The Basel Consultative Group Meeting was held in Georgia
On 4-5 April, the Basel Consultative Group Meeting was held in Tbilisi for the first time with the initiation of the National Bank of Georgia. During the meeting in Tbilisi, the participants discuss new initiatives of the Basel Committee on Banking Supervision including applying the size and complexity principle into the banking supervision framework, sustainable financing, communication on crisis management issues, crypto assets, anti-money laundering etc.
The Governor of the National Bank of Georgia Koba Gvenetadze gave speech to the participant of the Basel Consultative Group meeting. In his speech, he highlighted the importance of the meeting agenda items especially the implementation of the size and complexity principle within the banking supervision, which creates the new opportunities for developing effective supervisory framework for smaller unsophisticated credit institutions.
"We had very productive meetings here in Tbilisi. The Basel Consultative Group is a unique platform for sharing a wide range of supervisory experiences and for having an open dialogue on new initiatives by the Basel Committee on Banking Supervision that could have a high impact on non-member countries. In fact, some of the proposals that emerged during this week's meetings will be put forward to the BCBS and could impact its work program." Noted the Co-chair of the Basel Consultative Group Bryan Stirewalt.
"These meetings are very important for all Basel Consultative Group members. Among other topics, the Basel Consultative Group explored the issue of how best to facilitate the implementation of the Basel framework by non-Basel Committee members, given the size and complexity of their respective banking systems. We would like to sincerely thank the National Bank of Georgia for hosting this meeting and for being so engaged in the development of the international regulatory framework." Said Neil Esho Co-chair of the Basel Consultative Group and Deputy Secretary General of the Basel Committee.
The Basel Consultative Group creates the opportunities for non-Basel Committee countries to discuss new initiatives and share their experience. Group membership comprises representatives of supervisory authorities from 28 countries, as well as international agencies including World Bank, International Monetary Fund, etc.
It is noteworthy, that the National Bank of Georgia has joined the Basel Consultative Group in 2014 (link) and since then it has been actively involved in the Group's work.