A meeting of the Interagency Financial Stability Committee was held today to discuss issues related to financial stability.

The Committee was established in 2020 on the basis of the Organic Law on the National Bank of Georgia, and its members include the Minister of Finance of Georgia (Chairman of the Committee), Governor of the National Bank of Georgia, the heads of the Deposit Insurance Agency of Georgia and the Insurance State Supervision Service of Georgia.

The Committee is tasked to coordinate between agencies to promote the stable functioning of the financial system. The meeting discussed the recent dynamics of financial stability indicators and the current issues of the resolution and recovery framework.

The Committee members talked about ways to develop the resolution framework and approximate it with European practice, while recapping the actions taken. The discussion focused on already drafted and the future development of common interagency procedural matters and documents. Moreover, the members also discussed law amendments related to the resolution fund, already in force since December 2023, and the related issues to be regulated by common interagency legal acts, including administration matters. Additionally, the conversation included topics discussed at the joint regional conference of the Deposit Insurance Agency (DIA) of Georgia and the International Association of Deposit Insurance (IADI) held in Tbilisi on July 4, and current issues and challenges related to the deposit insurance system.

In addition, the Committee members discussed the status of implementation of the recommendations of the International Monetary Fund and the World Bank and discussed future actions.