Asset servicing - Georgia


Income collection

Service offeredRemarks
Notification to customers

Standard Asset Servicing reporting via SWIFT MT56x, Xact Web Portal and Xact File Transfer.

See Section 8 “Asset servicing” of the Customer Handbook.

See Connectivity manuals on the Clearstream website.

Payment of income proceeds

Interest and redemption payments from issuers will be processed on CBL’s Georgian Lari (GEL) cash account opened with JSC Bank of Georgia. 

Proceeds are calculated based on the positions recorded at the close of business on the record date and paid to the customer's account upon successful receipt and reconciliation of funds. Proceeds will be paid with the value with which they are received. 

Funds under the Available for Cash Loan (ACL) concept, when applicable, are paid with good value.  

The payment method to be applied is reported via MT564 IPAR and Xact Web Portal IPAR. 

The standard record date for government, corporate and municipal bonds applied at NBG level is one business day before the payment day. 

For further details on entries qualified as ACL, please refer to the section “5.6 Financing: availability of funds” of the Customer Handbook.

Settlement finality

In Georgia non-provisional transfers are irrevocable and unconditional, thereby assuring finality of settlement of transactions and protection against any bankruptcy, insolvency, reorganisation, moratorium judgement or court, of any transactions settled prior to the date of such judgement or court order, such rights and interests deriving from such transactions being effective against the insolvency administrator and creditors in any insolvency proceeding.

Claw-back provisions are not directly applicable to operators (sub-custodian, payment system operator, etc.) due to the irrevocability of settlements conducted through the operators.

However, claw-back provisions might extend to customers using the services of the operators, meaning that if the customer who made an order for securities or cash delivery to the operator was at the time of making such an order in breach of its good faith obligations towards its creditors then the claw-back provisions might come into play and the court may order the recipient/beneficiary creditor to turn back the assets received from the unfaithful debtor.

Proxy Voting procedures

Proxy voting services are not available in CBL for this market.