Subscribe to Print Edition | Wed., September 17, 2008 Elul 17, 5768 | | Israel Time: 02:08 (EST+7) web haaretz.com   Back to Homepage Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate Easy Start Travel Week's End Anglo File

Lehman Brothers crash does not necessarily mean loss for local investors By Sharon Shpurer and Eti Aflalo Bank Leumi and Bank Hapoalim's exposure to the fate of the collapsed U.S.-based Lehman Brothers investment bank, to the tune of $95 million and $109 million respectively, doesn't necessarily mean that the banks will have to write off these amounts. These figures represent the maximum losses, but at this stage it remains unclear how much bond holders will be able to recover after Lehman's collapse. In addition to the local banking sector, with a total exposure estimated at about $300 million, there are Israeli brokerages that have yet to reveal the depths of their risk. Advertisement Late last week insurance companies and investment houses scrambled to assess the risk posed to their assets by Lehman's collapse. So far institutional investor risk has been found to be relatively low, totaling a few million dollars at Harel, Menorah, Mivtachim and Clal, and about $10 million in the large provident funds Gadish and Psagot. Some institutional investors are also exposed to Lehman Brothers through investments in mutual funds. But also at risk are some $60 million invested by Old Mivtachim, the veteran pension fund operating under a fund member's management arrangement, an unusually high exposure in comparison to other institutional investors, and the Israel Electric Corporation workers' NIS 15 billion pension fund managed by Clal Insurance, with an exposure of NIS 200 million, TheMarker learned. Clal says its other long-term savings products are managed separately from the IEC workers' pension fund, and are not substantially at risk. Bookmark to del.icio.us   Saddam in Tel Aviv Israel's Igal Naor 'never wanted to play Hamlet, only Saddam.' The preacher Archbishop Tutu to UN: Israel may have committed war crime.

Read & React Bradley Burston: What is truly frightening about Sarah Palin Responses: 192 Olmert warns of binational state if no peace deal reached Responses: 224 Kissinger, Albright, Powell back talks with Iran Responses: 63 Settlement rabbi: The state stole Israel from the Jews Responses: 125 11 killed as Hamas forces battle armed clan in Gaza Responses: 47 More Headlines 02:07 Some 40,000 Kadima members expected to vote Wednesday 22:36 IAEA shows photos alleging Iran nuclear missile works 01:09 U.S. Jews outraged over phone campaign alleging 'Obama gave money to PLO' 00:10 CIA chief says strike on Syria was collaboration with 'foreign partner' 01:17 Italy's Berlusconi: Ahmadinejad acting like 'lunatic' on Israel 01:36 Lehman employees in Israel office 'were like princes' 23:40 Olmert, Abbas discuss peace terms at Jerusalem meeting 20:56 Only military action can stop Iran, experts tell European Jews 01:42 Pro-al Qaida gunman among 11 dead in Gaza Strip infighting 21:17 Boy, 15, dies from heart attack while in gym class at school 01:00 TA stocks slip in Wall Street's shadow, Hapoalim plunges 6.8% 22:22 Political turmoil prompts Peres to step in for Olmert in UN assembly 15:01 Official: Hamas held secret leadership election 20:36 Iran puts hardline Revolutionary Guards in charge of defending Gulf 17:53 What is truly frightening about Sarah Palin Previous Editions Select Day 16 sep 15 sep 14 sep 12 sep 11 sep 10 sep 09 sep 08 sep 07 sep 05 sep 04 sep 03 sep

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