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1 Nov 2013

Who Profits

Financing the Israeli Occupation: The Current Involvement of Israeli Banks in Israeli Settlement Activity

[Business & Human Rights Resource Centre invited the banks mentioned in the report to respond. Response by the Association of Banks in Israel provided] Who Profits'...report reveals that all the Israeli banks are still heavily involved in financing Israeli settlements, providing services to settlements and financially supporting construction projects on occupied land...Who Profits' research identified six categories of involvement of Israeli banks in the occupation...1.Providing mortgage loans for homebuyers in settlements...Leumi Bank provides mortgages for homebuyers in the settlements of Zufim, Ariel and Beitar Ilit; Mizrahi-Tefahot bank provides mortgages for homebuyers in the settlements of Ariel, Beit Arye (Ofarim), Beitar Ilit, Imanuel and Modi'in Ilit 2.Providing financial services to Israeli local authorities in the West Bank and the Golan Heights...Dexia Israel also provided a loan for waste management systems in the settlement of Bat Ayin, and a guarantee for a project of the Israeli Ministry of Defense to install lighting around Kdumim settlement...Gush Etzion regional council receives its State funds through Dexia Israel...3.Providing special loans for construction projects in settlements...Hapoalim and Leumi banks acted as a guarantor and loan maker to major construction companies such as Heftziba and Shikun & Binui...that built projects in the settlements of Ma'ale Adumim and Har Homa. These banks also guarantee the state loans to companies that built the Light Rail in Jerusalem...4.Operating branches in Israeli settlements...5.Providing financial services to businesses in settlements...6.Benefiting from access to the Palestinian monetary market as a captured market