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JSC Cartu Bank Responded with Groundless Political Statements to the National Bank

Published: November 1, 2011 | 7:29 pm
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Statement of the National Bank of Georgia


November 1- The National Bank of Georgia has been conducting on-site inspection of JSC Cartu Bank since October 19, 2011 in accordance with the authority granted under the Organic Law.

The NBG, on the examination commencement date, made a statement that there was no threat for stable operation of JSC Cartu Bank and the work of the NBG inspection team would not hamper Cartu’s operations in any way. Simultaneously, the National Bank expressed its readiness to consider the issue of complex support of Cartu, if necessary, and proposed specific financial assistance to the Supervisory Council of the Bank.

Regrettably, JSC Cartu Bank responded with groundless political statements to the position of the National Bank.

It is noteworthy that the on-site work of the NBG employees is purposefully being hindered. Despite repeated appeals to the Supervisory Council of JSC Cartu Bank it has not ensured so far access of the inspection team to the information required for examination.

This fact even more complicates and delays the inspection process.



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