The National Bank of Georgia Hosted the ECB Forum

The National Bank of Georgia Hosted the ECB Forum

02 July, 2015

This is the first time when the ECB Forum is held outside Eurozone

The European Central Bank held its User Group meeting for portfolio management system in Georgia. This is the first time such forum is held outside Eurozone. The objective of Forum is to promote cooperation and partnership between central banks who are users of the same system. The Forum is held twice per year and the primary members of the group are central banks - members of Eurosystem. Georgia and few other countries are invited as well observers.

Archil Mestvirishvili, Vice-Governor of NBG opened the meeting. According to him "It is very important to hold the Forum in Georgia, it emphasizes that the European Central Bank considers the National Bank of Georgia as the worthy and serious partner".

The forum was attended by the representative of WSS who answered the questions and talked about the roadmap for products further development. The main topics discussed included experience with implementation and operation of the system. Common product enhancement requirements were discussed as well.

It must be noted that the NBG uses the same system for international reserves management as ECB and most of other Eurozone central banks. The system has more than 30 central bank users worldwide. At NBG the system was implemented in 2011. ECB and few other central banks have helped during the process.

"We are happy to hold this meeting in Tbilisi and the NBG is actively involved in this process. Forum will promote cooperation between central banks and play instrumental role in sharing experience and expertise necessary for successful IT product implementation and operation", - Christian Reynders, Head of Market Operations Systems at Directorate General Market Operations, Chairman of the User Forum has mentioned.