Bank Discount Won’t Meet Deadline on Doubtful Debts
Written by: Aaron Katsman | March 10, 2009
For the second time in 5 months The Israeli Bank Discount ha ssaid that it won’t meet Bank of Israel deadlines on ‘doubtful debt.’
According to a Globes report: “Israel Discount Bank (TASE: DSCT) has notified the Bank of Israel that it will not be able to implement the Banking Supervision Department’s new guidelines on doubtful debts. The requirements are outlined in the circular, “Measurement and disclosure of doubtful debts, credit risk, and provisions for credit losses”. The article continues, “In the financial report for the third quarter of 2008, published in November, Discount Bank said, “Despite many efforts and resources devoted to the subject, concern arises that the bank will not be able to complete its preparations by the date set.” This concern is now being realized. So far, Discount Bank is the only bank to state that it will not meet the timetable. ”
The bank refused to comment but it makes you wonder why they are the only ones having trouble adhering to the new regulation?
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