A PROTEST WILL assemble outside the Taoiseach’s office later  in relation to the Central Bank facilitating the sale of Israeli State bonds.

Following Brexit, Israel chose the Central Bank of Ireland as the designated authority to approve Israel Bonds sold in the EU, since it could no longer use the UK for this purpose.

Sales of Israel Bonds have surpassed $5 million since the 7 October attacks.

Israel Bonds are advertised as supporting the country’s economy and holders of the securities are promised that the principal and interest will be repaid after the bond matures.

In recent times, websites promoting the bonds emphasise their role in supporting Israel during the war.

Israel president Isaac Herzog has stated that Israel Bonds have a “crucial role during this time of conflict and war”.

In a video to Israel Bonds holders in October 2023, Herzog said the bonds are a means for people “to step forward to do your part in this critical hour”.

The Government was last week urged by the Oireachtas Committee on Finance to engage with the EU to amend the law so the Central Bank can refuse to facilitate the sale of Israeli State bonds.

The committee’s chairwoman, Sinn Féin’s Mairead Farrell, said the Central Bank’s facilitation of Israeli bonds arose as “a matter of concern”.

“The committee understands that the Central Bank may only refuse the approval of a prospectus where the Central Bank has legal basis to do so,” she said.

She added: “The issuing of bonds by the State of Israel is seen to assist in the financing of Israel’s continued violations of human rights.

“As such, the facilitation of the prospectus by the Central Bank raises issues of significant concern for the Joint Committee, not only around moral obligations but also obligations under international law.”

Today’s protest, organised by the Ireland-Palestine Solidarity Campaign (IPSC), will assemble at the Department of the Taoiseach at 5.30pm, marching via the Department of Finance to the Department of Foreign Affairs for a rally.

A spokesperson for the IPSC said the Central Bank is the sole gateway into the EU for “Israel’s genocide-funding bonds”.

“These bonds fund the forced starvation and the genocide of the Palestinian people being perpetrated by Israel in Gaza,” added the spokesperson.

The IPSC has called on the Government to direct the Central Bank to refuse to renew Israel bonds when the current approval period ends in September.

IPSC Chairperson Zoe Lawlor noted that the Oireachtas Finance Committee has called on the Government to amend the law so that the Central Bank can stop facilitating the sale of Israeli State bonds in the EU.

“Hand wringing is not enough,” said Lawlor.

“The Government must act to stop the Central Bank, an organ of this stage from doing harm.

“It must direct the Central Bank to stop funding the starvation and murder of the people of Gaza.” 

Speakers at today’s rally will include Social Democrats TD, who last month launched legal proceedings against the Central Bank over claims investors in Israeli bonds could be legally complicit in genocide in Gaza.

He alleges that the Central Bank’s failure to ban the marketing, distribution and sale of Israeli bonds exposes investors to risks that have not been disclosed to them.