The first meeting of the Financial Stability Committee was held today, April 1, 2019. The Financial Stability Committee was established pursuant to Chapter Eleven—1 of the Bank of Israel Law, 5770-2010, following the completion of the legislative process in the Knesset in November 2018. In accordance with the law, the Committee will work toward the goal of supporting the stability and orderly activity of the financial system.

At the meeting, each Committee member presented their perspective on the Committee’s future work procedures.

The members of the Committee agreed that its establishment is an important pillar in maintaining financial stability for the welfare of Israel’s citizens. The Committee members are of the opinion that it is important to have a systemic view of the financial risks and close coordination among financial regulators and the stabilizing entities.

In accordance with the law, the Committee includes Governor of the Bank of Israel Prof. Amir Yaron (Chairperson), Ministry of Finance Director General Mr. Shai Babad (Vice-Chairperson); the Deputy Governor; Ministry of Finance Accountant General Mr. Rony Hizkiyahu; Supervisor of Banks Dr. Hedva Ber; Commissioner of the Capital Market, Insurance and Savings Dr. Moshe Bareket; Bank of Israel Head of Payment Systems Oversight Ms. Irit Mendelson; Israel Securities Authority Chair Ms. Anat Guetta; and National Economic Council Head Prof. Avi Simhon as an observer.