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International Monetary Fund. Monetary and Capital Markets Department

resolution action at the direction of the NBG in lieu of direct action by NBG staff also has been introduced. The NBG promptly published a comprehensive set of rules guiding the implementation of its various new legal powers and responsibilities as well as Charters for new institutional features . The rules are policy and procedure documents that leverage, in part, on publications of authorities such as the European Banking Authority and the Single Resolution Board but are well adapted to the Georgian context. They address, inter alia : i) the development and assessment

International Monetary Fund. Monetary and Capital Markets Department
This note was prepared for the 2021 FSAP mission to Georgia and provides recommendations on a select set of banking supervision topics against relevant elements of the Basel Core Principles for Effective Banking Supervision. The current review focused on implementation and effectiveness of recent changes to the Georgian banking supervisory framework, and included actions being taken or planned to address current challenges facing Georgian authorities.
International Monetary Fund. Monetary and Capital Markets Department
In the past two years, the NBG has adopted a series of measures to strengthen nonbank sector financial regulation, supervision, and oversight.1 The MCM TA mission in 2017 provided recommendations along these lines, most of which have been implemented by the NBG. Currently, the nonbank sector consists of Micro Financial Institutions (MFIs) and Loan Issuing Entities (LIEs). In reforming the sector, the NBG has, among others: (i) amended laws and issued new and revised regulations on registration, capital, and liquidity requirements for MFIs; (ii) significantly expanded supervisory powers and authorities and increased supervisory resources for the nonbank sector; (iii) registered 200 LIEs; and (iv) put in place consumer protection and responsibility lending rules. These new measures have helped to enhance the resilience of the nonbank sector, weed out those that are non-viable, and improved the reputation of the MFI brand.
International Monetary Fund
This evaluation of technical assistance (TA) and training in statistics looks at the experience of two transition economies, Albania and Georgia, during roughly the period 2005–2010. The TA, including the training, to these countries covered all the topical areas on which the IMF’s Statistics Department’s (STA) focuses, i.e., national accounts, price statistics, and monetary, balance of payments and government finance statistics, albeit with differing emphases between the two countries. Part of the assistance was funded directly from the IMF’s budget, while other elements (in particular the peripatetic advisors) were financed externally, in these cases by the Japanese government.
International Monetary Fund. Monetary and Capital Markets Department

analysis. The NBG staff assess these reports to determine potential indicators of risk or noncompliance. In addition, the NBG has developed an onsite inspection process to examine the validity of information reported as well as assessing compliance with the law and regulations. The NBG has also significantly increased its supervisory resources from 5 officers in 2016 to a staff complement of 25 in 2019. There are now five divisions within the nonbank supervisory department, responsible for offsite monitoring, onsite inspections, as well as registration for MFIs and LIEs

International Monetary Fund. Monetary and Capital Markets Department

enhance the breadth and sophistication of its regulatory and supervisory regimes . It has rapidly implemented an enhanced set of rules and regulations and broadly strengthened the regulatory regime. Capital and liquidity standards are broadly in line with Basel 3 and the supervisory framework is generally consistent with international practices. Changes to rules and supervisory approaches since 2017 exhibit both a commitment to promoting a stable banking system and a good understanding of the key prudential measures that are needed to support this mission. NBG staff is

International Monetary Fund. Monetary and Capital Markets Department
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.
International Monetary Fund

have been receiving additional training both from visiting experts and through participation in international programs to strengthen skills in loan classification procedures. However, the main area in which the NBG continues to encounter difficulty regarding organizational change is in increasing the staffing levels and compensation for NBG staff engaged in banking supervision, to reflect the increasing size and complexity of their workload and to slow the outflow of trained staff to the commercial banks. 62. Outreach and cooperation efforts have advanced. The NBG

International Monetary Fund. Monetary and Capital Markets Department

operational at the NBG staff level, but it has still to be formalized at the highest managerial positions. 34. In case of a financial crisis, the authorities can take certain extraordinary measures, but the toolkit available to the government faces limitations . In emergencies, the NBG can impose a bank holiday, restrict banks’ operations, set exemptions, or take other actions as necessary for the maintenance of financial stability. The government may provide financial assistance in the form of loans, and could do so through its ordinary budgetary authorization and