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Fischer tells off credit-stingy banks By Tal Levy "The Bank of Israel has lowered interest rates sharply, in order to help lower the cost of credit to the business sector and households. But banks have hardly reflected these cuts in the credit they offer," Bank of Israel Governor Stanley Fischer told top bankers yesterday. He was speaking at an Association of Banks in Israel conference held at Jerusalem's David Intercontinental Hotel. Advertisement Commenting on how banks are managing credit these days, Fischer agreed that in the current environment banks should exercise caution, but only to a degree. "It is essential that the banks, which are one of the most crucial elements in the economy's growth potential, strike the correct balance between their credit policies, which at this time must be cautious, and the financing needs of the economy, particularly the business sector," he said. "Failure to strike the right balance will cost the economy very dearly," Fischer added. The Bank of Israel intends to help banks achieve the correct balance by monitoring how much credit each bank gives, among other steps. Bookmark to del.icio.us   Knesset express Rightist party offers Jonathan Pollard top spot on Knesset list. Mahmoud's Gospel Ahmadinejad: If Jesus were alive, he would stand in opposition to U.S.

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