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IMF Country Report No. 21/223
GEORGIA
FINANCIAL SECTOR ASSESSMENT PROGRAM
TECHNICAL NOTE—FINANCIAL SAFETY NET, RESOLUTION AND CRISIS MANAGEMENT
September 2021
This paper on Georgia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 17, 2021.
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Title page
GEORGIA
FINANCIAL SECTOR ASSESSMENT PROGRAM
September 17, 2021
TECHNICAL NOTE
FINANCIAL SAFETY NET, RESOLUTION AND CRISIS MANAGEMENT
Prepared By
Monetary and Capital Markets Department
This Technical Note was prepared by IMF staff in the context of the Financial Sector Assessment Program for Georgia. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations. Further information on the FSAP can be found at http://www.imf.org/external/np/fsap/fssa.aspx
Contents
Glossary
EXECUTIVE SUMMARY
INTRODUCTION
A. Scope and Methodology
B. Financial Sector Landscape
C. Legal Framework
D. Recent Experience with Bank License Revocations
THE FINANCIAL SAFETY NET
A. Institutional Framework
B. Recovery Planning and Early Intervention
C. Failure Resolution Powers and Planning
D. Deposit Insurance, NBG Liquidity Support and Temporary Public Funding
CONTINGENCY PLANNING AND CRISIS MANAGEMENT
TABLE
1. Summary of Key Recommendations
Glossary
| CCG | Crisis Coordination Group |
| DIA | Deposit Insurance Agency |
| DIF | Deposit Insurance Fund |
| DIS | Deposit Insurance System |
| Dl Law | Law on the Deposit Insurance System |
| ELA | Emergency Liquidity Assistance |
| IFSC | Interagency Financial Stability Committee |
| FSC | Financial Stability Committee |
| ISSA | Insurance State Supervision Service |
| KA | Key Attribute |
| MoF | Ministry of Finance |
| MOU | Memorandum of Understanding |
| NBG | National Bank of Georgia |
| NCWO | No Creditor Worse Off |
| P&A | Purchase and Assumption |
| RC | Resolution Committee |
| RLD | Resolution and Liquidation Division |
| SIB | Systemically Important Bank |
| TeA | Temporary Administrator |