{
  "title": "Georgia: Technical Assistance Report-Operationalizing the New Bank Recovery and Resolution Framework",
  "publication": "IMF Staff Country Reports, January 10, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/01/10/georgia-technical-assistance-report-operationalizing-the-new-bank-recovery-and-resolution-528030",
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  "summary": "This technical assistance report on Georgia focuses on operationalizing the new bank recovery and resolution frameworks. The Georgian authorities have indicated their interest in operationalizing their recovery, resolution, and crisis management frameworks.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Purpose: Operationalize Georgia’s new bank recovery, resolution, and crisis management frameworks.\n- Context: Georgian authorities indicated interest in operationalizing their recovery, resolution, and crisis management frameworks.\n- Progress noted: Georgia has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- Temporary public funding arrangements:\n  - The report highlights the need to analyze alternatives to the current temporary public funding arrangements.\n  - Emphasis on assessing the scope to deploy all such funding through the Resolution Fund.\n  - Consideration of the potential use—subject to strict safeguards—of the deposit insurance fund to finance resolution actions.\n- Escalation process weaknesses:\n  - The current escalation process from going-concern to gone-concern does not provide the supervisors with sufficient and adequate triggers to mitigate risks at a sufficiently early stage.\n  - The mission recommends clarifying Article 30 of the Banking Law, which explicitly mentions only the temporary administrator as early intervention measures.\n- Institutional capacity:\n  - A key recommendation of the mission is to strengthen the National Bank of Georgia’s resolution function.\n- Contingency planning:\n  - The mission provided guidance on the general architecture of intra- and interagency contingency plans, which serve as the building blocks for a national financial crisis preparedness plan."
    },
    {
      "heading": "Policy recommendations and operational guidance",
      "content": "- Analyze alternatives to current temporary public funding arrangements, including:\n  - Deploying all temporary public funding through the Resolution Fund.\n  - Potential, conditional use of the deposit insurance fund for financing resolution actions (subject to strict safeguards).\n- Clarify legal provisions:\n  - Amend or clarify Article 30 of the Banking Law to expand or specify early intervention measures beyond the temporary administrator.\n- Strengthen resolution capacity:\n  - Enhance the National Bank of Georgia’s resolution function to improve implementation and operational readiness.\n- Build contingency planning architecture:\n  - Develop intra- and interagency contingency plans as foundational elements for a national financial crisis preparedness plan.\n\n---\n\n Content in this bundle\n\n- 1geoea2023001 - Preface\n  - 1geoea2023001 - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1geoea2023001 - Preface (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2023/01/10/georgia-technical-assistance-report-operationalizing-the-new-bank-recovery-and-resolution-528030/index.md)",
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    "Published: January 10, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400230097.002",
    "Purpose: Operationalize Georgia’s new bank recovery, resolution, and crisis management frameworks.",
    "Context: Georgian authorities indicated interest in operationalizing their recovery, resolution, and crisis management frameworks.",
    "Progress noted: Georgia has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime.",
    "Temporary public funding arrangements:",
    "Escalation process weaknesses:",
    "Institutional capacity:",
    "Contingency planning:",
    "Analyze alternatives to current temporary public funding arrangements, including:",
    "Clarify legal provisions:",
    "Strengthen resolution capacity:",
    "Build contingency planning architecture:",
    "**1geoea2023001 - Preface**"
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