Israel’s Flug wants to shine light on ‘grey market’
Alternative financing market should be shrunk and supervised, governor says
Bank of Israel governor Karnit Flug warned of the risks posed by the country's "grey market" for alternative financial products in testimony before parliament on July 15.
Flug distinguished between the bank and non-bank sectors, which she called the "institutional" system, and the grey market for alternative modes of financing, which may or may not be lawful and fall outside the realm of regulation and supervision.
A variety of dangers are posed by this grey market, said Flug, ranging from money
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