Parliament of Georgia Supported the NBG Initiative on the Creation of a Deposit Insurance System

Parliament of Georgia Supported the NBG Initiative on the Creation of a Deposit Insurance System

28 December, 2005
The Parliament of Georgia approved the decision on the „Main Trends of the 2006 Monetary Policy of the National Bank of Georgia“. Legislative authorities of Georgia took into consideration the request of the National Bank of Georgia about the Creation of a Deposit Insurance System, and resolved to work out a draft law on the deposit insurance system during the course of the next year. This issue was reflected in the main trends of 2006 monetary and foreign exchange policies. The National Bank of Georgia will submit the relevant draft law to the Parliament of Georgia by the beginning of a spring session, as it has already been elaborated by the NBG and KfW (Germany) experts.   According to the Resolution of the Parliament of Georgia on „Monetary and Foreign Exchange Policies“, the adequate amount of funds from 2005 NBG net income will be directed towards the filling the gap in the remaining part of NBG authorized equity capital. According to the resolution the consultations will continue with the purposes of a further growth and defining the optimal amount of NBG equity capital.   According to the „Organic Law on the National Bank of Georgia“, before the beginning of a new financial year the National Bank of Georgia will submit a draft law on the trends of a monetary and foreign exchange policies for the coming year to the Parliament of Georgia.