Muhabir bankacılık

Abstract

PART I - CONCEPT OF DEVELOPMENT OF CORRESPONDENT BANKING AND ITS HISTORICAL DEVELOPMENT 1. DEFINITION The term correspondent banking in Glenn G.Munn's work called `Encylopedia of Banking and Finance `is defined as ` a bank having a direct connection with or only a service relationship with another bank.` From the point of international bank, the concept of `service relationship` means also utilization of overseas facilities. In other words, `correspondent banking` means an advantage of a bank to use another bank which provides services in other country or market where the principal bank has or hasn't a branch. From the point of marketing, `correspondent banking` means selling of financial services to another financial institution. In this case, there is a bank rendering financial services in a most productive manner and a bank branch buying these services. In short, it can be said that modern correspondent banking contains all aspects of bank to bank transactions in general and any service given by a bank to another financial institution in particular. Its Development: Before explaining the trend observed in progression of inretnational correspondent banking from the past up to date, it will be useful to review the factors making the bank international. Major reasons making the banks to become international : a) Expansion in international trade volume, b) Increase in direct investments, c) Development and growth in international monetary and financial markets. d) Incareasing of international competition ;To establish a banking unit in centers such as New York, Tokyo, Frankfurt, Zurich has become a matter of prestige, rather than a result of benefit -cost analysis, e ) Need for information; need for appraisal of credit worthiness of debtors in far countries, for have knowledge of business opportunities in these countries, for first-3- hand information on economic and social conditions in various countries, f) Saturation of internal markets; Although the number of activity and of personnel employed, the average value of operations and profitability lessen, g) Demands of customers for alternative investment means, h)Need for rendering direct services in markets where internationally operated customers focus on. While and after the banks have entered into the process of internationalization because of above reasons, they have adopted different organization forms. While US banks gave priority to establish worldwide branch networks, European banks had a tendency to establish representatives and branches rapidly after liberalization of trading and capital transactions. Apart from these expansion methods, other banks applied different methods in the process of internationalization. One of these applications was to establish correspondent network, especially between and after first and second world wars. When the export, import and investment activities of firms gained international characteristics as a result of expanded trade volume and investments as mentioned above, banks were required to render services to their customer firms in an international area. For this purpose, banks started to give services to their customers by establishing represantatives, subsidiaries or branch networks, participating in other banks and establishing their own banks on the one hand and by establishing correspondent relationships with banks in concerned countries. From the early 1950' s through to the 1970' s correspondent banking was a steady and uncomplicated business, largely driven by trade finance and uncompetitive to the extent that choice of correspondent for many services limited. These services were often not paid directly, but compensated for by the maintenance of `free` balances. This meant keeping cash in a current account in the books overseas correspondent. The characteristics of such an account were that it bore little or no interest, may or may not have had overnight investment services attached to it above a `working balance` and was generally an unattractive-4- proposition to the depositing bank. To the upstream bank or account holder, the obvious attraction was that these funds could be used to lend to borrowers in its own markets. In short, in this period, correspondent banking was uncompetitive in terms of return, and best suited to an age of prosperity for the banking industry as a whole. Many banks considered these relationships not functional in terms of purpose and profitability until recently. Economic and financial developments in 1970s changed the concept of correspondent banking. These developments can be summarized as follows: -Decrease in profitability of normal loan processes because of large fund requirements of multi-national companies with better margins, -After widening of computerization, SWIFT payment transactions and modern communication devices made accounts kept statically at the counter of correspondent banks less profitable, -Variable interest rates; because of dept deferring agreements entered into by countries newly emerging in international credit markets, the banks were forced to enter into local and international credit markets with high risks. -Emergence of new products such as forfaiting and countertrade for financing of middle-term trade, widening use of new financial instruments such as swap, options and futures transactions in fund management toward the end of 1970s. The banks with a lessening profitability because of such factors began to see correspondent banking, of which costs and prices were not pre-determined in any way,as a business field with a potential profitability. On the other hand, European banks began to sell correspondent banking products each other by organizing various types of asssociations between them. Banks having worlwide branch networks marketed their correspondent banking products to countries which became recently rich from oil incomes and not to be integrated with international payment systems for a certain time. Consequently, correspondent banking changed its structure because of changing attitudes of banks toward this field. Although correspondent banking was a field of banking based on the principle of reciprocity with symbolic and diplomatic connotations, it began to seen as a competitive business field based on marketing-sale discipline, aiming principally at profitability.