Old-New Bank of Israel Governor: Professor Ya'akov Frenkel

After a five-month search, Professor Ya'akov Frenkel will be appointed to the prestigious position of Bank of Israel Governor, reports Israeli business daily, Globes.

Frenkel served in the post in the 1990s and then moved to become Deputy Chairman of insurance giant AIG. Frenkel announced several months ago: "I am not prepared to serve as governor of a central bank where interest rates are close to zero."

The search for a new Bank of Israel Governor has been decided. After a search that has lasted for several months, Prime Minister Benjamin Netanyahu and Finance Minister Yair Lapid have decided to appoint Professor Ya'akov Frenkel as governor, according to a report by Israel's Channel 2 TV station. The appointment needs the approval of a special committee of top officials, and then the Cabinet's stamp of approval.

Frenkel, a world renown expert on macro-economic policy, served as Bank of Israel Governor from 1991 to 2000. In 2002, he was awarded the Israel Prize, and afterwards served in a range of senior international business positions.

Frenkel served as Deputy Chairman of insurance multi-national AIG and despite the fact that the company crashed and was nationalized in 2008, he stayed in his position.
In 2009, he was appointed as Chairman of investment bank, JP Morgan Chase, one of the three largest banks in the United States.

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