Irakli Kovzanadze: The Deposit Insurance System is closer to EU Standards
"The EU standard DIS is one of the most important factors of financial stability. Another step towards approximation to European standards in this area was taken by the Parliament in April last year with legislative changes, according to which the deposit insurance system will be extended to legal entities from January 1”, - Irakli Kovzanadze, Chairman of the Budget and Finance Committee, said.
At the working meeting, Irakli Kovzanadze heard information from Otar Dzidzikashvili about the process of involving legal entities in the deposit insurance system.
"At this stage, the total volume of deposits of individuals in the banking sector exceeds 20.2 billion GEL, of which the volume of insured deposits is more than 4.5 billion GEL. By the end of 2022, as a result of the inclusion of legal entities in the system, it will be almost 5 billion GEL, which is a very important figure”, - the Chair noted.
According to the amendments to the Law on Deposit Insurance System, from January 1, 2022, legal entities have been involved in the deposit insurance system.