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National Bank Vice President Comments on Bank Deposits Insurance Mechanism

Bank deposits insurance is one of the mechanisms for ensuring steadiness of finance sector, National Bank vice president Murtaz Kikoria told reporters.

“Today the banking system is demonstrating the highest level of steadiness – bank capital adequacy, profitability, liquidity and steadiness indicators satisfy the highest standards. Consequently, it is better to carry out this type of reforms today”, Murtaz Kikoria noted and added that balance will be maintained in deposits management structure.

“The fund includes two governmental representatives, as well as two representatives from commercial banks and NBG president. I think the management structure is balanced”, Kikoria said.

We remind you that Government of Georgia approved the bill on deposits insurance system in grievous week and in several days the document will be submitted to the Parliament.

The law will came into force on January 1, 2018.