{"status":true,"post":{"id":35228,"user_id":1,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-24 22:00:49","created_at":"2022-10-06T21:00:00.000000Z","updated_at":"2022-10-24T19:00:49.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":35228,"is_featured":0,"title":"\u015eirketlerimizin g\u00fc\u00e7lerini koruyacak yeni finansal \u00fcr\u00fcn \u00f6nerileri","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":null,"content":" \t\t\t\t\t \t\t\t\t\t

HAKAN G\u00dcLDA\u011e<\/strong><\/span>
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Son d\u00f6nemde \u015firketler en \u00e7ok neye odaklan\u0131yor derseniz, \u2018finansmana eri\u015fim\u2019 derim. Asl\u0131na bakarsan\u0131z, y\u00fckselen enflasyonla k\u0131yaslay\u0131nca, d\u00fc\u015f\u00fck faiz seviyesi nedeniyle kredi maliyetinin olduk\u00e7a uygun oldu\u011fu bir ortamday\u0131z. Ama finansmana eri\u015fimde \u00f6nemli s\u0131k\u0131nt\u0131lar var. <\/span>
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\u00d6zellikle bankalar\u0131, kulland\u0131rd\u0131klar\u0131 kredilere uygulad\u0131klar\u0131 faiz oranlar\u0131 y\u00f6n\u00fcnden zorlayan uygulama, faizlerin a\u015fa\u011f\u0131ya gelmesinde etkili oldu. Aksi halde y\u00fcksek kar\u015f\u0131l\u0131k ay\u0131rmak veya Hazine ka\u011f\u0131d\u0131 almak zorunda kalan bankalar\u0131n kredi faizleri eyl\u00fclden itibaren d\u00fc\u015ft\u00fc. <\/span>
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Gelgelelim, faizler d\u00fc\u015ft\u00fc ama kredilerde b\u00fcy\u00fck bir s\u0131k\u0131\u015f\u0131kl\u0131k olu\u015ftu. Kredi bulmak zorla\u015ft\u0131. Bulunabilen kredilerin de vadeleri \u00e7ok ama \u00e7ok k\u0131sald\u0131. \u015eu s\u0131ralarda, sabit faizli krediler en \u00e7ok 60 ila 90 g\u00fcn vadeli. Bir ba\u015fka deyi\u015fle 3 aydan daha uzun vadeli sabit faizli kredi yok denecek kadar az. <\/span>
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Ekonomi y\u00f6netimi ve genel olarak kamu, bir yandan ekonominin b\u00fcy\u00fcmesini s\u00fcrd\u00fcrebilmesi i\u00e7in piyasay\u0131 canl\u0131 tutmaya \u00e7al\u0131\u015f\u0131yor, bir yandan da kredi kullan\u0131m\u0131n\u0131n artmas\u0131 enflasyonu olumsuz etkileyece\u011finden, belirli faiz seviyesinin \u00fcst\u00fcndeki krediler i\u00e7in ek maliyetler getirerek kredi b\u00fcy\u00fcmesini de engelliyor. Nitekim, kredi hacmine ili\u015fkin rakamlar da bunu do\u011fruluyor. Son d\u00f6nemde, kredilerin b\u00fcy\u00fcme h\u0131z\u0131 y\u00fczde 10\u2019un alt\u0131na geriledi. T\u00dc\u0130K\u2019in a\u00e7\u0131klad\u0131\u011f\u0131 t\u00fcketici fiyatlar\u0131yla enflasyonun y\u00fczde 83\u2019\u00fc a\u015ft\u0131\u011f\u0131, \u0130TO\u2019nun a\u00e7\u0131klad\u0131\u011f\u0131 \u00dccretliler Ge\u00e7im Endeksi\u2019nin y\u00fczde 107\u2019yi buldu\u011fu bir ortamda bu son derece d\u00fc\u015f\u00fck bir art\u0131\u015f. B\u00f6yle bak\u0131nca, \u015firketlerimizin b\u0131rakal\u0131m yat\u0131r\u0131m\u0131, sadece artan i\u015fletme sermayesi ihtiya\u00e7lar\u0131 nedeniyle dahi kar\u015f\u0131la\u015ft\u0131klar\u0131 finansman zorluklar\u0131n\u0131 tahmin etmek zor de\u011fil. <\/span>
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\u00d6zetle, d\u00f6viz kredilerine eri\u015fim epey zamand\u0131r zaten zordu. \u015eimdi al\u0131nan son kararlarla T\u00fcrk Liras\u0131 krediye eri\u015fim de zorla\u015ft\u0131. <\/span>
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\u015eirketler \u015fu s\u0131ralarda ancak \u2018maliyet finansman\u0131\u2019 denilen, fatura kar\u015f\u0131l\u0131\u011f\u0131nda kredi kullanabilir haldeler. Bu da toplam kredi ihtiyac\u0131n\u0131 dengelemekten \u00e7ok uzak. <\/span>
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SIKI\u015eMA P\u0130YASA KRED\u0130S\u0130N\u0130 DE ETK\u0130L\u0130YOR<\/strong><\/span>
