As is known, the final stage has been reached in the investigation that our Board initiated on 19.08.2009 against eight banks. Up to now, many competition investigations have been opened and finalized by the Board into various sectors. A hearing, which is a part of competition investigations, was held yesterday (1 March 2011) upon the request of the banks.

The investigation file before us today involves an investigation that has been opened into the banking sector and that contains claims, evidence and defenses on signing of a gentleman’s agreement on salary promotions. Such a large-scale investigation like this is occupying the agenda of the Board for the first time. That is probably why the issue attracted more attention. It is also likely that, the participation of many top executives in the hearing facilitated the speculative comments made. This issue should not constitute a justification for exorbitant evaluations. The Competition Board will make the most appropriate decision after engaging in discussions and evaluations within the framework of the legislation it is subject to.

We would like to bring the above issue to public notice, with respect.