• Until the 2000s, the implementation of banking legislation, the conduct of on-site and off-site supervision of the banks were carried out, in accordance with Banking Law No. 3182, by the Board of Sworn Bank Auditors and the General Directorate of Banking and Exchange, both operating under the Undersecretariat of the Treasury.
• Monetary policy–related regulation and oversight were conducted by the Central Bank of the Republic of Türkiye (CBRT), while bank resolution procedures were carried out by the Savings Deposit Insurance Fund (SDIF), which also operated under the CBRT.
• Throughout the 1990s, banks primarily financed public deficits by investing in government domestic borrowing instruments rather than financing the real sector, and they operated with high open foreign exchange positions.
• The tendency to carry substantial exchange rate and interest rate risks resulted in severe consequences during and after the 1994 financial crisis, leading to the withdrawal of their licenses or the transfer of shareholder rights (excluding dividends), management, and supervision of eight banks to the SDIF between 1994 and 1999.
• These developments underscored the need to eliminate the fragmented and dispersed structure of banking regulation and supervision. As a result, policies aimed at consolidating the system under a single, independent institutional framework gained momentum.
• Considering the structural issues in the banking sector, it was decided to establish an administratively and financially independent regulatory and supervisory authority. Accordingly, the Banking Regulation and Supervision Agency (BRSA/the Agency) was founded with the enactment of the Banking Law No. 4389, published on 23 June 1999.
• Pursuant to the law, the Board of Sworn Bank Auditors, personnel of the General Directorate of Banking and Foreign Exchange, as well as relevant staff from the Central Bank of the Republic of Türkiye (CBRT) began to work at BRSA.
• The representation and administration of the SDIF were taken from the CBRT and incorporated into the BRSA, and the powers previously held by the Council of Ministers or the relevant Minister were transferred to the Banking Regulation and Supervision Board (the Board).
• Following the commencement of BRSA’s operations on August 31, 2000, a comprehensive reform program was launched in response to the causes and consequences of the severe financial crisis that hit markets in 2001.
• During this period, the number of banks whose management and shareholder rights—excluding dividend rights—were transferred to the SDIF, or whose operating licenses were revoked, reached to 17.
• As part of the “Transition to a Strong Economy Program,” the “Banking Sector Restructuring Program” was implemented.
• In 2003, the SDIF was separated from the BRSA and granted autonomous status under Law No. 5020.
• On 1 November 2005, the Banking Law No. 5411 entered into force, making the regulatory framework for the banking and non-bank financial sectors more systematic, comprehensive, and effective.
Within the scope of the Banking Law No. 5411 and the Financial Leasing, Factoring, Financing and Savings Financing Companies Law No. 6361:
• Financial leasing, factoring, financing,companies, financial holding companies, savings financing companies and asset management companies,
• Independent audit firms, valuation and rating institutions that are serving banks,
• Institutions operating under the Bank Cards and Credit Cards Law No. 5464,
are subject to the oversight and supervision of the BRSA.
Through legislative updates aligned with international banking regulations ensure the maintenance of financial stability within the legal framework.
Under the legislative amendments enacted in 2011 within the scope of the Istanbul Financial Center Project, the BRSA relocated to Istanbul in 2016 and continued its operations in its Şişli premises until 2024.
In September 2024, the Agency moved to its new headquarter within the Istanbul Financial Center and continues its activities there.