I’ve mentioned some of the most useful sources of information such as Supervision and Regulation letters that provide public guidance on specific topics to supervised firms, rules and white papers that outline and implement the underlying conceptual thinking on key issues such as the surcharge for systemically important banks or the expectations around CCAR, and public speeches by policymakers. Of course, we engage regularly in private communications with supervised firms. This is both to provide feedback on a firm’s progress relative to supervisory expectations and to gain information about the developments in the financial industry and the efficacy or our supervisory programs. We do this on a regular and continuous basis through both formal and informal channels, and this is a key part of the supervisory program for firms of all sizes. 2  4  Calibrating the GSIB Surcharge, July 20, 2015, Board of Governors of the Federal Reserve System. BIS central bankers’ speeches  I also want to highlight three specific developments that are relevant for us as we execute our supervisory responsibilities. I expect these topics – cybersecurity, fintech and reputational risk – will be familiar and I’ll provide a supervisory perspective on each. •  Cybersecurity The Federal Reserve, in its supervisory role, collaborates with the Federal Financial Institutions Examination Council (FFIEC) to coordinate work on enhancing cybersecurity supervisory programs. We are also interested in working with the industry on a coordinated approach for cybersecurity to strengthen the resiliency of the financial services sector against cyberattacks.
In Turkey the figure is 52 percent, and is slowly but steadily declining. If we look at the concentration issue from another standpoint, using the data for November 1998 and taking into account the total assets of the sector, 65 percent of the Turkish banking system belongs to the top 10 major banks. If we include the 20 foreign banks and branches having a share of 6 percent, and the 14 development and investment banks having a share of 5 percent, it can be seen that 76 percent of the banking system is consistent with 10 big banks, foreign and investment banks. The remaining 24 percent of the sector belongs to 30 banks. Among these banks, there are banks that are leaders in the sector, functioning properly and effectively. However, a limited number of banks have practical problems which are well  BIS Review 31/1999  2  known to us. We know all their problems. We monitor them. The existing banking laws and other elements of the legal framework do not give us full authority to address them actively and efficiently. The problem of the state owned banks is occasioned by the state budget, and its solution involves different issues. Now let me talk about risk management in the Turkish banking sector. From the standpoint of risk management, we do have well-developed methods of risk management and for supervising the risks that we undertake.