-5- 2. DEVELOPMENT OF CORRESPONDENT BANKING AND MACRO FACTORS AFFECTING ITS DEVELOPMENT 2. 1.TECHNOLOGY Over the years, the core products and services of correspondent banking have not changed fundamentally, but the delivery and processing methodologies have changed. So, now the emphasises is on buying, selling, reciprocity and prof itability.In this period, technology has been a catalyst to change, it provided management information which allowed banks to measure product and customer profitablity, as well as knowing what volumes came from which customers. Volumes of the core products have been increasing and technology in this context meant investing automation which allowed banks to process the increasing volumes business in a cost efficient manner. The SWIFT (Society Worlwide Interbank Financial Telecommunication ) founded by a group of Canadian and European banks as a result of awareness that provision of communication network between banks in international area was vital and compulsory facilitated rapid realization of international payments, cost drops by means of larger work volumes and enabled users to shift work areas from one correspondent to another by means of communication network and communication standardization.Capability of receiving messages and putting them into operation automatically has gradually become key factor in choosing correspondent and custodian banks. In addition to this, another factor affecting correspondent banking in all respects within the frame of technological developments is said to be gradual increase in using of EDI (Electronic Data Interchange ) in banking sector. Even if EDI which means transfer of business data electronically didn't iricrease work volume as it forecasted at the beginning, it is asserted to be an opportunity for a correspondent bank which developed technologically and having conscious of making investment on its own terms to increase its market share. On the other hand, netting schemes which are recently begun to be set up and facilitate realization of all liabilities arising out of foreign exchange agreements between two parties (banks) by a single payment had a significant effect on payments constituting an important activity of correspondent banks. While netting schemes provide more efficient utilization of funds by means of savings achieved from operation costs and advantages-6- en joyed with respect to risk management, it can be also said that netting schemes will provide opportunities in developing of new products. 2. 2. LEGAL ARRANGEMENTS Modifications and arrangements applied in legal structure have both direct and indirect effects on correspondent banking. Legal arrangements can be collected under. two main headings : -resolutions related to capital adequacy of Basle -target of `European Community Sole Market` While arranhements made with respect to capital adequacy by Basle Committee formed by authorized represantatives of Central Committee of G.10 countries directly effecting capital requirements of banks, margin expansion policies of banks pursued in some markets raised service prices in such markets. In the meantime, however, correspondent banking activities based on revenues of fees and commissions which do not forcing capital adequacy became more attractive and urged banks to enter this field of service intensively. On the other hand, legal arrangements have affected competition, too ; emergence of a possibility for a bank operating in any country within the EC to sell its services in all countries of EC has totally changed competition conditions.The effect of Second Banking Coordination Directive which gives an opportunity to a bank operating in an EC member country to operate in another EC member country automatically has been felt on banking communities oriented toward buying and merging movements to protect their shares in newly forming market. 2. 2. ECONOMIC DEVELOPMENTS One of the significant re-construction movements having an effect on worldwide banking and financing sector is an attempt by EC `Single European Market` in 1992-which is already mentioned above- and the other is transition from auocratic market model into free market model as seen in East European countries. In mid 80s, increasing foreign trade deficits, decreasing growing rates, falling behind advancing technology and the problem of conformity and structural imbalances arising out that problem seen in East European countries adopted socialist system have led to a number of-7- economic re forms. Within the frame of reforms carried on in East European countries, significant changes are expected to occur in the foreign economic relations of the region. In the line with the reforms, it is tried to pursue a foreign trade policy mostly oriented toward west and to streighten relations with EC. Financial reforms applied in these countries, which affecting banking sector right along with foreign trade, constitute an important point of economic transformation process. By changing the structure within the framework of financial reforms, commercial banks were aimed to be established, together with central bank, and establishing of private banks has been encouraged. Weak infrastructure of telecommunication systems and generally low management abilities in these countries have widened the areas in need of reform. All these environment and conditions offer western corbankers new challenges. However risk factors latent in these increasing possibilities in such countries