Bank of Israel joins the International Committee on Credit Reporting (ICCR)
Jul 13, 2023
Tel Aviv, July 13 (ANI/TPS): In November 2022, at the winter meeting of the International Committee on Credit Reporting (ICCR), a vote was held among the Committee’s members, and it was decided unanimously to approve the Bank of Israel’s accession as a member of the organization.
Since November, the World Bank has taken internal steps to approve the Bank of Israel’s membership, and following the convening of the spring session of the Committee in June, the World Bank issued an official approval for the Bank of Israel’s accession.
In May 2009, the World Bank established an international task force, supported by the Bank for International Settlements (BIS), to create international credit reporting standards. The Committee includes representatives of central banks around the world and private financial regulators. The Committee supports a broad, forward-looking, approach to issues in the world of credit reporting, achieving consensus regarding policy aspects that affect the public interest. Member countries implement the most advanced international standards with regard to credit reporting and credit data sharing.
The Committee sets out recognized international credit reporting standards. Among other things, it is responsible for processing articles, analyzing reports, writing guidelines and other relevant materials to help the proper implementation of the general principles, and identifying other considerations that will help build those general principles in the international credit system. It also devotes resources to developing and expanding various fields to help in building the general principles.
Bank of Israel Director General Shulamit Geri said, “The Bank of Israel’s accession to the ICCR is professionally very important, and will contribute to the Bank of Israel in general, and to the Supervisor of Credit Data Sharing in particular, with regard to setting policy, sharing information, and consulting with international entities on matters such as regulation and supervision, in order to better advance and develop the financial field in Israel, and particularly to advance competition in the credit market.” (ANI/TPS)
