foundations which we may consider 25 being Financial intermedia ries out of the banko are formed onf insurance policies for persons and for things and curtailments of pension and their placements are formed of share bills and of bonds. Insurance policies execute the Function of wealth accumu lation (the protection of the value) which is exclusively one of the three functions of the money. People request insurance policies exclusively for the said reason and neither for the function of exchanging nore 25 a criterion of value. This property separates the insurance corporations from the particularities of Banking System (9) Main kinds of this corporations are: »Life insurance corporations -Estate and accident insurance corporations -Pension funds 2.1. S FINANCE COMPANIES These are mediator corporation providing funds to consumers who request directtly a credit in cash or to exploitations in general for the financement of enduring consumer goods, in form of credits with short or with long term. These have become specialist within the contect of the following three groups : 1 )Hire purchase. 2)Credit sale 3) Leasing And we may show those as: DBuoiness Finance Comoanies_g_ 2.1.6 INVESTMENT COMPANIES These companies provide funds by issuing share certificates. Following those step they make use of the said funds in order to constitute a porte-feuille of share certificate whinh they diversify for obtaining much more revenue. Additionally.the investment companies provide for the owners of small fundn. porte-feuille differonciation and management consultancy services. The investment companies can be examined in two groups : (12) 1 -Open-end Investment Companies 2-Closed end Investment Companies 2.1.7 DEVELOPMENTS BANKS These provide funds of long or medium term for economic development project accepts bles for the bank as well as provide various services for projects. They try to achieve 2 different functions: Financement and development. 2.1.8 REAL ESTATE INVESTMENT TRUST OR PROPERTY These are corporations which provide for the owners of savings the opportunity to take profit from rent and value increases by selling to them the certificates of participation of of the porte-feuille which was been formed by purchasing immovables. This king of certificates are also sold in secondary markets. 2.1.9 VENTURE CAPITAL These are corporations providing a new kind of instrtiment to capital market and in long and middle term, developping both the small and the mear companies. In state of providing credit or purchases of real estate and machinery an it is achieved in traditional banking in futur.the financement of ideas which may provide potential benefice is expected. The resources of inactive fund's owners are gethered by the company of“venture capital”and certificates of participation arc handed over in exchange.-10- The company of“venture capital”gives the said funds to attractive ideas and affa. i ro, oven provides management support. Against thio.it taken the partnership ohren from the exploitation». The partnership shares of the companion of thin kind and the certificates of participation issued by the company of“Venturo”Capital,can be sold on secondary market. Amangst the corporation of thin kind which rather provide funds with very long term,, the venture capital (rink napitalHs important for Turkey. On these days, con joncture, whore a deficiency of investment in felt in private sone in Turkey, the institutionalization of venture capital via the support and the encouragement of the State, will be a first step to fill up the cavity existing at thin field. The Corporation of Venture Capital which provider! financrmrnt with long term. without interest is undoubtedly a privilege and in very important for Turkey. CHAPTER IÎÎ FACTORING AMD FINANCIAL ENVIRONMENT 3. 1. DESCRIPTION Factoring in a financial activity which in based on the purchase of the rigto of receivable arising from the sales on account in large quantites,by the financial institutions denominated an factor or factoring (t). The main fonctionn of these institutions are listed here below : l.The collection and the management of the roceiablen. 2. A warranty of collection of 100% 3. Payment in adance before the appointed term. 3.?-. THE MECHANISE OF THE FACTORING OPERATION The factoring Operation beings upon the presentation of the proposal of agreement achieved by the deotor near the customer, to the company of Factoring (to Factor) by the customer. After this, the company of factoring inventi gates the credibility of the debtor of his customer and in reoult of thin investigation, states for him a credit limit for prohable tranforn of receivables.?11 The company of Factoring notifies to hin customer that it in ready to pay in advance the equivalent of the receivables within the limit fixed for the debtor in written and in form of a responsibility undertaking. Upon this, the nuntomer conclude?) an agreement with the debtor. The Factoring company may cancel his rer.ponslbil.ity undertaking up to the date of delivery of the good related with the agreement by the customer to the debtor. Upon the delivery of the good by the cuotomer to the debtor. Upon the delivery of the good by the customer to the debtor, the customer transfers? his right of receivable related with deli very, to the company of factoring and also, presents a copy o the invoice. The factoring company records the