are called attention. PART II- CHOOSING OF CORRESPONDENT BANK 1. ELEMENTS TAKEN INTO ACCOUNT IN SELECTION OF CORRESPONDENT BANK. One important aspect of correspondent banking is that banks are in a position of both buyer and seller of similar products and services.There is not standard formula applied by all banks in selection of correspondent banks. The most important development and trend observed in the sector recently in this matter is to decrease the number of correspondent banks. Criteria taken into account in selection of correspondent bank can be summarized as follow: -Quality of service:In this context a lot of factors such as; -Bank's ability to make decisions guickly, -The speed of the bank's normal service operations, -Capability of bank avoiding from and minimizing the errors and its speed and efficiency in correction of such errors, -Follow-up customer demands and requests rapidly, are considered.-8- -Range of services. -High caliber officers, -Pricing, -Creditworthiness, 2. RISK FACTORS Although the risks related to banking sector cover many factors ranging from micro to macro level, major risk factors taken into account in international correspondent banking can be summarized as follow: 2.1. MANAGEMENT RİSK An analysis of management risk is generally related to evaluation of strategy applied by executive management in a position of decision-making with respect to risk undertaking. Although there are no ratios and numbers accepted for evaluation of risk factors arising out of bank management, some numerical data are used to a certain extent in evaluation of management performance as a whole. Numerical data such as return on assets, return on equity gained as a result of performance of bank management attained in a certain period of time can be taken into account in appraisal of quality and performance of bank management. 2. 2. CENTRAL BANK RİSK The risk in question is the possibility of Central Bank's rescuing of banks in difficult situation within a framework of rescuing operation. The purpose of risk analysis is to determine the role of Central Bank in the concerned country. Making of this analysis is especially useful and beneficial for developing countries where the effectiveness of Central Bank is more intense, or in countries having planned economy. On the other hand, when the subsidiaries of banks having worldwide branch networks have fallen into difficult position they would be rescued by the parent bank in that country, not by the Central Bank of the concerned country so that it will be more appropriate to analyse the parent bank. 2. 3. COUNTRY RISK Country risk is the possibility to expose to losses in case of international lending due to incidents occured in a particular country.-9- The most frequent incidents leading to occurance of country risk can be classified as follows: Political risks: War, occupation by foreign forces, political terrorism, national and racial tensions etc. Social risks:Civil war, riots, creed, and racial differences, unjust income share etc. Economic risks: Slowdown of increasing rete of GNP in a long-term, strikes, sudden increase in production costs, decreasing in export incomes etc. From the point of correspondent banking, it is seen that an analysis of any bank connot be made in isolation of political and economic conditions surrounding that bank, For this reason, political and economic conditions surrounding the bank (political and economic risk) and country risk at a large scale must be analysed. PART III- MANAGING CORBANKING ACTIVITIES 1. THE ROLE OF MARKETING CONCEPT IN CARRYING OUT OF CORRESPONDENT RELATIONSHIPS Various legal and statutory arrangements implemented in financial markets lifted obstacles preventing the competition between institutions operating in various sectors of the market. Developments leading to increase of competition in financial markets have affected correspondent banking, which is an integral part of this sector. Especially the particular magnitude of total business volume and its share by a limited banks, trend toward decreasing the number of correspondent banks due to increasing of bank costs, intansive merging movements in the sector were factors causing increase competition in this field. These developments forced banks to offer the best service/product with right time, right price, right conditions, suitable by-services in order to be succesful and stand on their own feet. Previously, banks determine the customers in need of buying particular services or products and differ them as potential customers from other financial institutions with precise lines. Furthermore, the creditworthiness of the potential customer becomes important and factors such as whether the customer bank operates in a country where there is a SWIFT network, or not, are taken into consideration.-10- While the corbankers were not under constraint to offer anything, but waiting for the customers to come to them in the past,many banks grasped the importance of marketing and sale have begun to employ sale force. For example, one of the internationally big banks in England employs an executive team (relationship managers) who continues relationships with banks in a key position for them, making and accepting visits. In a US bank which makes the similar application, the task of relationship managers is said to be understand the structure of services and products supplied by the bank as well as know the exactly the management targets, strategies and organizational structure of the customer. While this is the sectoral applications of marketing concept which was developed in reaction to increasing competition. `Dif ferentialism` sas been seen as an important marketing element. In the correspondent banking, however, to create difference on the basis of product and service range seems not much easy. As an executive bank manager puts it, `you have to show that your services and products are different than the other's, but a cheque is a cheque in everywhere. 