"We are going through one of the most challenging periods in terms of the state of the global financial markets."
Governor of the Bank of Israel Stanley Fischer has called for the supervision of the banks, insurance companies and provident funds to be united under a single regulatory framework operating under the auspices of the Bank of Israel.
Speaking at "The Marker" capital markets conference Fischer said, "In Israel's case, the conclusion is that the supervision of financial institutions - banks, insurance companies, provident and pension funds - should be united and become part of the Bank of Israel." He continued, "We are going through one of the most challenging periods in terms of the state of the global financial markets - and I mean the global financial crisis. The crisis is not yet over, but it is already throwing up important questions that everyone, especially regulatory authorities, must address. We can say that as a result of the financial crisis, the conclusion reached by almost all the financial institutions that have already analyzed it is that we need to significantly expand and strengthen the role central banks play in regulating financial institutions."
Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2008
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