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Kredi arz\u0131ndaki daralma olduk\u00e7a ciddi riskleri de beraberinde getiriyor. \u015eirketler bankalardan finansmana yeterli d\u00fczeyde eri\u015femeyince, birbirine olan piyasa kredisini de k\u0131smak zorunda kal\u0131yor. Do\u011frusu, reel sekt\u00f6r\u00fcn bankalardan kulland\u0131\u011f\u0131 kredi hacmi 10 ise \u015firketlerin birbirleriyle olan tedarik i\u015flemlerinin hacmi 20. Dolay\u0131s\u0131yla, kredi s\u0131k\u0131\u015fmas\u0131 tedarik sisteminin s\u00fcrd\u00fcr\u00fclebilirli\u011finin de \u00f6n\u00fcne engel oluyor. Piyasa kredilerinde de vadeleri daralt\u0131yor. Giderek daha fazla pe\u015fin \u00e7al\u0131\u015fma ortam\u0131, k\u00e2r marjlar\u0131n\u0131n k\u0131s\u0131lmas\u0131n\u0131 da beraberinde getiriyor. <\/span>
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Ayr\u0131ca, bankac\u0131l\u0131k sekt\u00f6r\u00fcnde uygulamas\u0131 yayg\u0131nla\u015fan taksitli krediler, limitleri rotatif olarak yeniden kulland\u0131r\u0131lmad\u0131\u011f\u0131nda, reel sekt\u00f6r\u00fcn nakit ak\u0131\u015f\u0131n\u0131 bozucu etki yap\u0131yor.<\/span>
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YEN\u0130 F\u0130NANSAL \u00dcR\u00dcN ARAYI\u015eLARI<\/strong><\/span>
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Sorunlar ortada... <\/span>
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Peki, \u00e7\u00f6z\u00fcm i\u00e7in ne yap\u0131l\u0131yor, neler yap\u0131labilir? <\/span>
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G\u00f6rd\u00fc\u011f\u00fcm kadar\u0131yla, reel sekt\u00f6rden y\u00fckselen seslerle birlikte ge\u00e7en hafta itibariyle h\u00fck\u00fcmet de bu konuyu g\u00fcndemine ald\u0131. <\/span>
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Cumhurba\u015fkan\u0131 Yard\u0131mc\u0131s\u0131 Fuat Oktay ba\u015fkanl\u0131\u011f\u0131nda toplanan Ekonomi Koordinasyon Kurulu toplant\u0131s\u0131nda konu masadayd\u0131. <\/span>
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Toplant\u0131 sonras\u0131nda yap\u0131lan a\u00e7\u0131klamada, \u201cArz g\u00fcvenli\u011finin finansman\u0131 kapsam\u0131nda, b\u00fct\u00e7e imkanlar\u0131 \u00e7er\u00e7evesinde verilen deste\u011fin yan\u0131 s\u0131ra ilgili kurum ve kurulu\u015flar\u0131n alternatif finansman enstr\u00fcmanlar\u0131n\u0131 da etkin bir \u015fekilde kullan\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r\u201d denildi.<\/span>
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Yine ge\u00e7en hafta Resmi Gazete\u2019de yay\u0131mlanan kat\u0131l\u0131m bankalar\u0131na ili\u015fkin \u2018strateji\u2019 de\u011fi\u015fikli\u011fi de yeni finansal \u00fcr\u00fcnlere ili\u015fkin ipu\u00e7lar\u0131 ta\u015f\u0131yordu. Keza, Meclis g\u00fcndemindeki torba kanunda da \u015firketlere finansman bak\u0131m\u0131ndan avantaj sa\u011flayabilecek maddeler bulunuyor. <\/span>
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Anla\u015f\u0131lan reel sekt\u00f6r\u00fcn finansman ihtiyac\u0131na y\u00f6nelik d\u00fczenleme ve tedbirlerin arkas\u0131 gelecek. Olu\u015fan riskler g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda gelmesi de laz\u0131m. Do\u011frusu bu haberleri okuyunca, hem kamu hem de \u00f6zel bankalarda \u00fcst d\u00fczeyde g\u00f6rev yapm\u0131\u015f tecr\u00fcbeli bir bankac\u0131m\u0131z\u0131n k\u0131sa s\u00fcre \u00f6nce yapt\u0131\u011f\u0131m\u0131z sohbette s\u00f6yledikleri akl\u0131ma geldi. At\u0131lacak ad\u0131mlara faydas\u0131 olabilir d\u00fc\u015f\u00fcncesiyle payla\u015fmak istedim. <\/span>
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TECR\u00dcBEL\u0130 BANKACININ TESP\u0130T VE TAVS\u0130YELER\u0130<\/strong><\/span>
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30 y\u0131l\u0131 a\u015fk\u0131n birikim ve deneyimleriyle bankac\u0131m\u0131z\u0131n piyasadaki kredi s\u0131k\u0131\u015fmas\u0131na ili\u015fkin tespit ve \u00f6nerileri \u015f\u00f6yle: <\/span>
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* Limiti onaylanm\u0131\u015f, teminat\u0131 buna g\u00f6re olu\u015fmu\u015f olmas\u0131na ra\u011fmen kredi kullan\u0131m imkanlar\u0131 zorla\u015f\u0131yor. Vadeye ba\u011fl\u0131 faiz riskinin \u2018hedge\u2019 edilmesini sa\u011flayacak ve d\u00fc\u015f\u00fck maliyetli ve yayg\u0131n kullan\u0131ml\u0131 \u2018future kontratlar\u0131n\u2019 s\u00fcbvanse edilmesi laz\u0131m. <\/span>
