EFTA01388103

Figure 10 Liquid assets - FX held within ROM constitute the largest portion of liquid assets and can be replaced by unencumbered g-bonds, as suggested by the CBT US05.3bn USD4.5bn Akbank Go ra n t LW 023 0.221 !shank USD4.9en USL14.4bn S s " ' Vatabank Yepi Kredi Cash earl Inc/edits'? RP' Due hum mom MrIles • Del from Pant ■ t% reuses under ROM Sown Gwyn data. Reserves a ROMs,* bands') %elation assumptions' at actor away Figure 12: Short-term refinancing gap - Even under a 'no-rollover ratio' scenario of short-term debt, liquid assets can cover c.95% of ST obligations 134% 5.3 4.0 64ranti 112% 3.9 Malkbant. 4.5 I 106% Akbarlic vak4bank 5.6 4.2 5.8 Yap, Kredi Ilbank NEM liquid assets firc. ROM). USDon t♦ ST FX debt. USOm FX Iquid assets/Short•Ferm FX debt (rhi) Son Cceparry two and beitscbe Bank From: Kazim Andac - Deutsche Bank Sent: 30 May 2018 22:09 To: Kazim Andac Subject: Turkish banks - Vulnerabilities to tighter external financing and refinancing risk CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0091478 CONFIDENTIAL SDNY_GM_00237662 EFTA01388103