The lawsuit was filed with the Ankara 13th Court of First Instance after Treasury controllers published a report in early 2008 claiming that the foundation's memorandum of association was invalid as it does not conform to the civil code. The controllers are seeking a transfer of the foundation's funds, which equal $5 billion, to the Treasury.
The foundation is one of Turkey's largest financial entities in terms of revenue. Retired central bank personnel are provided with a pension from the foundation in addition to the regular pension they receive from the fund. The amount of the monthly pension central bank personnel are provided from the foundation ranges from YTL 400 to YTL 32,500. Currently, 4,350 retired individuals receive this supplementary pension.

Financial support is also provided to central bank workers who retired prior to the foundation's establishment. Additionally, the foundation operates resorts in cities with a high number of retired central bank personnel. It also helps members affected by natural disasters. For example, if a retired member's child or spouse dies, the foundation pays the cost of burial. The foundation also extends loans at low interest rates to help families of members cover wedding and childbirth expenses. However, if a member leaves the central bank for a reason other than retirement, his or her membership in the foundation is automatically revoked.

Foundation funds appreciate through loans to Treasury

The Central Bank Members Social Security and Solidarity Foundation was established on Nov. 27, 1987 by employees of the central bank. The foundation has a fund system that earns money with Treasury bills, stock certificates and government bonds. The foundation's revenues contribute significantly to its members' salaries. For instance, if an employee of the central bank earns a salary of YTL 13,000, his total monthly income increases to YTL 25,000 after adding the support the foundation provides this employee. Central bank employees become members of the foundation voluntarily. The foundation's aim is to financially support retired central bank personnel, those who suffer serious illnesses, those wounded in war and relatives of personnel who died while serving in the military. According to inspectors of the Prime Ministry, the foundation paid YTL 437,000 to the relatives of one of its members after he died in 2003.

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