The Banking Association of Georgia responds to the recommendations of the European People’s Party (EPP) resolution and states that this document is of political content and “cannot serve as a legal or regulatory basis for action against the bank.”

The statement states that the demand to cut off Cartu bank from the SWIFT system is far from reality.

“The Banking Association of Georgia responds to the information that has been disseminated regarding the Association’s member Cartu Bank and the recommendations of the European People’s Party (EPP) resolution, including the call to cut off Cartu Bank from the SWIFT system.

We would like to emphasize that this resolution is a document of political content and cannot serve as a legal or regulatory basis for action against the bank; the demand to cut off Cartu bank from the SWIFT system is far from reality.

Cartu Bank is part of the international financial system and adheres to both the legislation in force in Georgia and international regulations.

The dissemination of predictions and interpretations based on this fact by local actors and the media may hinder the public's perception of the real picture and cause financial damage to the bank," reads the statement.

For information, the European People's Party adopted a resolution regarding Georgia, which, among other issues, calls for holding new elections, releasing political prisoners, and sanctioning Ivanishvili and his related businesses. The resolution also calls for Cartu Bank to be cut ff from the SWIFT and Visa/MasterCard networks.