Difference between revisions of "Bank of Varkana"

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|products      = [[wikipedia:Financial services|Financial services]]
|products      = [[wikipedia:Financial services|Financial services]]
|revenue        = ₭144 billion (2017)
|revenue        = ₭144 billion (2017)
|net_income    = ₭20.7 billion (2017)
|net_income    = ₭2.7 billion (2017)
|assets        = ₭3,724 billion (2017)
|assets        = ₭3,724 billion (2017)
|num_employees  = 365,000 (FTE, 2017)
|num_employees  = 365,000 (FTE, 2017)

Revision as of 22:50, 14 February 2020

Bank of Varkana
საქართველოს ბანკი
sakartvelos banki
Bank of Varkana logo.png
Headquarters of the Bank of Varkana.jpg
Bank of Varkana seal.png
HeadquartersKaspi, Varkana
Klow, Varkana
Senaki, Varkana
Akhali Vale, Vale, Varkana
GovernorEkaterine Daraselia
Central bank ofVarkana
VAL (ISO 4217)
Key peopleNatia Ingorokva CEO
ProductsFinancial services
Revenue₭144 billion (2017)
Net income₭2.7 billion (2017)
Total assets₭3,724 billion (2017)
Employees365,000 (FTE, 2017)

The Bank of Varkana (Varkan: საქართველოს ბანკი, sakartvelos banki), doing business as Varkanisch Bank (VB) internationally and Trápeza tis Kartolía (TTK) in the "Aetolian Speaking World", is the central and national state-owned universal bank of Varkana. It is the largest bank in Adonia by total assets.


Pre-revolution classical central bank

The Bank of Varkana was officially established in 1948 and succeeded the State Bank of Varkana. The Varkan government appointed a Board of Directors to manage the bank, under the leadership of a Governor. Each director swore an oath of "fidelity and secrecy" before taking office. In 1948, the Bank of Varkana then became the sole issuer of legal tender banknotes in and under Varkana.

Stuff during the Adonian Depression U/C

From the 1980s until 2001, the main priority of the Bank of Varkana had been to keep inflation low. As part of that strategy, interest rates were kept at a low level for almost seven years in the 1990s.

Varkan revolution and nationalization

The AAP government of Zurab Avalishvili nationalized all the banks in Varkana under the Bank of Varkana Act 2001 which merged into the central bank effectively making it a central bank and a universal bank. As the country changed its monetary system from a fractional reserve system to the energy standard, the Bank of Varkana meanwhile became the sole financial institution in the country after the 2001 Varkan financial crisis. U/C



Principal subsidiaries

Empodia and Haitan







Since nationalization in 2001, the Bank of Varkana faced numerous controversies, mostly related to the manner in which the Varkan banks were nationalized. After the establishment of the ESO, the subsidiaries in other jurisdictions than Varkana were the main source of controversy. Domestically, the Bank of Varkana is strictly regulated by Varkan law and the Varkan political system. Internationally, the Bank of Varkana's subsidiaries are subject to various national banking laws and regulations.

Nationalization of Varkan banks

All banks in the territory of Varkana were nationalized as per the controversial Bank of Varkana Act 2001 which seized all assets held by the banks. The Act followed a criminal prosecution of the Varkan banks for fraud and unconstitutional practices which they were found guilty of by the Supreme Court in Varkana v. Banks. The banks were forced to compensate their clients by court decision for the damages induced. However, the compensation amounted to a sum surpassing the assets held by the banks, resulting in the 2001 Varkan financial crisis. The Government then seized the assets and merged the banks into the central Bank of Varkana through the Bank of Varkana Act 2001. The Government of Varkana was sued as a result in a class action lawsuit by some of the bankers but were cleared of any wrongdoing in the confiscation and nationalization by Varkan courts.

Alleged money transfers to TERRORIST ORGANIZATION

Sanctions violations