Georgia: Financial Sector Assessment Program-Technical Note-Financial Safety Net, Resolution and Crisis Management

International Monetary Fund

No 2021/223, IMF Staff Country Reports from International Monetary Fund

Abstract: Since the prior FSAP the authorities have comprehensively updated the legal, policy and procedural framework for failing bank resolution. In 2019 both the NBG and Banking Laws were amended to provide the authorities with powers to resolve banks that in the past might have been deemed too-big-to-fail; this eventuality is now greatly diminished. In 2017 a Deposit Insurance System Law was adopted to provide protection to natural person depositors when a bank fails and is liquidated. In 2020 the NBG published a series of rules specifying its policies and procedures for the use of its new powers, and jointly with the MoF published regulations addressing the use of temporary public funding to mitigate the potential systemic implications of bank failures.

Keywords: NBG liquidity support; deposit insurance agency; D. deposit insurance; insurance State supervision service; deposit insurance system; Bank resolution; Bank resolution framework; Crisis management; Crisis resolution; Bridge bank (search for similar items in EconPapers)
Pages: 40
Date: 2021-09-30
New Economics Papers: this item is included in nep-ias
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