Protest calls on Central Bank not to renew Israel bonds

By Cillian Sherlock, PA

Protesters have urged the Central Bank of Ireland not to proceed with the approval for the sale of Israel bonds ahead of an upcoming renewal date.

Around 100 demonstrators gathered outside the Central Bank in Dublin on Tuesday to demand an end to the authority’s role in approving Israel bonds for sale in the EU, for the Government to include services in the Occupied Territories Bill and to pass that legislation.

The bank is the designated authority in relation to the sale of Israel bonds in the EU, and has determined the securities meet the standards of the bloc’s prospectus regulations.

Israel bonds have been advertised as supporting the country’s economy and, more recently, websites promoting the securities emphasise their role in supporting Israel’s military operations in Gaza.

Protesters and opposition parties have called for legislation that would give Ireland the power to refuse the sale of Israeli “war bonds” over human rights concerns.

They say the bonds are intended to fund the war in Gaza, while Ireland has an obligation under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide.

The Central Bank has said regulations require it to approve prospectuses that meet standards of completeness, consistency and comprehensibility.

The Israel bond prospectus is up for renewal on September 2.

The Joint Committee on Finance has recommended that the bank carry out an immediate review before renewing approval of the bonds.

Meanwhile, Social Democrats TD Gary Gannon has launched legal proceedings against the Central Bank over claims that investors in Israeli bonds could be legally complicit in genocide in Gaza.

It is alleged that the Central Bank’s failure to ban the marketing, distribution and sale of Israel bonds exposes investors to risks that have not been disclosed to them.

Ireland-Palestine Solidarity Campaign chairwoman Zoe Lawlor said: “The government has to end the direct involvement of the Central Bank in apartheid Israel’s sale of genocide-funding bonds.

“The Central Bank is an organ of this state, and its complicity in genocide makes Ireland complicit.”

David Landy of Jews for Palestine, and Academics for Palestine said: “We are asking the Central Bank to do the absolute minimum required of it under law – to end the sale of Israeli war Bonds, to finally end this direct Irish participation in Israeli genocide.”

Sinn Fein’s foreign affairs spokesman said the Irish government “must use every lever at its disposal” to show leadership on Gaza.

Donnchadh O Laoghaire said: “Clearly ending the facilitation of Israeli war bonds is one of those.”

He added: “The people of Gaza and of Palestine need us to act.”