Deposits up to 15,000 GEL in Georgian banks are insured by the State Deposit Insurance Agency. For this, the banks operating in the country pay a special insurance premium to the agency every month. The size of these contributions amounted to GEL 3.4 million in November.
The deposit insurance system was launched in February 2018, and during the 4-year period of the fund's existence, total contributions reached GEL 128.7 million.
Deposits of GEL 42 billion are placed in the banking system of Georgia in total. Among them, 5.5 billion deposits fall within the 15,000 GEL limit, therefore this part of deposits is insured by the state.
The Deposit Insurance Agency will fulfill its function if any bank operating in the country faces such an insolvency crisis that the bank will not be able to meet its obligations to its clients.
