Politics

President signs into law controversial bank supervision bill

by | Sep 11, 2015
giorgi_margvelashvili_annual_address_2015

Had no choice: Even if I had refused to sign, the speaker would have signed the bill, Margvelashvili explained. (Interpressnews.)

TBILISI, DFWatch–The Georgian president Thursday signed a bill into law that will take away responsibility for supervising private banks from the National Bank and hand it to a new agency controlled by the government.

President Giorgi Margvelashvili, the opposition, financial analysts and international financial institutions have all opposed the bill, and the president vetoed it, but the parliamentary majority overturned his veto.

Davit Pataraia, head of the president’s administration, told journalists that the president still opposes the bill and believes that parliament has made a serious mistake. However, Margvelashvili also underlined that the new law doesn’t violate any basic, fundamental values. Besides, even if he had refused to sign, the speaker of parliament would have signed it, and it would have come into force anyway.

This is the third time parliament overturns a veto by Margvelashvili. The previous times concerned legislative amendments about secret surveillance and the access to footage obtained through such surveillance.

The bill, which was amended, will separate responsibility for supervising the financial sector, and transfer it from the National Bank to a separate body subordinate to the government.



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