World Bank Approves Bank of Israel’s Membership in the International Committee on Credit Reporting

World Bank Approves Bank of Israel's Membership in the International Committee on Credit Reporting
World Bank Approves Bank of Israel's Membership in the International Committee on Credit Reporting

In a momentous development, the World Bank has officially approved the Bank of Israel’s membership in the prestigious International Committee on Credit Reporting (ICCR). This approval comes as a result of a unanimous voting during the winter meeting of the ICCR in November 2022, cementing the Bank of Israel’s position as a member of the esteemed global committees on credit reporting. The ICCR, established in 2009 with the backing of the Bank for International Standards (BIS), plays a pivotal role in creating international credit reporting standards and includes distinguished representatives from central banks and private financial regulators worldwide.

Chaired by the esteemed Jean Pesme, the ICCR’s primary objective is to formulate international credit reporting standards, setting a comprehensive framework for the industry. The committee’s membership comprises representatives of central banks from around the globe, alongside private financial regulators, fostering a collaborative approach to address pertinent issues in the credit reporting landscape.

As part of its broader mission, the ICCR takes a forward-looking approach, striving to achieve consensus on policy aspects that safeguard public interests concerning credit reporting. By dedicating resources to develop papers, reports, guidelines, and other relevant materials, the ICCR aims to support the effective implementation of general policies within its international agreed framework.

The Bank of Israel’s accession to the ICCR was a result of a meticulous process, initiated in November 2022 and culminating in the World Bank’s official approval following the ICCR’s spring session in June. This significant milestone strengthens the Bank of Israel’s role in shaping international credit reporting practices and reinforces the nation’s commitment to global financial cooperation.

Founded in 1954, the Central Bank of Israel plays a pivotal role in the nation’s financial landscape, striving to maintain financial stability, promote economic growth, and ensure a robust financial system. Led by Governor Amir Yaron and Director General Shulamit Geri, the Bank of Israel is an essential pillar of the country’s economic and monetary policies, contributing to Israel’s continued growth and development. With the latest approval, the Bank of Israel is now poised to actively contribute to the ICCR’s endeavors in creating globally accepted credit reporting standards and further advancing the interests of public and financial stakeholders worldwide.