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The banking sector constitutes the greater part of the Turkish financial system Banks carry out a great portion of the activities taking place in both money and capital markets The share of the banking sector in the financial system as of the end of March 1997 was 71 Turkeys financial system and its banking sector are virtually synonymous as a consequence of the countrys economic and historical development There are a number of factors that give banking its prominent role in Turkish economy These are The economic structure peculiar to Turkey The choice to turn resources into long-term investments through banks for the aims targeted in the development plans and programmes and the establishment of banks by the state to finance certain sectors The extensive application of continental European banking practices as a model in the legal structure of the banking system and an emerging capital market that can compete with the banking sector in the forthcoming years The development of the Turkish banking sector may be divided into six periods which differ as to policy and method The Period of the Money-Changers and the Galata Bankers pre-1847 During this period all quasi-banking activities were carried out by money-changers The Galata bankers consisted mostly of the ethnic-minorities in IstanbulThe Period of Foreign Banks 1847-1908 Since the financial situation of the Ottoman Empire deteriorated after the Crimean War the Empire faced the need for external financial support Representatives of several foreign banks arrived with the aim of extending credits to the empire at high interest rates The Ottoman Bank Osmanli Bankasi was established in 1856 Its head office was in London and it served as a Central Bank until the 1930sDevelopment of National Banking and Implementation of Etatism 1909-1944 The years following the proclamation of the Second Constitution 1908 gave rise to the national banking movement which
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