The appointment of a new Supervisor of Banks has restarted the bill in the Knesset.
The front against the banks is widening. A bill requiring banks to pay interest on positive balances in customers' checking accounts will move forward. The bill's backers, former Knesset Economic Affairs Committee chairman MK Ofir Akunis (Likud), Knesset Finance Committee chairman MK Moshe Gafni (United Torah Judaism), and Finance Committee whip MK Zion Pinyan (Likud), have summoned incoming Supervisor of Banks David Zaken for a first meeting at the Knesset to obtain his position on the bill, and to tell him that they were pressing ahead with it. The meeting is due to be held on Monday.
The bill was submitted at the start of the 18th Knesset's term, but then-Supervisor of Banks Rony Hizkiyahu opposed it, and sought a compromise to render it redundant. Akunis and Hizkiyahu reached a deal in which Bank Hapoalim (TASE: POLI) would offer to offset overdrafts, and Bank Leumi (TASE: LUMI) would offer to pay to interest on positive balances in checking accounts of up to NIS 5,000.
When the compromise was being worked on, Akunis said that the voluntary agreements with the banks would be reviewed to see if they achieved their objectives.
Published by Globes [online], Israel business news - www.globes-online.com - on January 26, 2011
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