Every fourth pensioner or poor person in Georgia owes a bank

https://sputnik-georgia.ru/20220511/kazhdyy-chetvertyy-pensioner-ili-neimuschiy-v-gruzii-dolzhen-banku-266462176.html

Every fourth pensioner or poor person in Georgia owes a bank

Every fourth pensioner or poor person in Georgia owes a bank

At the end of the first quarter of 2022, Liberty Bank issued loans to pensioners and socially disadvantaged in the amount of 341.7 million lari at an effective interest rate… 11.05.2022, Sputnik Georgia

2022-05-11T07:48+0400

2022-05-11T07:48+0400

2022-05-11T07:48+0400

Georgia

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TBILISI, May 11 – Sputnik. According to the latest data, at the end of the first quarter of 2022, almost 370,000 pensioners and the socially disadvantaged had a bank loan, according to reports from Liberty Bank, which issues pensions and social benefits. a loan for pensioners and announcing a competition to find a bank that issues pensions. At the end of the first quarter of 2022, Liberty Bank issued loans to pensioners and socially disadvantaged in the amount of 341.7 million lari at an effective interest rate of 35.4%. A loan means a pension or social assistance taken in advance for several months. New rules The Social Services Agency of Georgia has announced a tender to identify a bank that will issue pensions and social assistance to citizens from January 1, 2023 to December 31, 2029. Acceptance of applications from banks will begin on May 11 and will last until May 16. Banks will be selected according to two criteria. The first concerns the cost of issuing pensions and social assistance, and the second concerns the interest rate on loans for pensioners and recipients of payments from the state. Pensions in Georgia will be issued under new banking conditions >> the loan rate for this category of citizens did not exceed the sum of the interbank lending rate index plus 15 percentage points. At the same time, the rate cannot be increased until the final coverage of loans. To date, the interbank lending rate index is 10.6%, respectively, the annual loan rate for this category of citizens at the moment cannot exceed 25.6% (10.6+ 15). At the same time, if 30% of the success of the bank that submitted the application depends on the cost of payments by the state, then 70% will depend on the interest rate. .Liberty Bank is one of the largest banks in Georgia with total assets of almost 3 billion lari and capital of 200 million lari. The bank has the largest branch network with more than 360 branches and 570 ATMs. Liberty Bank serves more than 1.7 million customers. Kordzakhia: there should be no monopoly on pensions in Georgia >>Bank of Georgia is the largest bank in the country with total assets of more than 21.8 billion lari and capital of 43.3 million lari . The branch network of the bank includes more than 206 branches and 972 ATMs. The Bank of Georgia serves more than 2.5 million clients. In Georgia, 971.7 thousand people receive social benefits and pensions, which is about 26.6% of the country’s total population.

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At the end of the first quarter of 2022, Liberty Bank issued loans to pensioners and socially disadvantaged in the amount of 341.7 million lari at an effective interest rate of 35.4%

TBILISI, May 11 – Sputnik. According to the latest data, at the end of the first quarter of 2022, almost 370,000 pensioners and the socially vulnerable had a bank loan, according to reports from Liberty Bank, which issues pensions and social benefits.

The issue of loans to pensioners and the socially disadvantaged has become relevant against the background of the government’s decision to set a threshold for the loan rate for pensioners and the announcement of a competition to find a bank that issues pensions.

At the end of the first quarter of 2022, Liberty Bank issued loans to pensioners and socially disadvantaged in the amount of 341.7 million lari at an effective interest rate of 35.4%. A loan means a pension or social assistance taken in advance for several months.

New rules

The Social Services Agency of Georgia has announced a tender to identify a bank that will issue pensions and social assistance to citizens from January 1, 2023 to December 31, 2029. Acceptance of applications from banks will begin on May 11 and will last until May 16.

Banks will be selected according to two criteria. The first relates to the cost of issuing pensions and social assistance, and the second to the interest rate on loans for pensioners and recipients of payments from the state.

The issuance of pensions in Georgia will take place under new banking conditions >>

One of the main conditions of the tender is that the maximum annual loan rate for this category of citizens should not exceed the sum of the interbank lending rate index plus 15 percentage points. At the same time, the rate cannot be increased until the final coverage of loans.

To date, the interbank lending rate index is 10.6%, respectively, the annual loan rate for this category of citizens at the moment cannot exceed 25.6% (10.6 + 15).

At the same time, if 30% of the success of the bank that submitted the application will depend on the cost of payments by the state, then 70% will depend on the interest rate.

Who will participate

According to preliminary data, two banks are ready to take part in the competition – Liberty Bank and Bank of Georgia.

Liberty Bank is one of the largest banks in Georgia with total assets of almost 3 billion lari and capital of 200 million lari. The bank has the largest branch network with more than 360 branches and 570 ATMs. Liberty Bank serves over 1.7 million customers.

Kordzakhia: there should not be a monopoly on the issuance of pensions in Georgia >>

“Bank of Georgia” is the largest bank in the country with total assets of over 21.8 billion lari and capital of 43.3 million lari. The branch network of the bank includes more than 206 branches and 972 ATMs. “Bank of Georgia” serves more than 2.5 million clients.

In Georgia, 971.7 thousand people receive social benefits and pensions, which is about 26.6% of the total population of the country.

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