As we promised you, following our investigation that the banks did not really reduce mortgages to the public after the Bank of Israel’s decision to allow the public to take mortgages in a mix of up to two thirds in the prime route, we turned to the Bank of Israel and asked why the bank is silent So that the discount that the bank promised will indeed reach the public.
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According to the bank’s original statement, the reduction for the public was to be reflected in about NIS 500 a month in mortgage repayments, which in practice – does not happen. The banks, as expected, simply raised interest rates both in the prime track and in the other tracks and erased the central bank’s move.
In a message he now delivered, The Bank of Israel confirms the findings we published here on BizPortal And says that “preliminary indications from the area transferred to the bank, as part of the ongoing monitoring, indicate that the abolition of the prime limit has not been rolled out at a sufficient level, so far, for the benefit of consumers.”
According to the announcement, “In discussions held at the Bank on the subject last week, the Governor of the Bank of Israel, Prof. Amir Yaron, instructed the Bank’s professional staff, led by the Supervisor of Banks, to examine and formulate relevant policy measures.” Banks for the benefit of mortgage takers. The governor stressed that he expects the relief to be reflected in a significant reduction in customer payments. this”
In the Finance Committee last week, Governor Yaron said: “The issue of the mortgage mix is important. We have changed it and we are in the process of forming. There is a transition process here that will only intensify as soon as the issue of cycles enters it, in some we see improvements in some not. I am very unhappy with the non (from what has happened so far), and I look forward to more. If we do not see it, we will continue to challenge the banking system. ”
We will now have to see whether the implicit threat of the Bank of Israel will actually materialize on the ground and the banks will pass on the reduction to the public. We will continue to follow.
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