Today, the Israel Antitrust Authority (IAA) informed the five largest Israeli banks (Poalim, Leumi, Discount, Mizrahi and Beinleumi, hereinafter: "the banks") that based on the finding of its investigation, the IAA is considering to issue a decision pursuant to Article 43(a)(1) and determine that the banks were engaged in a restrictive arrangement with relation to sharing of information concerning fees.

The IAA informed the banks that based on the findings of its investigation, it is considering issuing a determination which will cover the following:

• Competition between banks vis a vis households and small businesses;
• Sharing of information between the banks concerning fees that were charged at that time;
• Sharing of information between the banks concerning future conduct with respect to fees;
• Sharing of information as an illegal restrictive arrangement according to Israel Antitrust Law.

The IAA informed the banks that prior to deciding on the matter, the banks may submit their position in writing before the IAA in the course of a hearing until 5 May 2008.