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* Kredilerin sistemi t\u0131kayan ana parametrelerinden biri, ekspertiz raporlar\u0131. Lisansl\u0131 eksper uygulamas\u0131n\u0131n kalitesini geli\u015ftirecek nitelik ve niceliksel d\u00fczenlemeler \u015fart. <\/span>
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* Enflasyon de\u011ferlemesi uygulamas\u0131nda ge\u00e7 kal\u0131nd\u0131. \u2018G\u00f6r\u00fclen\u2019 ile \u2018ger\u00e7ek\u2019 aras\u0131ndaki makas\u0131 daraltmak elzemdir. Krediye eri\u015fimin \u00f6n\u00fcndeki engellerden biri budur. <\/span>
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* \u00d6zellikle marka ve lisans de\u011ferlerinin mali tablolarda olmas\u0131 gereken de\u011ferlerini olu\u015fturacak yasal d\u00fczenlemelere ihtiya\u00e7 var.<\/span>
Ezberlerimizi g\u00f6zden ge\u00e7irmemiz laz\u0131m<\/span>
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* Ezberletilmi\u015f do\u011frular\u0131 konjonkt\u00fcre g\u00f6re yeniden de\u011ferlendirmek laz\u0131m. Kelime anlam\u0131 olumsuz olmamakla birlikte, k\u00f6t\u00fc alg\u0131 olu\u015fturan refinansman uygulamas\u0131nda bankalar\u0131 te\u015fvik edici d\u00fczenlemelere ihtiya\u00e7 var. Son 3-4 y\u0131lda t\u00fcm parametreler de\u011fi\u015fti. <\/span>
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Bir\u00e7ok i\u015fletmede fizibilite bozuldu. Kartlar\u0131 kar\u0131\u015ft\u0131r\u0131p yeniden da\u011f\u0131tmay\u0131 sa\u011flayacak refinansman \u00fcr\u00fcn\u00fc yayg\u0131nla\u015fmal\u0131. <\/span>
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* Kredilere 3 ayda bir faiz tahakkuk ettirip, faizi tahsil etmek yasal mecburiyet de\u011fil, al\u0131\u015fkanl\u0131kt\u0131r. Faiz y\u00fck\u00fcn\u00fcn bir k\u0131sm\u0131n\u0131 tahakkuk ve tahsil etmeden reeskont edip biriktirerek uzun vadelere yaymaya engel yok, al\u0131\u015fkanl\u0131klar var. <\/span>
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* G\u00fcncel konjonkt\u00fcrde 5-7 y\u0131lda kendisini itfa edebilecek bir sekt\u00f6r yoktur. \u00c7ok daha uzun vadelerin uygulanabilece\u011fi fiyatlama y\u00f6ntemleri geli\u015ftirilmeli. <\/span>
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* Giri\u015fim sermayesi fonu yakla\u015f\u0131m\u0131n\u0131n geli\u015ftirilerek, yerel ihtiya\u00e7lara uyarlanmas\u0131 elzemdir. Bankalar\u0131n da ortak olaca\u011f\u0131 ve sekt\u00f6rel uzmanla\u015fman\u0131n sa\u011flanaca\u011f\u0131 bir \u2018Aktif Y\u00f6netim \u015eirketi\u2019 uygulamas\u0131yla, \u00fclke i\u00e7in kritik \u00f6neme sahip \u015firketlerin kredilerinin i\u015ftirake d\u00f6n\u00fc\u015ft\u00fcr\u00fclmelerini te\u015fvik edecek y\u00f6ntemler geli\u015ftirilmeli. <\/span>
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* Yat\u0131r\u0131m bankalar\u0131 ile kat\u0131l\u0131m bankalar\u0131nda olan ama ticari bankalarda olmayan leasing yetkisinin hi\u00e7bir anlam\u0131 yok. Bu d\u00f6nemde en \u00e7ok ba\u015fvurulacak finansman \u00fcr\u00fcnlerinden biridir ama toplam kredi riskinin y\u00fczde 85\u2019ini ta\u015f\u0131yan ticari bankalar\u0131n leasing yetkisi yok. <\/span>
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Bu bankalar\u0131n leasing i\u015ftirakleri k\u00fc\u00e7\u00fck ve fonlama sorunlar\u0131 nedeniyle i\u015flevsel de\u011filler. Ticari bankalar\u0131n leasing yetkisi olmad\u0131\u011f\u0131 i\u00e7in \u015firketlerimizi rahatlatmak amac\u0131yla s\u0131k\u00e7a kullan\u0131labilecek en etkin yap\u0131land\u0131rma \u00fcr\u00fcn\u00fc olan \u2018sale and lease back\u2019 \u00fcr\u00fcn\u00fc de kullan\u0131lam\u0131yor. Dikkate de\u011fer bir durumdur.<\/span>
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F\u0130RMALARIMIZI KORUYACAK \u00d6NLEMLER<\/strong><\/span>
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Bankac\u0131 dostumuz sohbetimizde, \u2018hem kamu-\u00f6zel sekt\u00f6r i\u015fbirli\u011fi kapsam\u0131ndaki b\u00fcy\u00fck projelerin hem de \u00f6zel sekt\u00f6r projelerinin \u00f6nemli \u00f6l\u00e7\u00fcde azald\u0131\u011f\u0131na\u2019 da dikkat \u00e7ekti. Bu projelerin finansman\u0131 konusunda yurt d\u0131\u015f\u0131 finansman kap\u0131lar\u0131n\u0131n neredeyse tamamen kapal\u0131 oldu\u011funu da s\u00f6yledi. Belki i\u015fin o boyutunu da bir ba\u015fka Eko-Mercek\u2019te ele al\u0131r\u0131z.<\/span>
