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Anti-Bank Rhetoric Damages the Sector – Banks are Not the Primary Reason for the Population’s Excessive Loans

12.12.18 19:49
According to TBC bank, “The share of banks in Georgia within the stated 1.5 billion GEL problematic loans portfolio is less than 30%, and the share of TBC bank within that is only 8%. “ As TBC bank told bm.ge, the bank will nullify loans worth 120 million GEL within the frameworks of the government initiative for annulling loans. “TBC bank, as the largest financial institution on the Georgian market, takes exceptional care and is committed to ensuring the sustainability and stability of the Georgian financial sector and the country’s economy at large. TBC Bank is ready to join the initiative to cancel the problematic loans for low income people and persons with disabilities. Overall, these loans account for 120 million GEL within TBC Bank and 1% of the whole credit portfolio.

This transaction will be completed before the end of 2018.” TBC Bank says that “The share of Banks of Georgia in the said 1.5 billion GEL problematic loans portfolio is less than 30% and the share of TBC bank is only 8%. This demonstrates that the banks are not the primary cause behind the excessive amounts of loans taken on by the population. The non-banking sector, new regulations, and the establishment of a maximum benchmark for interest rates will support a reduction in the amount of irresponsible loaning. We believe that the recent anti-bank rhetoric damages an industry that is most recognized for being progressive and well developed in both Georgia and the region: the banking sector. This trend ultimately damages the country’s investment image, economic development, and financial stability. TBC Bank will significantly increase investments in the financial education of the population, as the banking sector’s sustainability and ability to function properly guarantees the country’s stability” – States TBC Bank

Author : Tamuna Kemertelidze

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