SUMMARY OF SPECIAL COLLECTIVE AGREEMENT WITH EMPLOYEES               EXHIBIT 4.6


     On December 26, 2002, a collective agreement was signed between us, the
General Federation of Labor and our employee committee, which applies to those
of our workers to which collective agreements apply (and not to those who are
employed on personal employment contracts). The contract was for a three year
period, and can be extended for an additional year. The contract established,
among other things: 1) the right of management to terminate the employment of
employees within the framework of the reduction of our banking services, and the
termination procedure; 2) the special benefits and payments to which an employee
is entitled if terminated, including additional severance payments beyond those
set by law and the conversion of the right to additional severance (for
employees with particular seniority and with a particular number of years until
their reaching retirement age); and 3) certain reductions to be made in the
salaries of the employees and the related benefits to which they are entitled.

     On March 14, 2005, the above parties signed a new collective agreement
which extended the term of the above agreement (dated December 26, 2002) until
the termination date of our run-off plan (including any modification or
extension to the plan, approved by the government) or until December 31, 2007,
whichever is first. This new agreement also established and clarified that
employees who under the original agreement are entitled to an early old-age
pension due to the termination of their employment, will be entitled to the
pension until they reach the age from which they will be entitled -in light of
the reform which took place in the pension field after the signing of the
original agreement- to receive a regular old-age pension from the pension fund
in which they are members, and it also established that some of the concessions
to which the employees agreed in the original agreement and which had a time
limit, will continue to apply also during the period of the new agreement.