Following prolonged negotiations, the Jewish Agency Executive has succeeded in obtaining from the Palestine government a concession as regards the number of banks which are authorized to issue guarantee documents for capitalist immigrants.
In November, 1933, the government determined that the Anglo-Palestine Bank, Barclay’s Bank, Ottoman Bank, Banco di Roma, and the Arab Bank are to be empowered to give certified documents testifying to amounts of money on deposit for capitalist immigrants in their applications for permits as permanent residents. The restriction affected a number of Jewish banks which enjoy relations with institutions abroad and receive large deposits from would be immigrants. In some cases. such deposits were transferred to the banks named by the government.
The Government has decided to increase the number of banks which may issue such certificates. Institutions operating for ten years or more having a paid up capital of pound10,000 and over, or banks with pound25,000 paid up capital, irrespective of their period of operation, are empowered to issue such certificates.
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