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The Chairman of the Supervisory Council at the Bank of Israel, Mr. Dan Propper, today announced his decision to step down from his position as Chairman of the Supervisory Council and from membership on the Council. Propper served as Chairman of the Supervisory Council since it was appointed in October 2011. Propper said that he will remain in his role until a replacement is found. The appointment of Supervisory Council members, including the chairman, is carried out by a candidate search committee, headed by Judge Winograd, and after a process of examining the eligibility, conducted by the Appointment Review Committee, the appointment is brought to the Government for approval.


Dan Propper said, “This is the third year of the tenure of the Bank of Israel Supervisory Council, which was established following the legislation of the Bank of Israel Law, and of my tenure as Chairman of the Council. During this time, the Council approved 3 annual work plans and 3 annual budgets of the Bank. The Council held many dozens of long and exhausting meetings, during which it examined the aspects of administration, procedures, control, projects, routine conduct and the Bank’s emergency preparedness. Hundreds of issues came across the Council’s table, were discussed, and decided on. As Chairman of the Council since the day it was established, I can say with pride and satisfaction that building the work procedures, bringing the administrative mechanisms at the bank completely in line with the requirements of the new law, and the processes of control and supervision over the Bank’s conduct were fully completed. In light of this, and with a sense of great satisfaction from the achievements of the Council and the Bank during this time, I announce my decision to resign from my membership on the Council and from my position as Chairman. I first discussed my intention of stepping down from my role after the Council completes the process of bringing the Bank’s administrative system in line with the new Bank of Israel Law with the previous Governor, Prof. Stanley Fischer. In a joint decision with the Governor of the Bank, Dr. Karnit Flug, we decided that I would submit my resignation after the budget and work plan for 2014 were submitted. Now, with the submission of the plan to the Knesset’s Finance Committee, I sense that this work has been completed and that it is the right time for me to step aside.
“I would like to thank the members of the Supervisory Council for their dedicated and strenuous work, and for the contribution every single one made to setting up this important entity. I thank the Bank’s management and its staff for the wonderful cooperation that I merited and for their loyal and passionate work for progress by the Bank and Israel’s economy. I would also like to acknowledge and convey my appreciation to the previous Governor, Prof. Stanley Fischer, who, throughout his years of service, led the process of legislation of the Law and establishment of the Monetary Committee and the Supervisory Council, and to express my great appreciation for the current Governor, Dr. Karnit Flug, and to thank her for her consistent and important support of the activities and decisions of the Supervisory Council.”
Governor of the Bank of Israel Dr. Karnit Flug said, “We had the great privilege of working alongside Dan in the historic process of establishing the Bank of Israel’s Supervisory Council and its work as it got off the ground. Under Dan’s leadership, the Council formulated the work procedures and led a notable improvement in the administrative decision making processes at the Bank of Israel. On behalf of the Bank’s management and staff, I thank Dan for his great contribution to the Council and to the Bank.”
Professor Stanley Fischer said, "It was the good fortune of the Bank of Israel that Dan Propper was willing to serve as the first Chairman of the Supervisory Council. His vast experience, loyalty, hard work, and fundamental decency were placed at the service of the Bank, and during his intensive service as Chairman, he together with his external colleagues on the Council put in place procedures and practices that have revolutionized the management of the Bank. His legacy to the Bank of Israel will serve as a foundation stone of the new Bank – and I join the Governor, Dr. Karnit Flug, in telling Dan that I, and all those who have worked with Dan and were affected by his work, are very appreciative of his efforts and are deeply grateful to him".