Professor Zvi Eckstein Deputy Governor of the Bank of Israel

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Presentation transcript:

Professor Zvi Eckstein Deputy Governor of the Bank of Israel Israel’s Capital Market Reforms – Achievements and Challenges Ahead Professor Zvi Eckstein Deputy Governor of the Bank of Israel Feb. 27, 2008

The Structural Reforms in the Financial System A gradual process aimed at decreasing the government’s intervention in the economy, integrating the economy into global markets and increasing competitiveness in the domestic economy Results: Development of financial markets and sophisticated financial tools Diversification of the public’s asset portfolio Increased competition, liquidity and tradability in the markets

The Bachar Reform (2005) The primary goal of the reform: Reducing the concentration in the financial system and the share of the banks in the management of savings and provision of credit The primary measures of the reform and its results: Transfer of the management of mutual funds and provident funds to non-bank financial institutions Increased competition in the management of public savings and the provision of credit.

The Banking System and Financial Companies after the Reforms Supervision: Increased risks outside of the banking system and increased need for cooperation between supervisory authorities Competition and efficiency in the financial sector: Low competition, especially with respect to retail banking Most of the activity in demand deposits, credit cards, mutual funds, custody of securities and loans is concentrated in the largest two banks There is a need to develop advanced financial instruments and safe mechanisms for the transfer of funds

Increased Competition in the Retail Banking System Main components: Commissions Law (2007): reducing the number of commissions by about two-thirds, reducing transfer costs between banks, etc. Increased competition in banking services: Marketing of mutual funds on the Internet Money market funds and money market funds for payments Establishment of a virtual bank

Increased Efficiency and Competition in the Money Markets Development of a settlement system (ZAHAV-RTGS) and participation in CLS REPO Securitization Market for interest rate futures (Telbor)

Thank you!