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

September 30, 2021

Preview Citation

Format: Chicago

Georgia: Financial Sector Assessment Program-Technical Note-Financial Safety Net, Resolution and Crisis Management, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Summary

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.

Subject: Bank resolution, Bank resolution framework, Bridge bank, Crisis management, Crisis resolution, Financial crises, International organization, Monetary policy

Keywords: Bank resolution, Bank resolution framework, Bridge bank, Crisis management, Crisis resolution, D. deposit insurance, Deposit insurance agency, Deposit insurance system, Insurance State supervision service, NBG liquidity support

Publication Details

Pages:

40
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/223
Stock No:

1GEOEA2021007
ISBN:

9781557753724
ISSN:

1934-7685

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