The amendments are to be introduced to the Organic Law on the National Bank, ensuring yet another position in the top management – the First Vice-President to become the acting President in case of absence of the latter and thus eliminating the legal gap in the Law.

The Draft initiated by MPs Paata Kvizhinadze, Irakli Zarkua, Gogi Meshveliani, Rima Beradze and Anton Obolashvili submitted in an expedited manner was approved with 83 votes.

As the reporter noted when elucidating the necessity of the additional position, currently, the Bank has three Vice-Presidents. Pursuant to the effective Law, one of the Vice-Presidents becomes the acting President in case of the absence of the NB President and thus, the Organic Law leaves the vagueness to specify which Vice-President becomes the acting.

The amendment is necessary to eliminate any theoretical vagueness and ensure the due functioning of the Bank as the Constitutional Body.

As the reporter explained, the Char of the NB Board is the President of the Bank. The Board is also composed of the First Vice-President, three Vice-Presidents and other members. In case of the absence of the President, the First Vice-President is to assume the acting position, and one of the Vice-Presidents becomes the acting in case of the absence of the First Vice-President, which decision is made by the Board.

“During our discussions in the Committee, the remark was expressed to abstain from increasing the number of the Vice-Presidents and we agreed on three Vice-Presidents if one of them becomes the First”, - the reporter noted.

The hereof decision will be reflected to the Draft and submitted with the II reading.