Papuna Lezhava, Vice President of the National Bank of Georgia declares that there is no need to set up a “Bridge Bank” at this stage.
"With the help and recommendation of the International Monetary Fund, we adopted a framework for banks' resolution and recovery in 2019. This legislation gives us new tools to maintain financial stability amid the crisis. "Bridge Bank" is one of the tools that can be used during a financial crisis. The "Bridge Bank" can be set up by the Ministry of Finance and get a license from the National Bank.
“We have already developed the procedures and secondary legislation for the establishment of the "Bridge Bank", only a small part of the reform remains and we will do it soon, but today there is no need to establish the "Bridge Bank". The IMF has not directly recommended the establishment of a temporary bank, because there is no need for that today," - said Papuna Lezhava.
