In these proceedings, the claimant is Tasarruf Mevduati Sigorta Fonu (the Savings Deposit Insurance Fund, to which I shall refer as "TMSF"). TMSF is a Turkish public legal entity established under the Bank Law 4389 of June 18, 1999 with authority to restructure and administer banks and banking institutions in Turkey whose banking licences have been revoked (normally due to their insolvency). Under Turkish law, all banks in Turkey are required to have savings deposit insurance to safeguard depositors and once the licence of the bank is revoked, TMSF repays depositors and acquires the bank's assets.

http://www.bailii.org/ew/cases/EWHC/Ch/2006/3354.html