Bank heads warned about the reform. Smotrich rebuked: Where were you in Oslo?

February 14, 2023   

Finance Minister Bezalel Smotrich met today (Tuesday) with the CEOs and chairmen of banks in Israel as part of an introductory meeting with members of the Banks Association - and reprimanded them for their statements against the legal reform. The meeting was attended by the Supervisor of Banks, Yair Avidan, as well as Bank Hapoalim CEO Dov Kotler, Bank Hapoalim Chairman Reuven Krupik, Bank Mizrahi Tefahot CEO Moshe Lari, Bank Mizrahi Tefahot Chairman Moshe Widman, Bank Discount CEO Uri Levin, Bank Discount Chairman Shaul Kobrinsky, International Bank CEO Smadar Barber Tzadik, International Bank Chairman Ron Levkowitz, Bank of Jerusalem CEO Yair Kaplan, HSBC Bank Israel CEO Michael Israel, and Banks Association CEO Eitan Madmon. According to a report on Channel 12, some of those present warned Minister Smotrich about possible damage to the economy following the legal reform. In response, the minister told them: "Your job is to calm the discourse. You have a responsibility as bank managers. I don't remember you expressing concern during the Oslo Accords or the evacuation from Gush Katif." The meeting discussed the economic issues at hand. The bank heads presented an up-to-date picture of the situation and discussed trends in the real estate market. Finance Minister Bezalel Smotrich: "We will bring a responsible, growth-oriented budget that will include many reforms, we will not break through the budget frameworks and there will be no coalition finances in exceptional volumes. The best thing we can do today for the Israeli public is to lower inflation. The economy is a world of expectations and the goal of all of us is to calm the discourse in the country. Israeli society is strong, the State of Israel will get through this crisis. The Israeli economy is strong, also look at it in comparison to other economies. "The macroeconomic data of the Israeli economy is exceptional, not only our forecasts, but also those of the IMF and international institutions, and also compared to other countries. In a world of instability, the State of Israel should be an island of stability.".