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Financial crises since late 1990s have cost the investors a jaw-dropping nearly $20 trillion which is 25% more than the United States' 2012 GDP and it is little over one fourth of the world GDP ($79 trillion in 2011). The World Bank said "While we cannot hope to prevent crises, we can perhaps make them fewer and milder by adopting and implementing better regulation in particular, more macro-prudential regulation. The Basel Committee on Banking Supervision has released the following statement, A strong and resilient banking system is the foundation for sustainable economic growth, as banks are at the center of the credit intermediation process between savers and investors. IMF praised Turkish financial system for its resilience during the 2008 global financial crisis and contributed its huge success to significant capital buffers built up aftermath of the 2001 banking crisis, more effective fiscal and monetary management, strengthened banking regulation and supervision, and conservative banking practices. Turkish Banking sector currently has a comfortable 16.5% CAR which is well above Basel II's current 7% or Basel III's 10.5% minimum capital requirement effective by 2019.
