PRE-OWNED,
GREAT BUYS.
'91 JAGUAR
CONVERTIBLE, Red
$34,900
'92 ES 300
$22,900
'91 LEGEND COUPE
$21,000
Foreign Debt Up
$600 Million
'92 ES 300
$22,900
'91 JAGUAR SOVEREIGN
$22,900
The net balance of foreign debt
in the economy rose $600 mil-
lion to $16.3 billion last year,
the Bank of Israel announced.
The net foreign debt balance
is defined as the total owed by
the economy to those abroad,
including the foreign currency
balance of the Bank of Israel,
Israeli bank assets abroad and
estimates of the credit grant-
ed by Israeli exporters to for-
eign creditors.
The main factor in the in-
crease was a $1.7 billion growth
in the gross debt, set off by a
$1.1 billion growth in econom-
ic assets abroad.
Most of the increase in the
debt is attributable to govern-
ment activity, mainly the U.S.
loan guarantees.
The growth in assets in for-
eign currency derives mainly
from a growth in the Bank of Is-
rael's foreign currency balance.
Bank Leumi
Cutting Losses
Bank Leumi's non-U.S. sub-
sidiaries' contribution to the
bank's profits fell to NIS 20.7
million last year from MS 31.4
million in 1992.
Losses from the group's U.S.
operations were cut to NIS
167.7 million from NIS 348.1
million.
Bank Leumi Trust Compa-
ny of New York (BLTNY) re-
ported a $0.6 million net profit,
compared with a loss of $13.9
million in 1992.
But, after adjusting for in-
flation, the profit turned into
a NIS 8.43 million loss.
The BLN Corp. ended the
year with a NIS 158.21 million
net loss, compared with a MS
266.78 million net loss in 1992.
"The overseas subsidiaries
had a negative contribution to
Bank Leumi's earnings, but
we're starting to see the fruits
of the implementation of reor-
ganizational measures," Leumi
general manager David Fried-
man said.
"We expect to stop losing in
New York in 1994, where we're
left with only seven branches,"
he said. "In England, we've re-
duced six branches to one. The
Swiss subsidiary's earnings are
very good. We're losing money
in France, but this will change."
In 1825 Mordecai Emanuel
Noah, a well-known politi-
cian and journalist, attemp-
ted to buy Grand Island in
the Niagara River as a city
of refuge for the Jews of the
world.
'90 LS 400
$23,900
'91 LS 400
$26,900
'92 SC 400 2-door
$32,900
'92 LS 400
$34,500
'94 SC 300
$41,900
'93 SC 400
$42,900
'93 GS 300
$42,900
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