For all these reasons, many banks still need to optimise their business models – for instance, by diversifying their funding sources or by giving up business units whose risks cannot be managed effectively. Those banks that cannot adapt swiftly enough to changing conditions should exit the market.
There is no need for me to introduce the previous governors, but nonetheless, it is important not to take for granted their achievements, which placed the Bank of Israel at the forefront of economic activity in Israel and in central banking worldwide, and strengthened the Israeli economy, its stability and its robustness.