I respectfully submit the 2015 Annual Report to the members of the Banks’ Clearing House pursuant to Part A, Chapter 101, Section E of the Clearing House Rules.
The year 2015 was challenging and interesting. Among other things, this year we dealt with the merger of several Settlement Participants; prepared for implementation of the Electronic Check Clearing Law; incorporated the clearing of Diamond Denominated Accounts into the Clearing House Rules, and established a permanent subcommittee on this issue; and we made changes in various work procedures.
I would like to commend the Settlement Participants’ preparations this year for the mergers of several banks. These bank mergers were not originally included in the work plans for the year, but were concluded successfully at the busiest times of the year (in September, a month of holidays around the Jewish New Year, and in December, concurrent with preparations for the end of the Gregorian calendar year), while meeting extremely tight deadlines. Settlement Participants’ responsiveness and preparations for the mergers, with the given timetable, are a testament to the productive collaboration and mutual assistance that characterize the relationship among Clearing House Committee members.
Also in the past year, the Bank of Israel and the banks that are Settlement Participants invested extensive efforts to promote the legislation of the Electronic Check Clearing Law, and indeed, on June 6, 2015, the bill was approved by the Knesset in the first reading, and on February 10, 2016, the Law was published in the Official Gazett, Reshumot. At the same time, throughout 2015, we energetically continued to prepare for the implementation of the Law, from both a technological and business perspective—including the establishment of an image transmission communications network, planned changes in the banks’ systems, and planned amendments to the Clearing House Rules. This project is a significant challenge for us all, and I am confident that we will meet this challenge successfully in line with the timetable set in the Law.
The professionalism, diligence, and collaboration that characterize the work of the Clearing House Committee and its members are essential for promoting the issues that require attention in forthcoming years. Together we will be able to implement reforms and promote fundamental changes of significance for the Israeli economy as a whole and for the Banks’ Clearing House in particular.
With thanks and appreciation,
Banks’ Clearing House Committee Chairperson