Finance Minister Bezalel Smotrich on Wednesday harshly criticized the banking system during a discussion on the banking reform in the Public Enterprises Committee.
In his remarks, the minister accused the banks of exploiting market concentration and providing insufficient support to reserve soldiers and businesses during the war.
During the discussion, led by MK Ohad Tal, Smotrich compared the public's mobilization for the war to the behavior of the banks: "When all of Israel stepped up during the two years of war, and reserve soldiers left everything behind, rushed to the frontlines, and some returned in coffins with flags - you weren’t there."
He added, "You didn’t step up, even though you could have, after making huge profits, some of which you received not because of your own efficiency but due to the interest rate hikes by the Bank of Israel."
Smotrich specifically criticized the treatment of self-employed individuals serving in the IDF's reserves: "What would have happened if you had taken a bit more risk and provided a bit more support to businesses during the war? You sent reserve soldiers who are self-employed through hell when they asked for state-backed loans."
According to Smotrich, the concentration in the banking system enabled such behavior.
"For years you’ve said that it’s good you’re strong so there is someone who can hold the economy together in a crisis, but other than marketing gimmicks and Israeli flags in newspaper ads - you weren’t there."
"You didn’t step up to the economic frontlines, and I say this with pain. This happened largely due to the concentration because you could afford it," he concluded.