UNIVERSAL TRUTHS

Banks accept Holocaust committee findings (Mati Wagner, Jerusalem Post, January 18th, 2005)

Israeli banks said Tuesday they would accept the findings and recommendations of the Knesset Inquiry Committee for the Location and Restitution of Property of Holocaust Victims.

Committee chairwoman MK Collette Avital presented the 315-page at a Knesset meeting attended by Holocaust survivors, bank representatives and several Swiss journalists interested in comparing the Israeli banks' treatment of restitution to their own banks'.

The committee found five Israeli banks responsible for paying restitution of roughly NIS 37 million, assuming no heirs are found, or, alternatively, if that amount is enough to pay off all heirs.

Assuming every account is paired with an heir, which is highly unlikely, the banks, primarily Bank Leumi, will be required to pay NIS 322.7 million. [...]

The State of Israel's liability, via the Custodian-General, is much higher than the banks'. It ranges from NIS 101.2 million, and NIS 586.9 million. No reaction could be received from the Finance Ministry, which will be responsible for finding the budget for the State's share.

Avital and committee members voiced criticism of the Custodian-General's and the banks' failure to fully cooperate with the committee.

"There was not an intentional effort on the part of the banks to embezzle. But there was a lack of sensitivity and an unwillingness to offer solutions," said Avital.

"True the banks opened their books for our auditors and financed the investigation. But they also fought to limit to a minimum those included under the definition 'Holocaust victims'."

Additional criticism of the banks appears in the committee's executive summary: "The banks did not act energetically to restore money to their owners. Even when Holocaust survivors and/or heirs of victims contacted them, the banks did not act with determination to locate the accounts."[...]

Efraim Zuroff, Director of Simon Wiesenthal's Israel Office, said in response to the release of the report. "This is a very sad day for the State of Israel.

Banks are banks. Anyone, left or right, who expects them to disperse money in a spirit of justice or moral entitlement is a fool. Posted by Peter Burnet at January 20, 2005 6:49 AM