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Exhibit
12.(a).2

CERTIFICATION

I, Dror Moran, certify
that:

|1. | I
have reviewed this annual report on Form 20-F of Blue Square-Israel Ltd.;
|-- | ---------------------------------------------------------------------------

|2. | Based
on my knowledge,  this report does not contain any untrue  statement of a material fact
or omit to state a material fact  necessary to         make the statements  made, in
light of the  circumstances  under which such  statements were made, not misleading with
respect to the period         covered by this report;
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Based
on my knowledge,  the financial  statements,  and other financial  information included
in this report, fairly present in all material         respects the financial condition,
results of operations and cash flows of the company as of, and for, the periods presented
in this report;
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | The
company's other  certifying  officer(s) and I are responsible for establishing  and
maintaining  disclosure  controls and procedures (as         defined in Exchange Act
Rules  13a-15(e) and  15d-15(e))  and internal  control over  financial  reporting (as
defined in Exchange Act Rules         13a-15(f) and 15d-15(f)) for the company and have:
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | designed
such disclosure controls and procedures, or caused such disclosure
               controls and procedures to be designed under our supervision, to ensure
that                material information relating to the company, including its
consolidated                subsidiaries, is made known to us by others within those
entities, particularly                during the period in which this report is being
prepared;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | designed
such internal control over financial reporting, or caused such internal
               control over financial reporting to be designed under our supervision, to
               provide reasonable assurance regarding the reliability of financial
reporting                and the preparation of financial statements for external
purposes in accordance                with generally accepted accounting principles;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c. | evaluated
the effectiveness of the companys disclosure controls and                procedures
and presented in this report our conclusions about the effectiveness                of
the disclosure controls and procedures, as of the end of the period covered
               by this report based on such evaluation; and
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d. | disclosed
in this report any change in the companys internal control over
               financial reporting that occurred during the period covered by the annual
report                that has materially affected, or is reasonably likely to materially
affect, the                companys internal control over financial reporting; and
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | The
company's other  certifying  officer(s) and I have  disclosed,  based on our most recent
 evaluation of internal  control over financial         reporting,  to the  company's
 auditors and the audit  committee  of company's  board of directors  (or persons
 performing  the  equivalent         function):
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | all
significant deficiencies and material weaknesses in the design or operation
               of internal control over financial reporting which are reasonably likely
to                adversely affect the companys ability to record, process,
summarize and                report financial data; and
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | any
fraud, whether or not material, that involves management or other employees
               who have a significant role in the companys internal control over
               financial reporting.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date: June 28, 2007

|By: /s/ Dror MoranDror MoranChief Financial Officer |  | 
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