Last update - 00:00 14/03/2007
T.A. Stock Exchange to close Sunday due to Bank of Israel strike
By Shlomi Sheffer, Haaretz Correspondent
The Tel Aviv Stock Exchange's directorate announced Wednesday that the exchange will be closed Sunday following the general strike at the Bank of Israel and the cessation of financial transactions within the bank.
The directorate decided not to close the stock exchange Thursday.
The directorate also decided to seek Finance Minister Abraham Hirchson's permission to close the stock market starting Monday, until the financial activity in the Bank of Israel is resumed.
The Bank of Israel intends to petition the Jerusalem District Labor Court to issue a back-to-work order against the bank's essential employees. If the court approves the request, the activity of the Tel Aviv Stock Exchange won't be disrupted.
One of the disputes between the Bank of Israel and the Finance Ministry is whether the treasury is legally empowered to intervene in labor relations at the Bank of Israel, which is an autonomous body. The Bank of Israel says it is not.
The Treasury and bank management are nearing an agreement on the terms for first generation employees, including a small pay cut. However, the union is still not being included in those talks, and negotiations between the bank and its employees have been put on the back-burner.
The Histadrut labor federation expressed support for the workers, saying that they will not sign an agreement reached without them.
There seems to be somewhat of a gap between the expectations of management and workers at the Bank of Israel as feverish negotiations commence over employment terms.
The strike began Sunday at midday.