The member of Financial Supervisory Council of 2008-2009 estimates the 2nd wave of separation of non-core assets and regulatory risks of banking holding companies.
Levan Surguladze believes that monetary policy and financial supervisor must be separated; as it does not regulate number of sectors, neither banking nor microfinance and there is high probability to adopt conflicting decisions by NBG, which is natural and proven by international studies as well.
Depositor’s money should not be invested in non-core risky business; it must merely refer to the loans. He considers that control of the cash flows is necessary for the prevention of it and not for business, which is NBG’s case. Levan Surguladze awaits revision of depositors’ money from the National Bank on the 2nd wave of separation of non-core assets.
NBG President announced surveillance expansion after the monetary policy session held in Kutaisi. Koba Gvenetadze said that details would be announced soon, after the processing draft bill. The first phase began in 2014. The period for separation of non-core assets has been determined to the commercial banks for December 31, 2015.
The direction is supervised by Murtaz Kikoria in the NBG. He is former CEO of the biggest bank. To note, Murtaz Kikoria has become general director of Bank of Georgia after the finish of separation of non-core assets on September 1, 2015. However, General Director Irakli Gilauri has been general director of BGEO Group and chairman of Supervisory Board.