The Banking Regulation and Supervision Agency (the “BRSA”) issued the Decision regarding the Issuance of Debt Instruments (Decision No. 3665) dated 6 May 2010. The Decision stipulates that banks are permitted to issue notes/bonds in foreign currencies outside Turkey on condition that such instruments are sold to real persons or legal entities resident abroad. The decision also envisages that the borrowing activities of banks by means of issuing bonds/notes shall not be considered as an activity that requires an extension of activities authorization from the BRSA within the scope of Article 4 of the Banking Law No. 5411.