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March 2009

  • Better Protection for the Publics Savings

    The Capital Markets Division Presented Today the Measures that are Being Planned for 2009 in the Area of Pension Savings
    Pension Savings

  • Success for the Ministry of Finance and Unprecedented Expression of Confidence in Israel's Economy

    Accountant-General Completes Overseas Offering of Ten-Year Bonds in Record Amount of USD 1.5 Billion, at 5.19% Yield

  • Tenders for Ashalim Thermo-Solar Power Stations Published

    The interministerial tender committee for the construction of solar power stations at the Ashalim site in the Negev region, headed by Senior Deputy Accountant General Avi Dor, has published two tenders for the construction, operation, maintenance, and transfer to the state of two thermo-solar power stations, for the production of up to 220 MW of electricity. The seven contending groups that passed the early screening stage were invited to participate in the bidding stage of each tender. Supplements to the tender documents, such as the franchise agreement, license, and agreement for sale to the Israel Electric Corporation, will be published later this month...

  • Banks Sent in Bids Worth Over USD 1 Billion; Auction Closed at Interest Rate Lower than LIBOR

    The first foreign-currency deposit auction held this afternoon by the Accountant General drew high demand. All banks that are market makers submitted bids, at a volume of over USD 1 billion. The auction closed at an average interest rate of 2.08% (below the LIBOR rate), at an amount of USD 140 million. The deposit is for a period of one year. The Ministry of Finance plans to hold additional auctions in the near future....

  • Leverage Tender Succeeds: Winning Group to Establish a NIS 2 Billion Fund

    The first tender for the establishment of a ''leverage fund'' was a success. The Bereshit Group, headed by Emmanuel Wasserman, Ran Grodetzky, and Tzuri Lavi, won the tender, which ended last Thursday, by raising the largest amount from institutional entities. The government has made a commitment to invest NIS 500 million in the fund, and the Bereshit Group was able to raise NIS 1.5 billion from the institutional entities. Thus, the first leverage fund will have over NIS 2 billion under management...

  • Accountant General Approved Insurance for Export Deals Worth USD 1 Billion through Ashra in Last Three Months

    Ashra is a company under full government ownership that insures Israeli exporters against default on payments by buyers who order transactions and services overseas, thus enabling the execution of Israeli export transactions using medium- and long-term credit. The deals are insured based on state guarantees that allow the company to offer insurance to manufacturers...

  • The Return of the Scientists: Over 100 Researchers Previously Employed at Academic Institutions Overseas were Hired by Israeli Universities this Year

    Data of the Planning and Budgeting Committee (PBC) of the Council for Higher Education indicate that during the 2008-2009 academic year, research universities in Israel hired 104 ''returning scientists'' formerly employed by academic institutions around the world. These are professors and researchers who began their careers at higher-education institutions in Israel, and chose to leave the country for job offers from the world's leading institutions. All of the returning academics were hired for newly budgeted positions and assigned ranks based on their experience, from Lecturer to Full Professor...

  • Measures Being Taken Regarding the Pension Savings Market Following the Global Crisis

    In recent months we have been witnessing the occurrence of an intense global economic crisis which has been affecting the economies worldwide. The combination of a financial crisis and the crisis in the real economy has led to sharp declines in the financial markets, a contraction in the supply of credit, increased levels of unemployment and a reduction in the wealth held by the public. All these have been felt throughout the world and, inevitably, in Israel as well.

February 2009

  • Finance Ministry Proposes Solution for Large Foreign-Currency Liquidity Balances in the Financial System: Financial Entities Will be Able to Deposit Foreign Currency with the Accountant General

    The Ministry of Finance has proposed an innovative solution to help the financial system contend with its high liquidity balances in foreign currency. Accountant General Shuky Oren plans to allow deposits of the domestic financial system's foreign-currency balances in designated deposits with the Accountant General. The deposits will be performed through several auctions held to set the interest rate generated by the deposits...

  • Finance Ministry to Fund Cinema Industry at NIS 335 Million

    Yesterday, representatives of the Ministry of Finance, the Ministry of Science, Culture, and Sports, and the Cinema Council signed an agreement concerning the cinema budget, under which the cinema industry will receive NIS 335 million in funding in 2009-2013, or NIS 67 million each year...

  • Finance Ministry Provides Banking System with NIS 6 Billion in State Guarantees for Capital Raising

    Today, Accountant General Shuky Oren delivered the format of the state guarantee documents to be provided to the banking system, at a volume of NIS 6 billion. The state guarantees will be offered to the banks for issues of subordinated notes, which will be recognized by the Supervisor of Banks as upper secondary capital...

  • Economics Committee Approves Finance Minister's Regulations Restricting Conflicts of Interest in Managing the Public's Savings

    Today, the Knesset Economics Committee approved the regulations submitted by Minister of Finance Roni Bar-On concerning buying and selling of securities and buying of securities in specific offerings. The regulations approved today prevent institutional entities (provident funds, pension funds, and insurance companies) from conducting brokerage activities (buying and selling securities) through ''stock='' '' exchange='' '' members='' '' '' (stock exchange members carry out securities trading activity on behalf of the institutional entities) belonging to the same group. For example, a particular provident fund will not be permitted to buy securities through brokers belonging to its group or related to it through various types of ownership ties. The Economics Committee further approved regulations limiting the rate purchased out of offerings of groups of institutional entities related to the underwriters or distributors participating in these offerings...

  • Finance Ministry Offers Hundreds of Millions of Shekels in Aid to the High-Tech and Biotech Industries

    Today, Minister of Finance Roni Bar-On announced an aid plan for the high technology and biotechnology sectors, making hundreds of millions of shekels available to the Chief Scientist and for the establishment of a special biotech investment fund. The plan, formulated in collaboration with the Ministry of Industry, Trade, and Labor, the Chief Scientist, and experts in high-tech investments, constitutes an additional element of the third stage of the Finance Ministry's acceleration plan...

January 2009

December 2008

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