The "conversion" of non-asset assets in the world financial markets (securitization) and their economic activity is the usual downward trend. Unfortunately, Georgia's successful "securitization" is more exception than practice. In this regard, the subject of our research is the successful result of this example - the "Securitization" of 832 million GEL of the state debt towards the National Bank. It should be noted that issued state and corporate securities are not distinguished by diversity. Since independence, the state has been facing a number of guaranteed debt obligations which have been delayed by time and many of them are still not settled. In addition to other debts, the government's indebtedness to the National Bank was steadily rising from the period of independence of Georgia and reached 832.846.323 GEL for 15 March 2006. The history of the accumulation of debt is linked to the state budget deficit, and from 1994 to 2006 the Ministry of Finance used the National Bank of Georgia to cover the budget deficit. Instead of a cold road, which means transactions with open market and investors, there was actually a cash emission (monetary financing) in Georgia. On 20 March 2006 the Government of Georgia and the National Bank signed an "Agreement between the Government of National Bank of debt measures", according to the National Bank of the government due amount must be 2030 to March 16 so that each year the debt One part of the registration of the National Bank on a yearly renewable yearly public debt liability - government bonds, and the other part - different term government bonds in the open market operations, which shall be covered from the respective years of state budgets. Annual interest rate on bonds was determined by 13% in 2006, 2007 and 2008, and the percentage of payments on mortgage lending amounted to 7% in 2006, 6% in 2007 and 2008. Annual interest rate on coupon rates and debt obligations on bonds in 2008 is determined by the Government and National Bank of Georgia in conjunction with market interest. With this agreement and emissions and repayment of these securities, the debt repayment schedule was completely withdrawn and the National Bank of Georgia had an important instrument. That is the debt that has just been recorded on the balance of the National Bank, has acquired a very important workload and function.
At the same time, the bonds are not the only positive that has been achieved by the National Bank and Government Agreement. In this way the attitude of the government and the National Bank has changed - from now on, the NBG does not directly finance. Emission of state securities is carried out. This was the most important step, because the central bank financing of the budget deficit in any of the developed countries are not considered to be part of a stable macroeconomic environment, and vice versa - when direct lending is prohibited, it is recorded under a guarantee that Georgia will be a stable macroeconomic envirounment.
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