2. `RELATIONSHIP` APPROACH IN MANAGEMENT Banks are not much different from any other customer group in financial market; relations with banks as a customer group requires similar approachs such as determination of necessities and finding solutions to problems. Furthermore, keeping a customer always at hand is any more a matter of achieving a particular business volume. For this reason, the same approach, that is to say, quality products meeting the requirements, better service and favourable prices must be offered for banks as customers. All of these indicate a `relationship` approach in carrying out of relations between banks. There are 3 questions the banks must answer in correspondent banking area: 1) Which products must be sold ? 2) To whom they must be sold ? 3) How the best service can be given to determined customer group with selected products ? Although answers to these questions are not simple, it is asserted that the most convenient approach is `relationship` approach to realize them.-11- `Relationship` approach is a long-term strategy. It requires having knowledge about variable markets, customer strategies and thinking patterns in business world as well as management structure of the customer. In such an environment, that is to say in a comprehensive relationship in which the customer can talk about his/her problems and necessities in an intimate way and available possibilities can be determined, it can be possible formulate the right product and sale strategy. 3. THE PLACE OF CORRESPONDENT RELATIONSHIP DEPARTMENT IN AN ORGANIZATION For correspondent banking represents analytical skills and some part of social and human skills which required in the process of marketing and sale, the management system which will support the success of correspondent banker must be formed in accordance with this structure. The position and management information system of correspondent banking department in a bank organization must ensure supply of all information to units in need of a such information. Facilitating of determination of potential customer group and services to be given and establishing of a base required for efficient utilization of inter-department relationships are seen as essential advantages in correct determination of place and functions of correspondent banking department in the organization. 4. DETERMINATION OF CORRESPONDENT BANK SERVICE/ PRODUCT COSTS AND PRICING STRATEGIES : I. Direct fee-commission application for each service and compulsory compensating balances : A preference made for payment of costs of utilized services through accounts kept in correspondent banks takes into account the benefits from a relationship to be established with a counter bank in a long term and income factors to be gained from opened deposit accounts in a short term. On the other hand, the case is different for the bank using these services. For example, a bank under constraint in terms of capital adequacy may prefer direct fee-commission payment for each service it uses, instead leaving its funds in non-productive accounts kept in a correspondent bank. Banks in financial centers, however, are-12- in need of receiving service fees from accounts kept in correspondent bank in order to enable the correspondent bank to render fund transfer services on a continuous bas is. Furthermore, these banks have to compensate their investment costs in a way as they are major actors making technological investments in the sector. 1 1. Rec iproc i ty The principle of reciprocity can be explained simply as follows: Let's assume that bank A selected bank B operating in a developing country as its correspondent bank. In such a case where the relationship between the banks A and B is dominated by the principle of reciprocity, bank B is understood to pass its all international transactions concerning the country of bank A through bank A as a reciprocal beau gesture. Although the principle of reciprocity is taken as a basis within the context of new developments in the field of correspondent banking, the meaning of this concept in terms of today's correspondent banking is very different. Increasing of information with respect to revenue movements has urged many corbankers to review their agreements dominated by the principle of reciprocity. Banks now have the technology to exactly calculate the cost of interest free nostro accounts they kept in overseas corrrespondent banks. This cost is then evaluated in comparison with the productivity of correspondent bank's `nostro account` and the total income gained through the relationship between these two banks. As long as the banks have tools to calculate the actual cost of nostro accounts the number of these accounts lessens. Nevertheless, the banks do not prefer totally to close down a relationship which can be potentially prof itable. There are a lot of dormant relation today. PART IV- PRODUCTS Correspondent banking products can be spread over five broad areas namely `old style` correspondent banking, treasury, capital markets, sales & distribution and merchant banking. Correspondent Banking Products: In addition to trade finance, (comprising short term trade, medium term export finance, factoring and forfaiting)we can add today equities-13- activities (custodian and stock-lending services), stock exchange listings, issuing and payment of commercial paper, insurance broking, car leasing, mortgages, stand-by letters of credit ( where banks lend their rating to support capital market borrowing) and major lease financing. Treasury Products : In addition to loans (placings, Bankers Acceptances and spot/ forward foreign exchange corbanks may sell interest and exchange swaps, caps, and collars, floating rate agreements, options and futures. Capital Markets : Under this heading the origination of Bonds, Euro and Sterling commercial