Zorunlu Karsiliklara Faiz Odenmesi

[TR] Turkiye Cumhuriyet Merkez Bankasi (TCMB) tarafindan 21 Ekim 2014’te yapilan basin duyurusunda belirtildigi uzere TL zorunlu karsiliklara Kasim 2014’ten itibaren faiz odenmektedir. Soz konusu uygulama zorunlu karsilik (ZK) tutmanin maliyetini azalttigindan uygulamanin mevduat faizleri, kredi faizleri ve ZK’ya tabi kuruluslarin karliligi uzerinde etkili olabilecei dusunulmektedir. Bununla birlikte odenecek faizin cekirdek yukumluluk oranina gore banka bazinda farklilik gostermesi uygulamayi makro-ihtiyati politikalar acisindan onemli kilmaktadir. Bu calisma ilk olarak ZK’ya faiz odenmesinin yarattigi maliyet dusurucu etkiyi arindiran bir formul sunmaktadir. Ardindan yeni ZK faizi uygulamasinin detaylari aktarilmakta ve ZK’ya faiz odenmesinin ekonomiyi ve piyasa faizlerini hangi aktarim kanallari uzerinden etkileyebilecegi tartisilmaktadir. Son olarak yeni politika aracinin piyasa oyunculari tarafindan hizli ve dogru bir sekilde fiyatlanip fiyatlanmadiginin anlasilmasi acisindan aciklama sonrasi hisse senedi fiyatlarindaki gelismeler incelenmektedir. Bulgular piyasalarin yeni politika uygulamasini hizli ve etkin bir sekilde fiyatladigini gostermektedir. Beklendigi sekilde cekirdek yukumluluk orani yuksek bankalarin hisse senedi fiyatlari duyuru sonrasinda daha hizli artmaktadir. [EN] As has been stated in a recent press release by the Central Bank of the Republic of Turkey, (dated October 21, 2014) TRL reserve requirements are remunerated starting from November 2014. Since remuneration reduces the funding cost of reserve requirements, it has the potential to affect deposit rates, loan rates and the profitability of financial institutions who are obliged to keep required reserves. Besides, since the degree of remuneration is linked to banks’ core liability/credit ratio, it can be considered as a macroprudential policy tool. This study first presents a formula to eliminate the cost effect of remuneration on the reserve requirement ratio. Next, the study details the new remuneration system and discusses the transmission channels of the remuneration policy on the economy. Finally, it analyses the behavior of financial market participants in pricing the equity prices in response to the remuneration announcement. It is demonstrated that markets price the new policy in fast and effective manner. As expected, the banks with larger core liability/credit ratio are affected more positively relative to their peers.