On 25 May 2015, whilst presenting his annual report at the Parliament of Georgia, the President of the National Bank of Georgia, Giorgi Kadagidze, stated that according to the study of the American global management research company, Gallup, the trust rate of depositors in the banking system in Georgia is one of the highest in Europe and, in this component, the Georgian banking system holds the third place after Norway and Switzerland.


took interest in the accuracy of Mr Kadagidze’s statement and analysed Gallup’s data.

Gallup was founded in 1935 and studies

the opinions of the population about different social issues.

Surveys about global topics in various countries of the world are conducted by random selection using personal or telephone conversations. Up to 1,000 people over the age of 15 were surveyed in the process of the study. Final results are formed based upon the answers to specially prepared questions and the probability of error varies from 2% to 5%.

One of the main questions concerning the banking system looks like this: "Do you trust the banks or financial institutions in your country?" In his statement Giorgi Kadagidze speaks about the results

based upon the answers to this simple question.

According to the study conducted in 135 countries of the world in 2012, the average trust rate in the banks in European Union member states is 37%. Some of the lowest trust rates in banks were recorded in Spain, Ireland and Greece.

According to the 2013 data

of Gallup’s study published by prosperity.com (see the previous link, pg. 45), Georgia does indeed hold the third place in Europe by the trust rate in its banks and financial institutions. Norway was a leader in this component with 80% in 2013 whilst Malta holds the second place with 78.7%. The level of trust in banks in Georgia was 76.5% in 2013.

Table 1:

Trust Rate in Banks and Financial Institutions in Europe (2013 data)

Country Trust Rate
Norway 80%
Malta 78.7%
Georgia 76.5%
Finland 70.1%
Luxembourg 69.3%
Albania 69.2%
Macedonia (FYROM) 63.5%
Estonia 62.2%
Denmark 58.3%
Belarus 57.4%
Sweden 56.9%
Poland 55.8%
Czech Republic 54.5%
Slovakia 53.1%
Switzerland 50.4%
Austria 49%
Montenegro 46%
Netherlands 44.2%
Bosnia and Herzegovina 43.3%
Croatia 42.7%
Moldova 42%
Bulgaria 40.5%
Portugal 40.3%
Cyprus 40.1%
Russia 39.9%
Germany 39.3%
Slovenia 37.1%
Belgium 37.1%
Latvia 36%
Romania 35.1%
France 33.3%
Lithuania 31.6%
Ukraine 31.6%
Serbia 31%
Hungary 29%
UK 27.7%
Italy 20.6%
Spain 18%
Iceland 17%
Ireland 16.2%
Greece 14%
Source: Gallup / prosperity.com


According to the study conducted by Gallup in 2013, the trust of depositors in the banking system in their country is quite low in certain European countries. For example, in Greece it is 14%, Ireland – 16.2%, Iceland – 17% and Spain – 18%. The trust rate in banks and financial institutions in Georgia is 76.5%. With this data our country holds the third place in Europe after Norway (80%) and Malta (78.7%).

Hence, FactCheck concludes that Giorgi Kadagidze’s statement: Our banking system is one of the best in Europe by the trust rate of depositors, is TRUE.

Editor's note: The initial version of this article was published on 10 June 2015. Initially, FactCheck only managed to obtain Gallup’s 2012 study data according to which Georgia held the sixth place in Europe by the level of trust in banks and financial institutions. Hence, FactCheck rated Giorgi Kadagidze’s statement to be MOSTLY TRUE. After the publication of the article we were contacted by the National Bank of Georgia and given more specific sources of information; namely, the study’s newer 2013 data according to which Georgia does indeed hold the third place in Europe. We looked into the study indicated by the National Bank of Georgia, took into account the statistics provided therein and, hence, corrected the article, changing our verdict accordingly as well.