National Bank considers it inappropriate to discuss TBC Bank issue in Parliament
National Bank considers it inappropriate to discuss TBC Bank issue in Parliament

The National Bank of Georgia is against consideration of the issue related to TBC Bank in the parliament.

The National Bank has released a statement in this regard, indicating that it is inappropriate to consider supervisory measures related to a specific bank.

“The National Bank of Georgia is the regulator of the banking-financial sector and one of the most important guarantees of the country’s financial-economic stability. The National Bank regularly monitors the banks and financial institutions operating in the country and their compliance with the market regulations.

The National Bank of Georgia carries out its activities as transparently as possible, and in accordance with the legislation and regulations, it always answers questions of the legislative body. Taking into account the principle of protection of commercial secrets and the important role of the market regulator, we consider it inappropriate to consider the supervisory measures associated with a particular bank. Such discussions can damage the financial sector representatives.

On February 21, a joint statement of the National Bank and TBC Bank was released, according to which, the issue that was to be discussed by the Parliamentary Committee on Economic Policy has been settled for both parties. In addition, TBC Bank terminates court dispute against the National Bank and agrees with the requirements set by the National Bank. On the same day, the National Bank published additional details of the case, which fully answered all questions related to the National Bank”, – the statement of NBG reads

NBG explains that taking into account the specificity of the sector and the responsibility of the National Bank, it is unreasonable to discuss supervisory measures taken by the regulator, especially after the subject itself agreed with the above-mentioned measures.