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\u00d6zetle, gidi\u015fattan ve sohbetimizden benim anlad\u0131\u011f\u0131m \u015fu: <\/span>
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Evet, ihracata ve yat\u0131r\u0131ma d\u00f6n\u00fck krediler devrede ama bu alanlar\u0131n d\u0131\u015f\u0131nda da krediye ihtiya\u00e7 y\u00fcksek. Ve \u015firketlerimiz ihtiya\u00e7lar\u0131n\u0131 kar\u015f\u0131layacak \u015fekilde finansmana eri\u015femiyor. \u015eimdi bu sorunu a\u015facak yeni finansal aray\u0131\u015flar g\u00fcndemde. <\/span>
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Bu aray\u0131\u015flar\u0131n, mevcut \u015firketlerimizi, dolay\u0131s\u0131yla istihdam\u0131 koruyacak \u015fekilde bir an \u00f6nce uygulamaya d\u00f6n\u00fc\u015fmesinde b\u00fcy\u00fck yarar var. <\/span>
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Malum, d\u00fcnya ekonomisinin durgunlu\u011fa do\u011fru gitti\u011fi bir ortamda bu k\u0131\u015f zor ge\u00e7ecek. <\/span>
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YEN\u0130DEN YAPILANDIRMADA \u00dcR\u00dcN EKS\u0130K <\/strong><\/span>
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* En \u00f6nemli konulardan biri de \u2018yeniden yap\u0131land\u0131rma\u2019 \u00fcr\u00fcn\u00fcn\u00fcn eksikli\u011fi. Var olan\u0131n kullan\u0131m\u0131 zor. Finansal Yeniden Yap\u0131land\u0131rma Sistemi kapsam\u0131na girerek yap\u0131land\u0131r\u0131lan firmalara adeta c\u00fczzaml\u0131 muamelesi yap\u0131l\u0131yor. Ortada bir alg\u0131 bozuklu\u011fu var. Neredeyse yeniden yap\u0131land\u0131rma ile konkordato kapsam\u0131ndaki mahkeme karar\u0131yla yap\u0131land\u0131rma ayn\u0131 de\u011ferlendirilecek bir alg\u0131 sorununa d\u00f6n\u00fc\u015ft\u00fc. Bunun \u00e7\u00f6z\u00fclmesi laz\u0131m. Yeniden yap\u0131land\u0131rma, alacakl\u0131lar\u0131n g\u00f6n\u00fcll\u00fc olarak kat\u0131l\u0131m\u0131 olan bir modeldir. Alacakl\u0131 banka istemedi\u011finde reel sekt\u00f6r\u00fc \u00e7ok zorluyor. Dolay\u0131s\u0131yla yap\u0131land\u0131rma \u00fcr\u00fcn\u00fcn\u00fcn farkl\u0131la\u015fmas\u0131na ihtiya\u00e7 var.<\/span>
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* Sermayesini yitirmi\u015f olana dahi, sermaye enjeksiyonu m\u00fcmk\u00fcn. Makul bir \u2018hair cut\u2019 ile aya\u011fa kalkma ihtimali olan \u015firketlerimizi ay\u0131racak finansal \u00fcr\u00fcnlerin geli\u015ftirilmesi laz\u0131m.<\/span>
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* Sermayesini yitirmemi\u015f olup da vade uyumu ve gelir-gider dengesini sa\u011flayabilmek i\u00e7in zamana ihtiyac\u0131 olan \u015firketlerimize, fizibilite raporuna dayal\u0131 olarak bankalar\u0131 zorlay\u0131c\u0131 model laz\u0131m. G\u00fcn\u00fcm\u00fczde 7-10 y\u0131l vadede d\u00fczelebilece\u011fi ba\u011f\u0131ms\u0131z fizibilite raporu ile netle\u015fmi\u015f olan firmalarda bile (TLREF ile dahi) yap\u0131land\u0131rma s\u00fcre\u00e7leri 6 ila 9 ay\u0131 buluyor. <\/span>
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* Makul bir \u2018vade-teminat-fiyat\u2019 yap\u0131s\u0131 kurulduktan sonra yap\u0131land\u0131rma karar\u0131 alacakl\u0131 bankalar\u0131n insaf\u0131na b\u0131rak\u0131lmamal\u0131. FYYS k\u00fc\u00e7\u00fck modelin b\u00fcy\u00fckl\u00fc\u011f\u00fc 2018 parametreleri ile toplam mali bor\u00e7 25 milyon TL iken bug\u00fcn en az 15-250 milyon lira olmal\u0131 ve yayg\u0131n-seri yap\u0131land\u0131rma ortam\u0131 sa\u011flanmal\u0131.<\/span><\/p> \t\t\t\t","slug":"sirketlerimizin-guclerini-koruyacak-yeni-finansal-urun-onerileri","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"\u015eirketlerimizin g\u00fc\u00e7lerini koruyacak yeni finansal \u00fcr\u00fcn \u00f6nerileri","meta_description":"HAKAN G\u00dcLDA\u011e","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"view_count":2555,"cropped_1200x675":null,"user":{"id":1,"name":"HAKAN","surname":"G\u00dcLDA\u011e","email":"uakisik@eronat.com.tr","slug":"hakan-guldag","avatar":"\/front\/uploads\/avatar\/1733691600kKPzKvWx8Xpxx9n.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T14:51:32.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":35327,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":35228,"locale":"tr","category_id":73,"title":"\u015eirketlerimizin g\u00fc\u00e7lerini koruyacak yeni finansal \u00fcr\u00fcn \u00f6nerileri","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":null,"content":" \t\t\t\t\t \t\t\t\t\t

