Legal Framework of ECO Bank Introduced

4 July 2007: Istanbul

An agreement that determines the operating conditions of the Economic Cooperation Organization (ECO) Commerce and Development Bank -- an independent international institution that chose Turkey as the site of its new headquarters -- was published in Tuesday's Official Gazette.

The agreement determines the status, privileges and immunities of the bank and its personnel enabling them to fulfill their duties properly and efficiently in Turkey. To this end, the bank is defined as an independent international institution not subject to Turkish banking law.
No government officials, including security and legal staff, can enter the bank's building without the bank president's permission. The bank will have the authority to establish its own regulations to perform its duties properly. Foreign staff of the bank will not be subject to regular Turkish work permit laws.

Link: Today’s Zaman