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The Bank of Israel attributed great importance to the examination being conducted by the State Comptroller and Public Complaints Commissioner.  Among other things, the fact that the addition of Section 36a(d) of the Banking (Licensing) Law, which sets forth that the Committee is an audited body, was initiated by the Bank of Israel as part of amending the Law in 2012 is evidence of this.

The Supervisor of Banks has carefully considered the enquiries of the Public Complaints Commissioner, and has met the Chairman of the Committee for Appointment of Directors at Banking Corporations—retired Judge Ayala Procaccia—and with representatives of the public on the Committee, and has received their comments.  The Supervisor has assessed the possible ramifications that may arise should the Comptroller’s examination find, at the end of the process, that the defects he has indicated in his letter to the Committee have in fact taken place.  The Supervisor has also assessed the damages that may be caused by delaying the meeting, including to the on-going functioning of Bank Leumi and the Committee for the Appointment of Directors.  After taking into account all considerations, the Supervisor believes that it would not be proper to delay the meeting.

The Supervisor emphasized in his response to the enquiries from the State Comptroller and Public Complaints Commissioner that holding the meeting on time does not obviate the need for continuing the examination and deriving conclusions from its findings as necessary.