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Israel's Knesset Approves Bill to Lower Credit Costs
Israel's Knesset Finance Committee approved an amendment allowing credit card companies to issue publicly traded "CoCo" bonds, similar to banks. This change is expected to reduce borrowing costs for these companies, potentially leading to lower interest rates for consumers and businesses.
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What happened
- 01Israel's Knesset approved an amendment to lower borrowing costs for consumers and businesses.
- 02Credit card companies can now issue publicly traded "CoCo" bonds, previously restricted to banks.
- 03The change is expected to save companies like Max and Isracard millions of shekels annually.
- 04The amendment aims to increase competition between banks and credit card companies.
- 05Lower consumer loan rates are a potential outcome but not guaranteed by the new law.
The amendment addresses a loophole from a 2017 reform and is anticipated to save companies like Max and Isracard millions of shekels annually. While welcomed by the industry, the actual reduction in consumer loan rates is not guaranteed and will depend on market factors.
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