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SILVERWARE
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Cabinet Plan
Aids Banks

Jerusalem (JTA) — Israel's
Cabinet has approved
sweeping reforms to make
the country's banking in-
dustry more competitive and
to curtail the power that
Israel's four major banks
wield over the economy.
According to the new
regulations, which are ex-
pected to win approval by
the Knesset, the banks
would be forced to cut their
share of holdings in non-
banking companies to a
maximum of 25 percent and,
in some cases, to sell off sub-
sidiary banks.
The regulations also would
bar pension and mutual
funds from owning stock in
the banks that manage them
and would separate
management of the pension
funds from the parent banks.
The plan calls for the
government to establish a
trusteeship to hold its shares
in each of the banks it owns •
to avoid their nationaliza-
tion, which otherwise would
occur next fall.
The government in effect
took control and ownership
of the banks following a $7
billion bailout in the 1980s,
a fiasco that lies at the heart
of the current efforts to
reform the system.
Israel's four major banks,
which continue to be
operated by their original
owners, control 92 percent of
Israeli banking assets. They
are Bank Hapoalim, Bank
Leumi, Israel Discount Bank
and United Mizrachi Bank.
The reforms, announced
last week by Finance Min-
ister Avraham Shohat and
Bank of Israel Governor
Jacob Frenkel, are opposed
by the banks, which claim
the measures would hurt
their international com-
petitiveness and their abil-
ity to promote new in-
vestment.
By contrast, all of the
Cabinet ministers supported
the plan, with the exception
of Economic Development
Minister Shimon Shetreet,
who said the proposed
reform do not go far enough.
Two minor amendments to
the plan were made by the
Cabinet. One of the amend-
ments would require the fi-
nance minister to report to
the Cabinet every six mon-
ths on the pace of the
reforms and the sale of the
banks.
A second change would
grant the finance minister
the power to fire the banks'
trustees.

$1799

KING PIER GROUP
Includes a 72" dresser or 72" armoire

Includes mirrored back & light bridge
Price reflects solid colors matte or gloss

LOW OVERHEAD — NO FANCY SHOWROOM

Because of this we are able to offer our quality merchandise directly to
the consumer and pass the savings of up to 60% to You!

BEDROOM SETS • DINING TABIB • ENTERTARNMEN'T CENTERS • COCKTMI, SOFA, END TABLES
CHOOSE FROM INS OF COLORS - GLOSS, MATTE &TEXTURED

Laminate Furniture Manufacturer Is Now Open To The Public!

HOURS:

Mon. &Tues. - CLOSED

Wed. -Sat.,10-7
Sun., 12-4

c7VorthlisZod gevrelerc54

FURNITURE OUTLET

2599 Crumb Rd., Commerce Twp. • 669-0066

ellesse.

A•A.

SAVE 25%-60%
EVERYDAY

ON THE FOLLOWING
NAME BRANDS

CALL FOR PRICES

•REED & BARTON
*TOWLE
•LUNT
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•INTERNATIONAL
•ONEIDA
•DANSK
•JEAN COULON
•YAMASAKI
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• RETRONEAU
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• MIKASA
• HUTSHENREUTER
• WEDGEWOOD
• ROSENTHAL
• BLOCK
• SPODE

See our collection of
14 & 18K engagement rings,
latest styles with
baguette diamonds.

ALL ON SALE

Northw6od
geWelerc5

EST. 1947

mother's day sale!!

ittirt;

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to honor

go I 1 & tennis moms,

tennis time offers:

20%-30% oft on

elle sse

THE BRIDAL STORE

=2602 N. Woodward
at 121/2 Mile Rd.
Royal Oak
549-1885

Hours: Tues. & Wed. 10-6, Thurs. 10-7
Friday 10-6, Saturday 10-5
Closed Mondays

Your Hosts: Al & Ruth Beigler

• STERLING SILVER
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• STAINLESS STEEL

LENOX CHINA

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FAST DELIVERY ON
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Expert Jewelry
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