HAKAN G\u00dcLDA\u011e<\/strong><\/span>
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Son d\u00f6nemde \u015firketler en \u00e7ok neye odaklan\u0131yor derseniz, \u2018finansmana eri\u015fim\u2019 derim. Asl\u0131na bakarsan\u0131z, y\u00fckselen enflasyonla k\u0131yaslay\u0131nca, d\u00fc\u015f\u00fck faiz seviyesi nedeniyle kredi maliyetinin olduk\u00e7a uygun oldu\u011fu bir ortamday\u0131z. Ama finansmana eri\u015fimde \u00f6nemli s\u0131k\u0131nt\u0131lar var. <\/span>
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\u00d6zellikle bankalar\u0131, kulland\u0131rd\u0131klar\u0131 kredilere uygulad\u0131klar\u0131 faiz oranlar\u0131 y\u00f6n\u00fcnden zorlayan uygulama, faizlerin a\u015fa\u011f\u0131ya gelmesinde etkili oldu. Aksi halde y\u00fcksek kar\u015f\u0131l\u0131k ay\u0131rmak veya Hazine ka\u011f\u0131d\u0131 almak zorunda kalan bankalar\u0131n kredi faizleri eyl\u00fclden itibaren d\u00fc\u015ft\u00fc. <\/span>
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Gelgelelim, faizler d\u00fc\u015ft\u00fc ama kredilerde b\u00fcy\u00fck bir s\u0131k\u0131\u015f\u0131kl\u0131k olu\u015ftu. Kredi bulmak zorla\u015ft\u0131. Bulunabilen kredilerin de vadeleri \u00e7ok ama \u00e7ok k\u0131sald\u0131. \u015eu s\u0131ralarda, sabit faizli krediler en \u00e7ok 60 ila 90 g\u00fcn vadeli. Bir ba\u015fka deyi\u015fle 3 aydan daha uzun vadeli sabit faizli kredi yok denecek kadar az. <\/span>
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Ekonomi y\u00f6netimi ve genel olarak kamu, bir yandan ekonominin b\u00fcy\u00fcmesini s\u00fcrd\u00fcrebilmesi i\u00e7in piyasay\u0131 canl\u0131 tutmaya \u00e7al\u0131\u015f\u0131yor, bir yandan da kredi kullan\u0131m\u0131n\u0131n artmas\u0131 enflasyonu olumsuz etkileyece\u011finden, belirli faiz seviyesinin \u00fcst\u00fcndeki krediler i\u00e7in ek maliyetler getirerek kredi b\u00fcy\u00fcmesini de engelliyor. Nitekim, kredi hacmine ili\u015fkin rakamlar da bunu do\u011fruluyor. Son d\u00f6nemde, kredilerin b\u00fcy\u00fcme h\u0131z\u0131 y\u00fczde 10\u2019un alt\u0131na geriledi. T\u00dc\u0130K\u2019in a\u00e7\u0131klad\u0131\u011f\u0131 t\u00fcketici fiyatlar\u0131yla enflasyonun y\u00fczde 83\u2019\u00fc a\u015ft\u0131\u011f\u0131, \u0130TO\u2019nun a\u00e7\u0131klad\u0131\u011f\u0131 \u00dccretliler Ge\u00e7im Endeksi\u2019nin y\u00fczde 107\u2019yi buldu\u011fu bir ortamda bu son derece d\u00fc\u015f\u00fck bir art\u0131\u015f. B\u00f6yle bak\u0131nca, \u015firketlerimizin b\u0131rakal\u0131m yat\u0131r\u0131m\u0131, sadece artan i\u015fletme sermayesi ihtiya\u00e7lar\u0131 nedeniyle dahi kar\u015f\u0131la\u015ft\u0131klar\u0131 finansman zorluklar\u0131n\u0131 tahmin etmek zor de\u011fil. <\/span>
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\u00d6zetle, d\u00f6viz kredilerine eri\u015fim epey zamand\u0131r zaten zordu. \u015eimdi al\u0131nan son kararlarla T\u00fcrk Liras\u0131 krediye eri\u015fim de zorla\u015ft\u0131. <\/span>
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\u015eirketler \u015fu s\u0131ralarda ancak \u2018maliyet finansman\u0131\u2019 denilen, fatura kar\u015f\u0131l\u0131\u011f\u0131nda kredi kullanabilir haldeler. Bu da toplam kredi ihtiyac\u0131n\u0131 dengelemekten \u00e7ok uzak. <\/span>
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SIKI\u015eMA P\u0130YASA KRED\u0130S\u0130N\u0130 DE ETK\u0130L\u0130YOR<\/strong><\/span>
