Hundreds of financial regulators were in Israel this week for the International Organisation of Securities Commissions conference.

Leading the delegation from the UK was Shmuel Ben-Tovim, economics minister at London’s Israeli Embassy.

He said: “Choosing Tel Aviv as the venue for the conference is a tribute to the regulatory sysem in Israel, which was able to keep our banking industry away from global turbulences. The Israeli taxpayer has not been required to spend a single penny in bailout of banks.”