August 29, 2014 11:36 PM ET

Diversified Financial Services

Company Overview of Bank of Israel

Company Overview

Bank of Israel operates as the central bank of Israel. It engages in regulating and directing monetary policy; providing economic advice to the government; monitoring and assessing foreign currency market, and managing the foreign exchange reserves; monitoring and analyzing foreign exchange activities; and promoting financial stability. The company also operates as a banker of the government and banks; represents Israel in international institutions; and involves in banking supervision and currency issue activities. Bank of Israel was founded in 1954 and is based in Jerusalem, Israel with a branch in Tel Aviv.

Bank of Israel Street

PO Box 780

Jerusalem,  91007

Israel

Founded in 1954

Phone:

972 2 655 2211

Fax:

972 2 652 8805

Key Executives for Bank of Israel

Director General and Chairman of Search Committee
Governor
Head of Monetary & Finance Division and Member of Management Board
General Counsel
Deputy Governor
Compensation as of Fiscal Year 2014.

Bank of Israel Key Developments

Bank of Israel Announces Earnings Results for the Full Year of 2013

Bank of Israel announced earnings results for the full year of 2013. For the year, the company reported net loss rose seven-fold in 2013, due to the appreciation of the shekel against the currencies in which the foreign exchange reserves are held. Net loss rose to ILS 8.6 billion in 2013 from ILS 1.2 billion.

Dan Propper to Step Down as Chairman of the Bank of Israel's Supervisory Council

The Chairman of the Supervisory Council at the Bank of Israel, Mr. Dan Propper announced his decision to step down from his position as Chairman of the Supervisory Council and from membership on the Council. Propper served as Chairman of the Supervisory Council since it was appointed in October 2011. Propper will remain in his role until a replacement is found. The appointment of Supervisory Council members, including the chairman, is carried out by a candidate search committee, headed by Judge Winograd, and after a process of examining the eligibility, conducted by the Appointment Review Committee, the appointment is brought to the Government for approval.

Bank of Israel Announces Board Changes

Bank of Israel announced that they have decided to appoint Adv. Ilan Steiner as Head of the Currency Department at the Bank of Israel and member of the Bank's management. The Currency Department's role is to issue, regulate, and guide the currency system and to ensure an orderly supply of cash to the economy. Mr. Steiner, who served until recently as Senior Vice President for Human Resources and Administration at the Israel Antitrust Authority, will begin his role on March 1, 2014. In September 2013, in light of the planned retirement of Mordechai Fein, the Governor appointed a search committee to fill the position of Head of the Currency Department. The committee was headed by the Bank of Israel's Director General, Mr. Hezi Kalo. Adv. Steiner was recommended for the position by the committee, which interviewed tens of candidates both within and from outside the Bank. Ilan Steiner joined the legal department of the Israel Antitrust Authority in 2002. Beginning in 2007, he served as senior advisor to the Head of the Antitrust Authority and director of external relations and spokesperson. In 2011 he was chosen as Senior Deputy Director General for Human Resources and Administration. In that position he led a series of processes to strengthen the Authority, including a restructuring, an increase in the workforce, and the establishment of the competitiveness division. Adv. Steiner earned a degree in Law and a graduate degree in Law and Economics from the University of Haifa, and is currently completing his Doctoral thesis on corporate responsibility.

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