EXHIBIT 3
                                 [TRANSLATION]

                                                               November 13, 2008

SECURITIES AUTHORITY                TEL AVIV STOCK EXCHANGE
www.isa.gov.il                      www.tase.co.il

               IMMEDIATE REPORT CONCERNING A SENIOR EXECUTIVE WHO
                        CEASED TO SERVE IN HIS CAPACITY

Regulation 34(a) of the Securities Regulations (Periodic and Immediate Reports)
1970 NOTE: Pursuant to Regulation 34(d) of the Securities Regulations (Periodic
and Immediate Reports) 1970, in addition to this Report, a list of senior
executives, on Form 97, must be filed

1. First name: Yeheskel

Family name: Beinisch

Type of identification number: Identity Card

Identification number: 05992642

Type of citizenship: Israeli

2. The capacity that was ceased: Director

3. The date on which the service ceased or will cease: November 13, 2008

The date on which the service began: November 13, 2005

4. According to the best of the knowledge of the company, the cessation DOES NOT
entail circumstances that need to be brought to the knowledge of the holders of
securities of the company.

NOTE: If the cessation entails circumstances that need to be brought to the
knowledge of the holders of securities of the company, give details.

5. The manner of the cessation: End of term.

6. The capacity in which the senior executive will continue to serve in the
company: None

7. Will the senior executive continue after the cessation to be:

     c.   An Interested Party: No

     d.   A Senior Executive: No         If yes, give details

8. Was the director who ceased to serve an accounting and financial expert? : No

9. The following is the text of the resignation of an Outside Director and the
circumstances of the resignation:

NOTE: To be answered only when an Outside Director has resigned.

10. The date and time that the company was first made aware of the matter dealt
in the Report: March 18, 2008 at 12:00 PM.

Ms. Beinisch, together with Ms. S. Eshbol and Mr. M. Gavish were appointed as
directors of the Bank by the State of Israel for a term of 3 years, which ends
on November 13, 2008. Separate reports were filed regarding the cessation of the
service of Ms. S. Eshbol and Mr. M. Gavish.

With the cessation of the service of the above three directors, the number of
directors serving at the Bank is 6, which is less than the minimum number of
directors (7) prescribed in the Bank's Articles of Association.