Georgia : Financial Sector Assessment Update

Georgia : Financial Sector Assessment Update

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.

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Bibliographic Details
Main Author: World Bank
Format: Financial Sector Assessment Program (FSAP) biblioteca
Language:English
en_US
Published: Washington, DC 2007-01
Subjects:ACCOUNTABILITY, ACCOUNTING, AFFILIATE, AFFILIATES, AGENTS, AUDITING, AUDITS, AUTOMATED TELLER MACHINES, BALANCE SHEETS, BANK ASSETS, BANK AUDITS, BANK FAILURES, BANK SUBSIDIARIES, BANK SUPERVISION, BANKING LAW, BANKING SECTOR, BANKING SUPERVISION, BANKING SYSTEM, BANKRUPTCY, BANKRUPTCY PROCEDURES, BANKS, BROKERS, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CAPITALIZATION, CENTRAL BANK, CHECKS, CLEARING SYSTEMS, COMMERCIAL BANKS, COMMISSIONERS, COMPETITIVENESS, CONNECTED LENDING, CONSOLIDATED SUPERVISION, CONTAGION, CONTINGENCY PLANNING, CONTRACTUAL SAVING, CONTRACTUAL SAVINGS, CORPORATE BONDS, CORPORATE GOVERNANCE, CORPORATE SECTOR, COVERAGE, CREDIT CONCENTRATION, CREDIT COOPERATIVES, CREDIT INSTITUTIONS, CREDIT RISK, CREDIT RISK MANAGEMENT, CREDIT UNIONS, DEBT, DEPOSIT INSURANCE, DEPOSITS, ENFORCEMENT POWERS, EQUITY INVESTMENTS, EXCHANGE RATES, EXTERNAL AUDITORS, FINANCIAL CONGLOMERATES, FINANCIAL INFORMATION, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTIONS, FINANCIAL REPORTING, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICES, FINANCIAL STABILITY, FOREIGN EXCHANGE, GUIDELINES, HEALTH INSURANCE, INFLATION, INSOLVENCY, INSOLVENT BANKS, INSURANCE, INSURANCE COMPANIES, INSURANCE SUPERVISION, INSURERS, INTEGRITY, INTEREST RATES, INTERNAL AUDITS, INTERNAL CONTROLS, INTERNATIONAL ACCOUNTING STANDARDS, JOINT STOCK COMPANIES, LAWS, LEGAL FRAMEWORK, LEGISLATION, LENDER OF LAST RESORT, LIABILITY, LIABILITY INSURANCE, LIFE INSURANCE, LIQUIDITY, MARKET RISKS, MARKET TRADING, MARKET TRANSPARENCY, MICROFINANCE, MONETARY POLICY, MORTGAGES, OPERATIONAL RISKS, PAYMENT SYSTEMS, PENALTIES, PENSIONS, PORTFOLIOS, PREMIUMS, PRIVATE BANKS, PRIVATIZATION, PROBLEM BANKS, PROFITABILITY, PROGRAMS, PROPERTY INSURANCE, PRUDENTIAL REQUIREMENTS, PRUDENTIAL RULES, PUBLIC DEBT, REGULATORY FRAMEWORK, RESERVE REQUIREMENT, RESERVES, RISK ASSESSMENT, RISK-WEIGHTED ASSETS, SECURITIES, SECURITIES MARKETS, SECURITIZATION, SENSITIVITY ANALYSES, SHAREHOLDERS, SMALL BANKS, SOLVENCY, STATUTORY AUDITS, STOCK EXCHANGES, SUBSIDIARIES, SUBSIDIARY, SUPERVISORY AGENCIES, SUPERVISORY AUTHORITIES, SUPERVISORY FRAMEWORK, SUPERVISORY REGIME, SUSTAINABILITY, TRADING, TRANSITION ECONOMIES, TRANSPARENCY, VULNERABILITY,
Online Access:http://documents.worldbank.org/curated/en/2007/01/7324138/georgia-financial-sector-assessment-update
http://hdl.handle.net/10986/8043
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Summary: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.

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