amont stated with the invoice to the account of the customer, in order to determine the decided amount of saving (expenses, interests, fees. )In his way, the customer can imediately make use of the amount recorded an receivable on his account, in cash. 3.3 MAIN KINDS OF THE FACTORING OPERATION There are many kinds of factoring operation. But it in possible together the main kinds in four groupn(7) İ.REAL FACTORING : Discrimination of unreal factoring 2.INLANDCNATÎ0NAL) FACTORING : Discrimination of international factoring 3. FACTORING WITH PRE-PAYMENT: Discrimination of factoring without pre-paymont 4. OPEN FACTORING : Discrimination of came of lagcd factoring In the way to overcome the economic disturbances which prevail in Turkey, the main goal of the economic model based on free market economy and applicated since 1980 is the bringing down of the inelation and this fact put down two main nolicieo.-12.- Ono of those is the policy of severe control of money and the other in the increasing of the exportation in order to regulate thr equilibrium of payments. The increasing of the exportation is only possible via active workings, from the increasing of the topic of f inducement, of which the importance for the increasing of the exportation.is incontes table, the increasing of the resources and the application of financial technics which are widely used in international field, in Turkey are very important. Banks which were the unique resource to provide the necessities of financement of the firms, henceforth are loosing this property. For this reason new methods of fundprovision which bring in existance an alternative against the banks are more and more used widely in our country.Taking into account the conditions of our country, factoring which is easily available for the exploitations can satisfy a great necessity. Taking into account the conditions to be taken into consi deration by the exploitations while securing funds (facility of resource securing, coot, effect, on financial state, concordance with general policies of exploitations and variance according to the necessity of fund).factoring in one of the most suitable securing methods for the firms. Especially.desired by the firms with small and medium scale which are in their period of development and feel oontinously the necessity for fvmds and which are incapable to provide the securities requested by the banks, factoring is rapidly spreading in our country. While banks are mire end more few estimated in regard of their impositions when providing credits, the chance of the factoring which provides a large freedom of activity to the exploitations is more and more increasing. In Turkey, being in working order by know-how factoring is firstly applied by İktisat Bankası (Bank of Economy) in 1988. The first firm of factoring established in Turkey, is FACTO Finance A. Ç>. Facto Finance which has been established by İktisat Bankant commanced its factoring operatitns in relation with exportation operations.13- Memhcrs of the factoring Union i?2) Member company Paid-in capital TABLE I As the number of the factoring companies achieving the duty of of the vanguard and most of these being established via bank capital, is increasing from day to day, and the related legal frame not being arranged as it must to be, the factoring firms acting seriously have been oriented to form an union. The union has? been active in April 1994 and actually has \?. member?..The objectives of the union are to raine the factoring operations realized in Turkey, up to the level of the international standartsjto apply the factoring operations in Turkey, using the international, basic factoring acceptance and application procedures; to organise the activities in conformitiy with national and international regulations and professional ethics and the continue to act within the frame of the legislation in force. Factoring which became acquainted with Tıırkish Finance Sector in 1988, has shown a great development during the last four years and by the end of the year 199?., achieved a turnover of the 4.8 trillion TL. From the year 1988 in which the first company was been established, in time the number of the factoring companies has reach to 45 an by the end of the last year. To reach to achieve a turnover of 5 trillion within only a short period of time of four years prooves that factoring has commenced to take place in markets, as being a genuine instrument. Tn fact, by the end of the year 1992, this figure represents the 3% of the total credit volume of the banking sector. We may also express that this development draws an extraordinary rising graphing in abroad factoring services.14- Turnovrr of Factoring in Turkey. as per yrarn Total turnover M.illiard/% Table fl Turkey's plane in World' List, For Factoring operations Million $ Table III Developments and problems related with Factoring and Futur Option technics have been examined. 