By way of explanation, as of December 2014, total household debt was about NIS 433 billion. About 94 percent of that debt is to the banking system and credit card companies. Over time, and following the adoption of technological improvements and alternative instruments, additional entities began operating and specializing in various components of financial intermediation.
These entities include the nonbank financial system, which provides credit through financial entities such as pension funds and insurance companies. Despite the fact that these entities are part of the institutional system and are subject to a regulatory and supervisory system, they still differ from the banks mainly in their access to liquid government sources.