Flug sets out ‘change in philosophy’ on new banks
Bank of Israel governor sets out measures adopted to make it easier to start a bank from scratch
Karnit Flug, the governor of the Bank of Israel, has set out the reasons why the central bank is now promoting the creation of new banks, acknowledging it constitutes a "change in philosophy".
The banking supervision department is promoting a "lenient outline to establish new banks from scratch", Flug said on June 15. This includes lowering capital requirements compared with past practices and promoting joint infrastructure.
Other efforts include making it easier to obtain a banking licence and
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