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Israeli central bank wants $100M provision for Mizrahi Tefahot's US tax case

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Israeli central bank wants $100M provision for Mizrahi Tefahot's US tax case

Israel's central bank has ordered Mizrahi Tefahot Bank Ltd. to earmark $100 million of provisions in the second quarter to cover a potential settlement with the U.S. over a tax-evasion case, Globes reported Aug. 12.

The new amount is more than double the total provision of $46 million that Mizrahi Tefahot has so far set aside, the report said. Hedva Ber, the Bank of Israel supervisor of banks, had reportedly demanded the increase even before the U.S. Justice Department proposed a $342 million fine to end the tax-evasion probe, a proposal that the lender has since rejected.

The regulator also demanded that the bank begin planning more provisions in the coming quarters, regardless of the outcome of its negotiations with the U.S. authorities.