MK Oded Forer accuses banks of exploiting crisis to hike interest rates

MK Oded Forer (Yisrael Beytenu) accuses banks of exploiting coronavirus crisis to hike interest rates

Arutz Sheva staff ,

MK Oded Forer
MK Oded Forer
Hillel Meir/TPS

MK Oded Forer (Yisrael Beytenu), chairman of the Knesset's provisional Finance Committee, opened the Committee’s debate on Monday with an attack on bank directors.

“The banking system is stable but those who head it are using the [coronavirus] crisis to take advantage of small businesses and the self-employed, by raising interest rates,” Forer said.

He noted that, “The government will not let the banks collapse, but regular citizens and small businesses are in danger of collapsing due to the way in which bank directors are behaving.”

“This is the time for bank directors to come down from their ivory towers, trim their excessive salaries, and reverse this rate hike,” he added.

Forer stressed that his criticisms were directed at the government and the bank regulators, as much as at the banks themselves. “I make these allegations not only against the banks’ directors, but also against the regulators. The relevant government authorities need to take firm action in order to guide the nation through this crisis, and to prevent the exploitation of citizens and small businesses.”



top