National Bank: It is wrong to evaluate the authority of regulatory body defined by law as “blackmailing”
National Bank: It is wrong to evaluate the authority of regulatory body defined by law as “blackmailing”

It is wrong to evaluate the authority of the regulatory body defined by law as “blackmailing”, – the National Bank of Georgia said in a statement published today.

The National Bank responds to the statement made by the founder of TBC Bank Mamuka Khazaradze at the sitting of Parliamentary Committee of Budget and Finance today.

“The use of relevant sanctions against violation revealed in a commercial bank is a direct responsibility and duties of the National Bank of Georgia, as a banking sector supervisor.

The sanctions of the National Bank are defined by the relevant legislation. The list includes the right of the regulator to demand the suspension of signature and/or dismissal of the bank administrators in case of necessity, which has been used by the National Bank of Georgia in the past.

Consequently, It is wrong to evaluate the authority of the regulatory body defined by law as “blackmailing”, – reads the statement by NBG.

Mamuka Khazaradze claimed at the committee sitting today that the National Bank was blackmailing him and Badri Japaridze.

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