Tasarruf Mevduati Sigorta Fonu (Turkiye)

Tasarruf Mevduati Sigorta Fonu, located in Istanbul, is a part of the deposit insurance system in Turkey. The organization was established on July 22, 1983, within the Central Bank of the Republic of Turkey (CBRT), with the aim of insuring savings deposits. In addition to insuring deposits, the organization is also responsible for strengthening the financial status of banks and restructuring them when necessary. The establishment of the Banking Regulation and Supervision Agency (BRSA) in 1999 led to the transfer of the SDIF's authority and administration from the CBRT to the BRSA. The SDIF's powers were expanded with the introduction of the Banking Law No. 5411 in November 2005, which allowed the organization to determine the coverage and limit of insured deposits and set the tariff and collection terms for the risk-based insurance premium. The SDIF also guarantees the participation funds of natural persons in participation banks. In addition, the SDIF was given the task and powers of trusteeship for companies associated with terrorist organizations.