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Reassuring words

Israeli banks say crisis won't cause them any losses
Israeli banks say crisis won't cause them any losses 

Israeli banks: Dubai crisis won't affect us

Country's three largest banks rush to allay fears in wake of Dubai crisis

Tani Goldstein
Published: 11.29.09, 07:27 / Israel Business

Israel's three largest banks say they have not been exposed to Dubai-based investments, directly or indirectly.


Bank Lemui, Discount, and Bank Hapoalim say the crisis is not expected to cause them any losses.

Meanwhile, a banking official said that the fact large Western banks invested in Dubai does not make exposure to these banks dangerous.


"As far as we know, no Western financial institution collapsed thus far because of the crisis in Dubai, he said.


All across the world, analysts try to sort out what banks and institutions have the most at stake in the money crunch - which has suddenly shifted Dubai's image from a desert dream factory of indoor ski slopes and a "seven-star" hotel to a reckless spender sideswiped by the recession and unable to pay its bills.


Just this month, Dubai's ruler, Sheik Mohammed bin Rashid Al-Maktoum, assured international investors that all was well with the country's finances and told media critics to "shut up."


Dubai's empty pockets - mostly drained by collapsing real estate prices and over-ambitious development plans - touched off panic selling across world markets on fears that the reckoning from the global recession is not over.


Associated Press contributed to the story


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