After seven months from the date the Deposit Insurance System was launched in Georgia, the Deposit Insurance Agency paid out its first insured depositor. The first insurance case took place after the National Bank of Georgia revoked the banking license from JSC “International Bank of Azerbaijan-Georgia” and the liquidation started.

Currently, the total number of depositors in the Bank is 34 and the total insured amount is 10 198.91 GEL. The Pay Out process started within 5 days from the date of insurance case – on July 30, 2018. The agent Bank, which pays out the deposits under the name of the Agency is JSC “Liberty Bank”.

The first depositor reimbursed, Mr. Tamaz Kvrividze from Tetritskaro, Georgia, was symbolically awarded with certificate by the Agency. Another depositor from Baku, Azerbaijan also traveled to Georgia in order to benefit from the Deposit Insurance System. He was reimbursed at the nearest service center of “Liberty Bank” from Georgia-Azerbaijan border.

Deposit Insurance System was launched on January 1st, 2018, under which, all types of deposits up to 5, 000 GEL of individuals are insured. All operating commercial banks in Georgia are members of the system. As of today, the total insured deposits in banking system is 1,567,268,264 GEL.