paper, equities and hybrids thereof like bonds with warrants or convertible bonds, private placements, syndications, securitisation and asset packaging are considered. Sales & Distribution : Correspondent banks have for sale US Treasuries and Gilts, certificates of deposit, medium term notes, commercial paper and floating rate notes, yen and DM bonds, private placements and repackaged instruments. Merchant Banking: Corbanks may assist in mergers and acquisitions worlwide, privatizations, evaluations, fairness opinion, divestitures and venture capital. PART V- THE FUTURE OF CORRESPONDENT BANKING How willcorrespondent banking change over the next 5-10 years ? In order to discuss this it can be concentrated o 3 key areas : - Demand for services - Technology - Competition Demand for services : Accepting the premise that in the 1980' s Corbanking became a volume business for the leading players, developments in demand for services are an essential ingredient in determining whether a bank still have the same type of cake in five year's time-a bank must know this before it can consider how big slice of cake it wants or indeed whether it can even digest it, For this reason, it will be better to look not only at factors which will either have a decreasing or increasing influence, but those factors which will actually produce demands demands for changed services. Then it can be decided whether there is sufficient volume for all of banks.-14- Those factors can be considered as follow: 1) Firstly, corbanks are operating in a mature market.In retail market there is still the percentage of unbanked to aim for, but in this business every bank already has at least one established agent in every country. Therefore, new business has to be won from a competitor. 2) Payment volumes, however, are tending to increase as trade grows and treasury settlements are growing as commercial and market making transactions increase. This is encouraging but it should be recognised that, especially in the context of 1992, that there may be changes in the volume profile of our core products. For example, more open account trading has the effect of increasing payments at the expense of decreasing bills for collection and letters of credit. On the other hand, as a counterbalance, the opening up of the Eastern European marketplace can provide more volume of letters of credit. 3)A bank also have to consider the introduction of foreign exchange and commercial netting which mitigates the above mentioned possible rising payment volumes. From a corbanker's viewpoint, netting will tend to reduce the volume of payment activity. But for a sophisticated bank, this can provide the opportunity for a new product, information transfer.Because commercial payments and treasury settlement payments will still need to be recorded and at a minimum the information transferred to the recipient banks. This means a cost will be involved and, therefore, a price should be charged. This is an opportunity as opposed to a problem. In other words, whilst gross volumes of payments may shrink, tgere is new business to be obtained and new product to be developed. 4) Another aspect for corbanking core product range will be decline of travellers cheques, which is likely to mean a major reduction in the volumes cash letter business. Several banls now have reciprocal ATM facilities with bank overseas. Consequently, more and more holidaymakers are discovering the reality of putting their plastic cards in the wall of a bank. They don't have to have a troublesome visit to the bank before they leave, queuing up to buy travellers cheques, and that they don't have to have a second troublesome visit at their resort trying to.cash their travellers cheques, paying commission both times. So unfortunately, in the future, there will be less volumes, and also less float which means less profit.-15- 5) In the correspondent banking area, mergers, acquisitions, cross shareholdings and special alliances are also creating pressures on volumes. Especially after merger activity, it has been observed that mergers forced closure of agency agreements. Additionally, a merged institution does not need, for example, to do same amount of treasury activity necessarily. Therefore, consolidation also tends to lead to further reductions in overall volumes, but also spread amongst less banks. 6) Further evidence of concentration of business on less correspondents is seen as a result of banks revisiting the rationale behind the establishment of branch presences outside of their home country. In the 70s and up to the mid 80s, particularly in London and New York, there were foreign branches wanting to process everything themselves - payments, documentary credits, bills, drafts, securities - all the core products. Then, with the aid of improved management information, they realised that, in many instances, they were not actually making money from these products.Because, -It was expensive to employ, for example 2 staff to handle a mere fraction of the documentary credit business that a local clearer would handle, -It was expensive to offer retail services to customers when in the end they have to be processed by a third party, -Furthermore, it was realised that, the indigenous banks who are designed to handle these huge volumes, were functioning on a more cost effective basis. In summing up all these issues,business does seem to be decreasing overall, some areas are unlikely to outweigh those declining. At best,business is probably static. Some business is also of a changing nature, but what is plainly clear is that business will be concentrated on far fewer players. Also, an evaluation of the effect of changing demands for services leads to clear implication that banks should expect a period of fierce competition. Technology: It is the second principal determining factor in shaping the market and its players in the coming years. Todays, without technology, there is no way a bank can offer a full range of core products at market prices. Without technologically advanced management information, without an understanding of cost base, without understanding of each product, each relationship, each risk, there is no way a bank can offer a full range of corbanking core products and make money.