Page 330 - Special Topic Session (STS) - Volume 1

STS441 Burcu Zühal İ.E. et al.
services. Firms in the scope of the system are obliged to report their company
identity, FX assets and liabilities, cash flows, income statements and derivative
transactions directly to the CBRT by logging in to the internet address,
www.tcmbveri.gov.tr.
All the documents related to the system can be found on the web site.
Legal framework, data form and instructions and user’s guide are presented in
order to meet the users’ needs in their process of adaptation to the system.
There is also a call center for system users which is operated by Credit Registry
Bureau on behalf of the CBRT. This «Central Bank Call Center» platform, where
questions about the operation of the system are answered and technical
assistance is provided, is an exceptional example among the central banks.
Detailed training on the system is provided by CBRT to the call center
employees. Since it is aimed to compile high quality data, technical support is
provided to the companies in the reporting process and all information
requests by the companies are met.
Systemic Risk Data Monitoring System presents the first comprehensive
data set in Turkey that contains information not only about FX liabilities, but
also about FX assets in the same data set. As a result, the system provides a
new regulatory framework for FX risk management based on a company
specific data set where risks can be monitored in detail. The system covers not
only non-financial companies but also public institutions like municipalities.
Broader coverage of the system helps to oversee the overall situation of the
real sector.
Reports are collected quarterly aiming a timely monitoring of FX position,
balance sheet and income statements of the companies. IFRS reporting format
is obligatory so as to provide better understanding of the financial position
and performance of the companies. Harmonization with international
reporting standards presents the highest quality of the financial tables in terms
of comparability. Besides annual independent external auditing is required to
increase the data quality.
The system is based on individual financial statements of companies in
order to analyze the real FX debt burden on individual companies and their
distress in managing the debt.
The system provides comprehensive FX credit information including direct
loans from abroad that gives the opportunity to compile integrative and
coherent data on liability side. FX assets and liabilities are recorded in original
currency distinction, which is one of the most important features of the system.
Additionally, FX assets and liabilities are recorded in cash flow distinction (0-
3, 3-6, 6-12 months, over 1 year) which enables policy makers to foresee
liquidity requirement of the market. Export and import information back to
three years is collected in order to calculate the net export amounts and
natural hedge positions. In addition, inventory information based on market

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