Publication: Georgia : Financial Sector Assessment Update

Thumbnail Image
Files in English
English PDF (2.05 MB)
396 downloads

English Text (54.68 KB)
120 downloads
Date
2007-01
ISSN
Published
2007-01
Author(s)
World Bank
Abstract
The Financial System Assessment (FSA) is based on the work of the joint IMF-World Bank Financial Sector Assessment Program (FSAP) Update mission to Georgia during February 15-28,2006. The principal objective of the FSAP Update was to assist the authorities in evaluating the potential vulnerabilities and development priorities of the Georgian financial system. Following reviews within the IMF and the World Bank. The report provides a summary of the main findings and recommendations. Some of he priority recommendations are : Crisis Management and Bank Resolution : establish formal crisis management team and develop a crisis management strategy and contingency plan. Financial Sector Supervision : amend law to give the NBG authority to establish fit and proper criteria for bank owners, to determine the source of the owners' capital, and to mandate changes in a bank's ownership. The same power should also be given to insurance and securities supervisors; also amend regulations to apply capital and other prudential requirements on a consolidated basis; and adopt legislation to stimulate cooperation and allow for the sharing of information among domestic financial sector supervisors. Financial Sector Development : develop, under the lead of the NBG, elements of the financial sector infrastructure, including low the value payments system and widespread use of electronic payment instruments throughout the country; develop a national strategy to address the lack of financial services in large parts of the country, especially in rural areas; and allow insurance companies to diversify their investments.
Citation
World Bank. 2007. Georgia : Financial Sector Assessment Update. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/d4d116f5-f0c5-58d6-86f5-85ab953efd22 License: CC BY 3.0 IGO.
Report Series
Other publications in this report series
Journal
Journal Volume
Journal Issue
Associated URLs
Associated content
Citations