The Central Bank of Ireland has collected almost €40,000 from the Israeli state since 2021 for facilitating the sale of its bonds – which are marketed as a way to support Israel during its war on Gaza.
These bonds are promoted online with slogans including "Israel is at war" and "Stand with Israel now".
A website advertising the bonds also features a quote from Israeli president Isaac Herzog explaining "the crucial role of Israel Bonds during this time of conflict and war."
Israel’s finance ministry says it recently received $5 billion from bond sales “overnight”, with 300 investors from more than 30 countries participating, Reuters reported. The Irish Central Bank facilitates the sale of these bonds in the EU.
In September The Ditch reported the Central Bank had renewed its agreement to sell Israeli bonds, which have generated more than $50 billion for the country since 1952.
The Central Bank says it does not have the legal authority to stop facilitating these sales despite the International Court of Justice's January 2024 ruling that Israel may be committing genocide in Gaza.
Withheld information
The Central Bank initially refused to disclose what sum it received from Israel for facilitating the sale of its bonds. After an internal review launched in January, the Bank collated and released the total – revealing €38,200 in fees since 2021.
The freedom of information request also sought records of discussions about the bank’s September 2024 approval of Israel Bonds' Information Memorandum, including internal correspondence and records of meetings with Department of Finance representatives.
The bank refused to release these records, citing exemptions under the freedom of information act. It says no records exist of meetings between senior bank officials and Department of Finance representatives about the bonds.
Since the International Court of Justice's January ruling that Israel may be committing genocide in Gaza, the Central Bank has approved Israeli bond prospectuses three times – in February, June and September 2024.
Since Brexit the Central Bank has been responsible for approving all Israeli government bonds sold across the European Union. Israel chose Dublin as its regulator after it could no longer use British authorities.
In a letter to the Oireachtas finance committee sent last year, Central Bank governor Gabriel Makhlouf said it "falls outside the competencies" of the institution to assess whether genocide is taking place.
A Central Bank spokesperson said, “By law, the Central Bank of Ireland has to approve a prospectus for the offer of securities to the public where it meets the standards of completeness, comprehensibility and consistency. Any approval from the Central Bank of Ireland should not be considered an endorsement of the issuer or of the securities. Detailed information on the Israeli Bond Programme is available on our website."
