The National Bank of Georgia (NBG), as a member of Basel Consultative Group (BCG), continues working within the Basel Core Committee’s Supervision and Implementation Group.
According to the bank, this group works on implementing advanced approaches in international supervisory policy, and the principles that it develops constitute international standards.
The National Bank of Georgia, along with the representatives from leading supervisory institutions, has been working in this group since 2014 on developing international principles for determining prudential norms for Asset Quality Review (AQR). This year, NBG became a member of a working group on stress tests, and the first meeting of this working group will be held in New York on June 21. Representatives from European Central Bank, as well as those from the supervisory institutions of the United States, Canada, Australia, Japan and other developed countries will participate in this meeting.
The National Bank of Georgia will be represented by David Utiashvili, Head of Financial Risks and Macroprudential Policy Division, within Specialized Groups and Supervisory Policy Department.
“Participating in the development of international standards is a great honor and opportunity for us. Working in such expert groups is one of the most effective ways of receiving highly valuable practical supervisory knowledge, which is often not possible only by reading publically available materials. Further, we will try to share our innovative approaches with our colleagues, as these approaches were assessed as exemplary even for advanced counties by Financial Sector Assessment Program (FSAP) mission of 2014”, – Otar Nadaraia, Deputy Governor of the National Bank of Georgia stated.