Business

Nation Building

ROBERT A.SKLAR

Editor

We'd like to give you a great reason
Mc
to switch to Sterling Bank & Trust. It's
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Market

Annual percentage yield accurate as of 2/2/98 and subject to change without notice. $2,500 minimum balance
required on money market accounts. Statement fees may reduce earnings if minimum balance is not maintained,
©1998 Sterling Bank & Trust, F.S.B.

Commerce Twp. (248) 669-3993 • Farmington Hills (248) 489-9580
Southfield (248) 948-8799 • Troy (248) 649-3883
. West Bloomfield (248) 855-6644

15 branch locations throughout metropolitan Detroit

Visit our website:www.sterlingbank.com

Owned and operated by the Seligman Family.

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Interest is earned on any balance and is paid monthly. APY's revert back to the regular posted rate after the initial three month period expires. Call or visit any Flagstar Banking Center for full disclosure of account
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a

7/3
1998

120

ontroversy over religious plu-
ralism in Israel hasn't slowed
the sale of Israel Bonds, a key
source of economic capital, the
top-ranking officer of Israel Bonds said
in a visit to The Jewish News Monday.
"The bonds haven't changed —
they're still for the physical building of
the state," said Gideon Part, president
and CEO of Israel Bonds. "They have
nothing to do with religious groups."
A veteran Israeli
statesman, Patt
served 28 years in the
Knesset, including
15 as a cabinet min-
ister. The Jerusalem
native and New York
University graduate is
- respected worldwide
as an economist.
Gideon Patt,
He doesn't foresee Israel Bonds
debate over rabbinic president and
conversions in Israel
CEO.
affecting the interna-
tional sale of the
bonds, popular in North America, Latin
America and Europe.
Proceeds from the sale of the bonds
flow directly into Israel's Finance
Ministry, where they are allocated exclu-
sively for infrastructure improvements
and public services like airports, water
lines, harbors, health care, roads, defenseL–\
and schools. A chunk goes to housing
and jobs for immigrants from the for-
mer Soviet Union, Ethiopia and other
parts of the world.
Investors include banks, pension
funds, state treasuries, federations and
individuals. "The bigger investors tell us
their motivation is simple: their financial
advisors suggested Israel Bonds as a wise
---\
investment," Part said.
With six-million residents, Israel
boasts an annual operating budget of
$42 billion. Since 1988, bond sales
have generated $1 billion a year — a
government-imposed limit to assure
timely repayment.
The worldwide leader in importing
Israeli products, the U.S. accounts for
about 65 percent of Israel Bond pur-
chases. In Detroit, bond sales total aboutm
$14 million a year.
In the wake of depleted financial
resources, Israel faced the building of a
nation following its War for
Independence in 1948. Holocaust sur-
vivors, displaced persons and other