Regulatory Alerts2024-12-31
Adjustments to Proper Conduct of Banking Business Directives for the Swords of Iron War
The Banking Supervision Department of the Bank of Israel has extended the validity of temporary regulatory reliefs for banking corporations and payment service providers to mitigate the economic impact of the Swords of Iron War. The directive grants a six-month extension to credit risk management reporting requirements under Directive no. 311, allowing banks to accept delayed financial statements from borrowers, while cancelling specific sections that no longer require relief. These amendments, effective January 1, 2025, remain valid until December 31, 2025, with certain provisions tied to the expiration of related planning regulations and customer assistance frameworks.
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