November 27, 2018 / 10:25 AM / 19 days ago

Bank of Israel to start work on financial stability committee

JERUSALEM, Nov 27 (Reuters) - The Bank of Israel said on Tuesday a high-ranking committee to monitor the stability of the country’s financial sector would meet for the first time in the coming months after receiving approval this week by the government.

The panel, headed by the central bank governor, will oversee Israel’s financial institutions, ensuring regulators are better coordinated and providing “an important layer” in safeguarding stability, the bank said.

The International Monetary Fund had recommended Israel establish the committee after the global financial crisis. The move was strongly supported by Karnit Flug, who was central bank governor until two weeks ago.

The Bank of Israel said in a statement it will start intensive work to set the priorities for the committee, which will include senior officials from the Finance Ministry and the Securities Authority in addition to the central bank. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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