-16- So far, so good for technology. But there is one real downside aspect - the cost of technology. Today, the need to allocate huge amount of resources to the investment in technology, leave two choice to the banks. To specialise rather than be `global` correspondents or invest and be a major player along with the rest. Competition; Before completing a picture of how the business is and will continue, we need to define the marketplace. In reality, technology has eroded the differentiating factors between corbanking services. So banks have realised that they must step up active marketing of their products and services if they are to survive in this market. Along with marketing and selling, pricing is an integral part of the competition equation. In the short term cne bank react to the need for greater market share by undercutting his competitor.But all banks learned that this is not a sensible strategy to pursue and know that prices eventually go up, but also that for the smooth running of rhe business, quality service is more cost efficient than rhe cheapest price. In short ; -There is seemingly static demand being concentrated on a shrinking market. -The number of niche players will grow at the expense of the remaining big players and their resources will be concentrated on those areas where they choose to specialise and can invest appropriately in technology. -There will be larger volumes for the niche banks. But there will be no business fot the non-technological banks- whether through lack of financial resource or lack of vision. -There is place for those who invest and with volumes and technology.-17- VI -CONCLUSION Correspondent banking, which was seen as relationship based on a principle of reciprocity and percepted as a symbolyic and diplomatic relationship for a long time, is now presenting itself in a totally different structure and emphasizing its importance in 1990s. Developments in financial markets as well as arrangements on banking sector have affected the structure and understanding of corbanking. The most notable aspect of the said changing process is the replacement of the `principle of reciprocity`, which was one of the basis for development of corbanking, with an understanding of gaining long term revenues through ongoing relationships based on strong foundations. Both the increasing of means to closely follow- up the actual contributions of correspondent relationships through the technology the banks have at hand and gradually increasing difficulty in rendering similar services by two banks in different countries under different conditions have made difficult the application of the principle of reciprocity. For these reasons, the banks have adopted a tendency to make ongoing relationships having potential income opportunities through benefit-cost calculations in a long-term, instead limiting themselves with actual business and only rendering services offered by a counter bank. One of the factors causing structural changes in the field of corbanking field was legal arrangements implemented in banking sector.While arrangements with respect to capital adequacy directly affected capital requirements of banks,margin expansion pursuit of banks in some markets raised product and service prices in these markets. In the meantime, however, corbanking which is based on fee-commission earnings without forcing capital adequacy of banks became more attractive and changed the banks 'point of view about this service area. Corbanking departments in a bank organization were started to be seen as profit centers. In parallel with changes in understanding and perception of this field, services offered by banks, markets in which the banks operated and expectations of customers were changed. Service range of correspondent banks covering traditional trade financing in weight has been expanded to cover factoring, forfeiting and custody services. They became-18- active in sale of produced products such as interest and foreign exchange swaps, option products etc. Provision of syndications loans, intermediation in sale and issue of financial instrument such as Eurobonds and CDs, intermediation and consultancy services in privatization activities became other activity field of corbanking. While service range expanded gradually, to make investment to advanced technologies and products in this sector, in which the competition is very intense, became mandatory for banks to enable them stand on their feet. While heavy technological investments ensured more efficient and productive services on the one hand, they gave the opportunity to closely monitor customer and product profitability by means of advanced management information systems, On the other hand, the requirement to set aside significant amount of sources to make technological investments led banks to a crossroads. To specialize in particular subjects became the sole alternative of banks outside the global banks having a wide range of service. Increasing competition, decreasing business volume, the requirement to make heavy investment to technology have forced banks to find out new alternatives. In this context, the banks have entered into different kinds of cooperations. As a result, rapid developments in correspondent banking are seen notable by all banks. With its varied range of service and great potential, corbanking have been a sector with a high profit margin for banks adapting themselves to these conditions. In future, the banks which will be able to adapt themselves to these conditions will survive. YA YÜKSSKÖĞREllte KURULU