Legal entities’ deposits will be insured by the State Deposit Insurance Agency from January 1, 2022. The Parliament of Georgia adopted new law and as a result of the amendment, deposits of legal entities in the amount of 15,000 GEL will be guaranteed by the State Agency.
According to Otar Dzidzikashvili, the head of the State Deposit Insurance Agency, currently the agency insures deposits of 4 billion GEL, while the adding of deposits of legal entities will increase this amount by 600 million GEL.
According to Dzidzikashvili, the premium for the insurance of legal entities’ deposits is expected to be 3.5 million GEL in 2022.
"Legal entities are added to the deposit insurance. As you know, engagement of the legal entities in this system is the next step for approximation to the international standards.
We are currently insuring assets of approximately GEL 4 billion. In case of adding deposits of legal entities, assets of 600 million GEL will be added to this amount. It will be 3.5 million GEL annually. Therefore, 3.5 million GEL per year is not a big financial pressure,” Otar Dzidzikashvili said.
Commercial banks pay monthly fee (premium) for deposit insurance to the State Deposit Insurance Agency. The monthly fee for the deposits in GEL totals to .067% of the deposit, while in foreign currency - 0.1%. The average amount of monthly premiums paid by banks over the past few months is 2.5 million GEL. During 2020, the banking system paid a total of 22.6 million GEL in the insurance premiums.
The total volume of the Deposit Insurance Fund is 66.6 million GEL. The agency invests this amount mainly in government securities.
