The head of Israeli bonds, which are sold through the Central Bank of Ireland, directly linked the bonds to funding Israel's military operations in Gaza – contradicting the Irish bank’s position that they’re just for "general financing”.
Israeli Bonds president and CEO Dani Naveh told potential investors that purchasing bonds was "the best way" to help Israel support "the war campaign” in an October 2023 interview with i24NEWS.
The Central Bank however told the Oireachtas last year that because the bonds are for "general financing purposes”, it has no power to stop facilitating their sale.
The CEO of the company selling the bonds says they’re a way of supporting Israel’s “war” on Gaza. "If people had been asking themselves – and so many people have been doing that – how can I help Israel? The best way of doing that is through giving the government of Israel the necessary resources and budget that they need in order to support... not only the war campaign, but all the amount of money is required, and that would be required by the government of Israel," he said.
He said bonds directly fund specific Israeli missions. "If you make an investment in bonds, you give the money directly to support those important missions in the state of Israel," including "the rehabilitation of those settlements in the south”.
‘Israel is at war’
In a December 4, 2024 letter to the Oireachtas finance committee, Central Bank governor Gabriel Makhlouf wrote that the bank had examined materials associated with the bonds and found them consistent with its prospectus.
These materials included a website with banners reading "Israel is at war"
The website selling the bonds invites buyers to "make a statement, invest in Israel Bonds". It also displays a video from Israeli president Isaac Herzog “rallying for unwavering support for the Jewish state and emphasises the crucial role of Israel Bonds during this time of conflict and war”.
Despite this marketing approach, the Central Bank insisted the bonds aren't marketed as "war bonds."
"Neither the prospectus nor any advertisement material that we have reviewed used the term 'war bonds'. Instead, we believe use of that term derives from a press article," the bank said.
The Central Bank approved the Israeli bond prospectus in September with previous supplements approved in February and June – all after the International Court of Justice's (ICJ) January ruling finding "plausible" evidence of genocide in Gaza.
The bank's December letter didn’t mention this January ICJ ruling, focusing instead on a July ICJ advisory opinion, which it said was not grounds for refusing the bonds.
Last week protestors occupied the bank over its continued facilitation of the sale of Israeli bonds. Helen O’Mahony, who was involved in the occupation, told the Irish Independent that the bank “regulates the sale of Israeli bonds for Europe, enabling the transfer of funds for genocide all over Europe”.
The Central Bank of Ireland has been contacted for comment.