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Kredi arz\u0131ndaki daralma olduk\u00e7a ciddi riskleri de beraberinde getiriyor. \u015eirketler bankalardan finansmana yeterli d\u00fczeyde eri\u015femeyince, birbirine olan piyasa kredisini de k\u0131smak zorunda kal\u0131yor. Do\u011frusu, reel sekt\u00f6r\u00fcn bankalardan kulland\u0131\u011f\u0131 kredi hacmi 10 ise \u015firketlerin birbirleriyle olan tedarik i\u015flemlerinin hacmi 20. Dolay\u0131s\u0131yla, kredi s\u0131k\u0131\u015fmas\u0131 tedarik sisteminin s\u00fcrd\u00fcr\u00fclebilirli\u011finin de \u00f6n\u00fcne engel oluyor. Piyasa kredilerinde de vadeleri daralt\u0131yor. Giderek daha fazla pe\u015fin \u00e7al\u0131\u015fma ortam\u0131, k\u00e2r marjlar\u0131n\u0131n k\u0131s\u0131lmas\u0131n\u0131 da beraberinde getiriyor. <\/span>
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Ayr\u0131ca, bankac\u0131l\u0131k sekt\u00f6r\u00fcnde uygulamas\u0131 yayg\u0131nla\u015fan taksitli krediler, limitleri rotatif olarak yeniden kulland\u0131r\u0131lmad\u0131\u011f\u0131nda, reel sekt\u00f6r\u00fcn nakit ak\u0131\u015f\u0131n\u0131 bozucu etki yap\u0131yor.<\/span>
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YEN\u0130 F\u0130NANSAL \u00dcR\u00dcN ARAYI\u015eLARI<\/strong><\/span>
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Sorunlar ortada... <\/span>
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Peki, \u00e7\u00f6z\u00fcm i\u00e7in ne yap\u0131l\u0131yor, neler yap\u0131labilir? <\/span>
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G\u00f6rd\u00fc\u011f\u00fcm kadar\u0131yla, reel sekt\u00f6rden y\u00fckselen seslerle birlikte ge\u00e7en hafta itibariyle h\u00fck\u00fcmet de bu konuyu g\u00fcndemine ald\u0131. <\/span>
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Cumhurba\u015fkan\u0131 Yard\u0131mc\u0131s\u0131 Fuat Oktay ba\u015fkanl\u0131\u011f\u0131nda toplanan Ekonomi Koordinasyon Kurulu toplant\u0131s\u0131nda konu masadayd\u0131. <\/span>
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Toplant\u0131 sonras\u0131nda yap\u0131lan a\u00e7\u0131klamada, \u201cArz g\u00fcvenli\u011finin finansman\u0131 kapsam\u0131nda, b\u00fct\u00e7e imkanlar\u0131 \u00e7er\u00e7evesinde verilen deste\u011fin yan\u0131 s\u0131ra ilgili kurum ve kurulu\u015flar\u0131n alternatif finansman enstr\u00fcmanlar\u0131n\u0131 da etkin bir \u015fekilde kullan\u0131lmas\u0131 kararla\u015ft\u0131r\u0131lm\u0131\u015ft\u0131r\u201d denildi.<\/span>
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Yine ge\u00e7en hafta Resmi Gazete\u2019de yay\u0131mlanan kat\u0131l\u0131m bankalar\u0131na ili\u015fkin \u2018strateji\u2019 de\u011fi\u015fikli\u011fi de yeni finansal \u00fcr\u00fcnlere ili\u015fkin ipu\u00e7lar\u0131 ta\u015f\u0131yordu. Keza, Meclis g\u00fcndemindeki torba kanunda da \u015firketlere finansman bak\u0131m\u0131ndan avantaj sa\u011flayabilecek maddeler bulunuyor. <\/span>
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Anla\u015f\u0131lan reel sekt\u00f6r\u00fcn finansman ihtiyac\u0131na y\u00f6nelik d\u00fczenleme ve tedbirlerin arkas\u0131 gelecek. Olu\u015fan riskler g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda gelmesi de laz\u0131m. Do\u011frusu bu haberleri okuyunca, hem kamu hem de \u00f6zel bankalarda \u00fcst d\u00fczeyde g\u00f6rev yapm\u0131\u015f tecr\u00fcbeli bir bankac\u0131m\u0131z\u0131n k\u0131sa s\u00fcre \u00f6nce yapt\u0131\u011f\u0131m\u0131z sohbette s\u00f6yledikleri akl\u0131ma geldi. At\u0131lacak ad\u0131mlara faydas\u0131 olabilir d\u00fc\u015f\u00fcncesiyle payla\u015fmak istedim. <\/span>
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TECR\u00dcBEL\u0130 BANKACININ TESP\u0130T VE TAVS\u0130YELER\u0130<\/strong><\/span>
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30 y\u0131l\u0131 a\u015fk\u0131n birikim ve deneyimleriyle bankac\u0131m\u0131z\u0131n piyasadaki kredi s\u0131k\u0131\u015fmas\u0131na ili\u015fkin tespit ve \u00f6nerileri \u015f\u00f6yle: <\/span>
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* Limiti onaylanm\u0131\u015f, teminat\u0131 buna g\u00f6re olu\u015fmu\u015f olmas\u0131na ra\u011fmen kredi kullan\u0131m imkanlar\u0131 zorla\u015f\u0131yor. Vadeye ba\u011fl\u0131 faiz riskinin \u2018hedge\u2019 edilmesini sa\u011flayacak ve d\u00fc\u015f\u00fck maliyetli ve yayg\u0131n kullan\u0131ml\u0131 \u2018future kontratlar\u0131n\u2019 s\u00fcbvanse edilmesi laz\u0131m. <\/span>
