The Bank of Israel has extended
Industrial Development Bank (TASE:
) an NIS 2 billion credit line.
Bank of Israel governor David Klein approved the credit line on Monday.
The credit expires on May 10, 2003, or when the bank sells its banking operations, whichever comes sooner, Klein stipulated.
Klein also retains the right to demand that the credit be returned beforehand, and to stop Industrial Development Bank from exploiting it in full.
In return the Bank of Israel received a lien on Industrial Development Bank's assets, excluding assets exempted from the arrangement by mutual agreement.