Investors in the funds being wound up under Türkiye’s new fund liquidation law will start receiving interim payments of up to 1 million lira from Friday, Vice President Cevdet Yılmaz said on Tuesday evening. The money will be paid through two banks, İş Bankası and Ziraat Bankası.
Yılmaz made the remarks at parliament’s Plan and Budget Committee, where the 2027 central government budget bill is being debated, according to Yeni Şafak, NTV and A Haber. He said that payments of up to 1 million lira would start "as of Friday" through the two banks. Friday falls on 30 October, the day after the Republic Day holiday. The reports did not say whether all eligible funds would start paying on the same day. According to Anadolu Agency’s report of his remarks, carried by Türkiye Gazetesi, Yılmaz also said that as of 23 October, 68 billion lira had been paid to 71,899 accounts across 93 funds. NTV later reported that Yılmaz expected the interim payments to be completed within one to two weeks, and that about 125 billion lira of net investment is held in funds under extraordinary liquidation.
Who pays and in what order
The payments follow Law No. 7596, which was published in the Official Gazette and took effect on 27 October, and the payment rules the Capital Markets Board (SPK) set out in its bulletin no. 2026/76, Memurlar.net reported. The first phase covers funds set up by Tera Portföy, Pusula Portföy and Atlas Portföy, which the SPK placed under liquidation on 17 September 2026.
Ziraat Bankası is handling the Pusula and Atlas funds and İş Bankası the Tera funds. The same banks make the interim payments directly to investors, and fund units are not redeemed at this stage. Anything paid now will be deducted from what each investor receives when the liquidation is completed.
Funds with "para piyasası" (money market) in their name are paid first. Other funds are ranked by how far their available cash covers what they owe in interim payments, with the best-covered funds first. A fund whose cash covers all its holders’ value makes a final payment rather than an interim one.
How the 1 million lira cap works
Under the SPK rules, a fund’s interim payment to an investor cannot exceed the lower of the investor’s net investment, as calculated by the Central Registry Agency (MKK) without inflation indexing, or 1 million lira. Where a fund’s cash is not enough, the payment cannot exceed the lowest of the net investment, the value of the investor’s units, or the 1 million lira ceiling. In that case the banks may pay the smallest claims first, or the SPK may approve a uniform minimum payment.
People and companies the SPK identifies under Articles 104, 106 or 107 of the Capital Markets Law will not receive payments from the liquidation account, according to the bulletin.
We have previously reported on Finance Minister Mehmet Şimşek’s 1 million lira interim payout plan, and on earlier payouts to investors in funds under liquidation. For a wider picture of household finances, see our cost of living in Türkiye guide.
Sources
- Cumhurbaşkanı Yardımcısı Yılmaz’dan emekliye enflasyon üstü artış mesajı (Yeni Şafak)
- Tasfiye edilen fonlarla ilgili ara ödeme tarihi netleşti (NTV)
- Fon tasfiyesinde ödemeler ne zaman yapılacak? Cevdet Yılmaz açıkladı (A Haber)
- SPK Ara Ödeme Esaslarını Açıkladı: Önce Para Piyasası Fonları (Memurlar.net)
Photo: Homakes / CC BY 4.0, via Wikimedia Commons