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* Kredilerin sistemi t\u0131kayan ana parametrelerinden biri, ekspertiz raporlar\u0131. Lisansl\u0131 eksper uygulamas\u0131n\u0131n kalitesini geli\u015ftirecek nitelik ve niceliksel d\u00fczenlemeler \u015fart. <\/span>
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* Enflasyon de\u011ferlemesi uygulamas\u0131nda ge\u00e7 kal\u0131nd\u0131. \u2018G\u00f6r\u00fclen\u2019 ile \u2018ger\u00e7ek\u2019 aras\u0131ndaki makas\u0131 daraltmak elzemdir. Krediye eri\u015fimin \u00f6n\u00fcndeki engellerden biri budur. <\/span>
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* \u00d6zellikle marka ve lisans de\u011ferlerinin mali tablolarda olmas\u0131 gereken de\u011ferlerini olu\u015fturacak yasal d\u00fczenlemelere ihtiya\u00e7 var.<\/span>
Ezberlerimizi g\u00f6zden ge\u00e7irmemiz laz\u0131m<\/span>
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* Ezberletilmi\u015f do\u011frular\u0131 konjonkt\u00fcre g\u00f6re yeniden de\u011ferlendirmek laz\u0131m. Kelime anlam\u0131 olumsuz olmamakla birlikte, k\u00f6t\u00fc alg\u0131 olu\u015fturan refinansman uygulamas\u0131nda bankalar\u0131 te\u015fvik edici d\u00fczenlemelere ihtiya\u00e7 var. Son 3-4 y\u0131lda t\u00fcm parametreler de\u011fi\u015fti. <\/span>
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Bir\u00e7ok i\u015fletmede fizibilite bozuldu. Kartlar\u0131 kar\u0131\u015ft\u0131r\u0131p yeniden da\u011f\u0131tmay\u0131 sa\u011flayacak refinansman \u00fcr\u00fcn\u00fc yayg\u0131nla\u015fmal\u0131. <\/span>
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* Kredilere 3 ayda bir faiz tahakkuk ettirip, faizi tahsil etmek yasal mecburiyet de\u011fil, al\u0131\u015fkanl\u0131kt\u0131r. Faiz y\u00fck\u00fcn\u00fcn bir k\u0131sm\u0131n\u0131 tahakkuk ve tahsil etmeden reeskont edip biriktirerek uzun vadelere yaymaya engel yok, al\u0131\u015fkanl\u0131klar var. <\/span>
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* G\u00fcncel konjonkt\u00fcrde 5-7 y\u0131lda kendisini itfa edebilecek bir sekt\u00f6r yoktur. \u00c7ok daha uzun vadelerin uygulanabilece\u011fi fiyatlama y\u00f6ntemleri geli\u015ftirilmeli. <\/span>
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* Giri\u015fim sermayesi fonu yakla\u015f\u0131m\u0131n\u0131n geli\u015ftirilerek, yerel ihtiya\u00e7lara uyarlanmas\u0131 elzemdir. Bankalar\u0131n da ortak olaca\u011f\u0131 ve sekt\u00f6rel uzmanla\u015fman\u0131n sa\u011flanaca\u011f\u0131 bir \u2018Aktif Y\u00f6netim \u015eirketi\u2019 uygulamas\u0131yla, \u00fclke i\u00e7in kritik \u00f6neme sahip \u015firketlerin kredilerinin i\u015ftirake d\u00f6n\u00fc\u015ft\u00fcr\u00fclmelerini te\u015fvik edecek y\u00f6ntemler geli\u015ftirilmeli. <\/span>
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* Yat\u0131r\u0131m bankalar\u0131 ile kat\u0131l\u0131m bankalar\u0131nda olan ama ticari bankalarda olmayan leasing yetkisinin hi\u00e7bir anlam\u0131 yok. Bu d\u00f6nemde en \u00e7ok ba\u015fvurulacak finansman \u00fcr\u00fcnlerinden biridir ama toplam kredi riskinin y\u00fczde 85\u2019ini ta\u015f\u0131yan ticari bankalar\u0131n leasing yetkisi yok. <\/span>
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Bu bankalar\u0131n leasing i\u015ftirakleri k\u00fc\u00e7\u00fck ve fonlama sorunlar\u0131 nedeniyle i\u015flevsel de\u011filler. Ticari bankalar\u0131n leasing yetkisi olmad\u0131\u011f\u0131 i\u00e7in \u015firketlerimizi rahatlatmak amac\u0131yla s\u0131k\u00e7a kullan\u0131labilecek en etkin yap\u0131land\u0131rma \u00fcr\u00fcn\u00fc olan \u2018sale and lease back\u2019 \u00fcr\u00fcn\u00fc de kullan\u0131lam\u0131yor. Dikkate de\u011fer bir durumdur.<\/span>
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F\u0130RMALARIMIZI KORUYACAK \u00d6NLEMLER<\/strong><\/span>
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Bankac\u0131 dostumuz sohbetimizde, \u2018hem kamu-\u00f6zel sekt\u00f6r i\u015fbirli\u011fi kapsam\u0131ndaki b\u00fcy\u00fck projelerin hem de \u00f6zel sekt\u00f6r projelerinin \u00f6nemli \u00f6l\u00e7\u00fcde azald\u0131\u011f\u0131na\u2019 da dikkat \u00e7ekti. Bu projelerin finansman\u0131 konusunda yurt d\u0131\u015f\u0131 finansman kap\u0131lar\u0131n\u0131n neredeyse tamamen kapal\u0131 oldu\u011funu da s\u00f6yledi. Belki i\u015fin o boyutunu da bir ba\u015fka Eko-Mercek\u2019te ele al\u0131r\u0131z.<\/span>
