OCTOBER 20, 2009

After holding money of Holocaust victims’ for 70 years, Israeli banks have begun returning the funds to the Holocaust Victims Assets Restitution Company.

The company said Tuesday that it would begin transferring to thousands of Holocaust victims’ descendants and Holocaust survivors the money held by banks Hapoalim and Discount and part of the assets held by Bank Leumi.

In the first stage, a total of 25 million shekels will be transferred, but in the coming months, the company said was expecting to return to the descendants and survivors over 400 million shekels set to be release by the banks.

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