TY - BOOK ID - 136145201 TI - Georgia : Technical Assistance Report-Operationalizing the New Bank Recovery and Resolution Framework. PY - 2023 SN - 9798400230172 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Georgia KW - Money and Monetary Policy KW - International Economics KW - Banks and Banking KW - Financial Risk Management KW - Monetary Policy KW - International Agreements and Observance KW - International Organizations KW - Financial Institutions and Services: Government Policy and Regulation KW - Financial Crises KW - Monetary economics KW - International institutions KW - Economic & financial crises & disasters KW - Monetary policy KW - International organization KW - Bank resolution framework KW - Financial crises KW - Crisis resolution KW - Bank resolution KW - Bridge bank KW - International agencies KW - Crisis management UR - https://www.unicat.be/uniCat?func=search&query=sysid:136145201 AB - 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. The report highlights the need to analyze alternatives to the current temporary public funding arrangements, especially the scope to deploy all such funding through the Resolution Fund and the potential use—subject to strict safeguards—of the deposit insurance fund to finance resolution actions. Georgia has made considerable progress in developing the infrastructure needed for an effective bank recovery and resolution regime. 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. The mission recommends clarifying Article 30 of the Banking Law, which explicitly mentions only the temporary administrator as early intervention measures. A key recommendation of the mission is to strengthen the National Bank of Georgia’s resolution function. 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. ER -