3.5.ContribnHorMi of Factoring operations? to national economy Here. We may mention in brief the contributions of the international factoring to national economy: -Due to factoring, Turkish exporters will securely have access to new markets and to new costumern and by the way will contribute to the increasing of the exportation of our country (3.1 ) -In cane where the purchasers from abroad would be affected with difficulties of payment. exportation values will be paid to correspondent factoring companies. Thus, as the consequence of the collection of the 100% of the exportation values, a loss of currency will not be in question for the country. -The pre-payment to be achieved by the factoring company located at the country of the purchaser will provide money entrance in cash without waiting the term to exporters and the national economy will earn most earlier the currencies from the exportations. -In the scope of factoring for the importation. while the exportations achieved by Turkish exporters via L/C would reach the limits of the country near correspondent banks, thanks to factoring which provides the same opportunities as the banks, this banks' limits will be available for the financoment of the projects of medium and long term.-15- CHAPTER IV PORFATTING ACT) FTMAMCrAÎ. KNVTRONMKNT Forfaiting is the purchase of the receivable to be collected in an ulterior date, arising.in general from good and ncrviva deliveries related with exportation procedures, without having the right, to return to anyone of their former holders and by applying a certain rate of discount. The term forfaiting i.3 defined an the definitive r.ale of the receivables with medium term in general or recorded and which are subject to a bank guarantee. an the renult of exportation, procedures. In brief.forfaiting can also be defined a financement method for exportation, with fixed rate of interest and of irrevocability character (3) In general, to forfaiting is a method financement, related with investment goods and in of medium term. While some forfaiting operations take a short period of time an 5-6 months, some others maytake a long period, as 6-7 years. Forfaiting in used with two goalln.Tho first is to solve a financial opportunity in long term (for example the renewing of a machinery parking )and the other in to help to the canh flow of the exporter, providing a credit opportunity to a purchaser from an overneas country (4) A.?. The Menhaninm of Forfeiting operation Tn forfaiting, the value of the good of investment to be imported from abroad in extended on the economic life of the good in question and in paid by instalments. Within thin frame, a commercial agreement in concluded between the exporter and the importer firms and the price and the payment plan are fixed. After thin, the importer firm take delivery of the goods and in exchange, following the provision of the bank guarantee, transmits the bills of debt to exporter, through his bank. In the following step, in order to transform his receivables into money in cash, the exporter concludes on agreement with a forfaiter.on the banes of a certain rate of discount. The transmission of the documents related with the receivables, by the exporter to the forfaiter and in exchange of this, following the application of the required discounts, the whole renponsabilities related with the negotiation and the procedure in quention are finished.-16- în the further stage, the forfaiter my trannm.it the instruments of payment to guarantor hank in order to causo their collection at the and of the term or may transfer those to third persons (9) 4.3 FORFATTI.NG AND T TO DF.VF.Î.OPMERÎT JN TURKEY The dcvoloppmontn which have oooured after the year 1980 in Turkish economy and forfaiting, which in a procedure of external commerce, developped an an alternative to traditional hanking opera tionn, in applied only in a few recent past years. But for all, its part in our finance oector can he considered as being innreaned. The forfaiting operation.*-, provides advantages and facilities» hoth to importer and to exporter and for the mentioned reason it has hocame a preferahle procedure of financement in our country. Although not being frequently used in our country, the forfaiting procedure exposes its two aspects. The first of thesp which can also be qualified as inland factoring, can be defined an the undertaking of the risks which may occure from the credited exportation?! of Turkish exporters by the forfaiter and presently the total payment of the exportation 'price. The abroad forfaiting market where the bills and policies drawn up to the order are sold in order to cause the payment of the amounts of importation on behalf of Turkish importers who import goods with a term constitutes a nubjeot to other kinds of procedure. Tnland Factoring application in actually performed by some Turkish banks and by foreign banks that are active in Turkey. The forfaiting which day to day achieve importance accordingly with the increasing request of goodn of investment of the devel.opping countries in a procedure which provides financement to exportation. Which in very interesting is that the porcedure in question applied in an export operation is profitable regains an alternative possibility of financement in state of the cradit guarantee and avoiding both the customer risk and the fluctuations of the rates of exchange, provide money in cash via minimum formality. While the exporter whose the bills are accepted by the forfaiter obtains the chance of credited purchase, the corporation providing the forfaiting is also strenghtenings its situation.-17- Because, under normal conditions, a forfeiting bill, in covered by the guarantee of the bank of the exporter and this kind of commercial debts are in general excluded from the frame of debt adjournments
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