Page 331 - Special Topic Session (STS) - Volume 1

STS441 Burcu Zühal İ.E. et al.
value of the inventories in FX assets is compiled. The firms are also obliged to
report a separate derivative transactions data form which includes very
detailed information on transactions both on organized platforms and over
the counter markets.
The data set is kept under the highest security procedures and it is only
available to the CBRT’s authorized personnel. Instant data set update is
provided and cross check with other credit databases is set in order to prevent
misreporting or system avoidance. Additionally, dashboards are made
available with the intent of data visualization and are updated regularly to
enable policy makers to monitor the analyses based on firm level, sectoral level
and total level data.

4. Real Sector Data Hub
In order to be able to have a comprehensive understanding of the
situations of NFCs, CBRT initiated the Real Sector Data Hub project where
company level data from various sources are compiled and linked to the data
collected directly from the companies through the Systemic Risk Data
Monitoring System.
There are already two main micro level data sets within the CBRT related
to the FX liabilities of the companies. The first one is Credit Registry data which
is under the directorship of the Bank Association of Turkey Risk Center. This
data provides information about all FX and FX indexed loans granted by
domestic banks and foreign banks through domestic banks. The main
shortage about this data set is that it doesn’t cover external loans granted
directly by foreign financial institutions. Nonetheless, all companies are
obliged to report their direct external loans and payments to the CBRT. This
data set within the CBRT provides the necessary information about the direct
external loans but it is based on declaration of firms and misreporting is a
challenging issue in calculation of total FX debt.
In addition to these data sets of company loans, the CBRT compiles
balance sheets and income statements of a sample of real sector companies
for the purpose of producing “Company Accounts” statistics. This micro level
data set provides annual information about financial situation of real sector
firms on solo basis. However, this data set covers only a limited number of
firms and is based on the data prepared according to Turkish Tax Regulations
and reported on a yearly basis.
Moreover, banks report their customers’ derivative transactions to the
CBRT. This data set is based on on-balance transactions and provides
information about type of the transaction, currency and amount details.
However, this data set does not include over the counter transactions. The
global financial crisis revealed that OTC derivative markets contribute to the
build-up of systemic risk through contagion arising from the

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