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\u00d6zetle, gidi\u015fattan ve sohbetimizden benim anlad\u0131\u011f\u0131m \u015fu: <\/span>
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Evet, ihracata ve yat\u0131r\u0131ma d\u00f6n\u00fck krediler devrede ama bu alanlar\u0131n d\u0131\u015f\u0131nda da krediye ihtiya\u00e7 y\u00fcksek. Ve \u015firketlerimiz ihtiya\u00e7lar\u0131n\u0131 kar\u015f\u0131layacak \u015fekilde finansmana eri\u015femiyor. \u015eimdi bu sorunu a\u015facak yeni finansal aray\u0131\u015flar g\u00fcndemde. <\/span>
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Bu aray\u0131\u015flar\u0131n, mevcut \u015firketlerimizi, dolay\u0131s\u0131yla istihdam\u0131 koruyacak \u015fekilde bir an \u00f6nce uygulamaya d\u00f6n\u00fc\u015fmesinde b\u00fcy\u00fck yarar var. <\/span>
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Malum, d\u00fcnya ekonomisinin durgunlu\u011fa do\u011fru gitti\u011fi bir ortamda bu k\u0131\u015f zor ge\u00e7ecek. <\/span>
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YEN\u0130DEN YAPILANDIRMADA \u00dcR\u00dcN EKS\u0130K <\/strong><\/span>
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* En \u00f6nemli konulardan biri de \u2018yeniden yap\u0131land\u0131rma\u2019 \u00fcr\u00fcn\u00fcn\u00fcn eksikli\u011fi. Var olan\u0131n kullan\u0131m\u0131 zor. Finansal Yeniden Yap\u0131land\u0131rma Sistemi kapsam\u0131na girerek yap\u0131land\u0131r\u0131lan firmalara adeta c\u00fczzaml\u0131 muamelesi yap\u0131l\u0131yor. Ortada bir alg\u0131 bozuklu\u011fu var. Neredeyse yeniden yap\u0131land\u0131rma ile konkordato kapsam\u0131ndaki mahkeme karar\u0131yla yap\u0131land\u0131rma ayn\u0131 de\u011ferlendirilecek bir alg\u0131 sorununa d\u00f6n\u00fc\u015ft\u00fc. Bunun \u00e7\u00f6z\u00fclmesi laz\u0131m. Yeniden yap\u0131land\u0131rma, alacakl\u0131lar\u0131n g\u00f6n\u00fcll\u00fc olarak kat\u0131l\u0131m\u0131 olan bir modeldir. Alacakl\u0131 banka istemedi\u011finde reel sekt\u00f6r\u00fc \u00e7ok zorluyor. Dolay\u0131s\u0131yla yap\u0131land\u0131rma \u00fcr\u00fcn\u00fcn\u00fcn farkl\u0131la\u015fmas\u0131na ihtiya\u00e7 var.<\/span>
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* Sermayesini yitirmi\u015f olana dahi, sermaye enjeksiyonu m\u00fcmk\u00fcn. Makul bir \u2018hair cut\u2019 ile aya\u011fa kalkma ihtimali olan \u015firketlerimizi ay\u0131racak finansal \u00fcr\u00fcnlerin geli\u015ftirilmesi laz\u0131m.<\/span>
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* Sermayesini yitirmemi\u015f olup da vade uyumu ve gelir-gider dengesini sa\u011flayabilmek i\u00e7in zamana ihtiyac\u0131 olan \u015firketlerimize, fizibilite raporuna dayal\u0131 olarak bankalar\u0131 zorlay\u0131c\u0131 model laz\u0131m. G\u00fcn\u00fcm\u00fczde 7-10 y\u0131l vadede d\u00fczelebilece\u011fi ba\u011f\u0131ms\u0131z fizibilite raporu ile netle\u015fmi\u015f olan firmalarda bile (TLREF ile dahi) yap\u0131land\u0131rma s\u00fcre\u00e7leri 6 ila 9 ay\u0131 buluyor. <\/span>
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* Makul bir \u2018vade-teminat-fiyat\u2019 yap\u0131s\u0131 kurulduktan sonra yap\u0131land\u0131rma karar\u0131 alacakl\u0131 bankalar\u0131n insaf\u0131na b\u0131rak\u0131lmamal\u0131. FYYS k\u00fc\u00e7\u00fck modelin b\u00fcy\u00fckl\u00fc\u011f\u00fc 2018 parametreleri ile toplam mali bor\u00e7 25 milyon TL iken bug\u00fcn en az 15-250 milyon lira olmal\u0131 ve yayg\u0131n-seri yap\u0131land\u0131rma ortam\u0131 sa\u011flanmal\u0131.<\/span><\/p> \t\t\t\t","slug":"sirketlerimizin-guclerini-koruyacak-yeni-finansal-urun-onerileri","orjinalimage":null,"news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"\u015eirketlerimizin g\u00fc\u00e7lerini koruyacak yeni finansal \u00fcr\u00fcn \u00f6nerileri","meta_description":"HAKAN G\u00dcLDA\u011e","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":2555,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}