Irish Central Bank to no longer approve Israeli bonds

By Cate McCurry, PA

The Central Bank in Ireland has not been used for the latest bond prospectus issued by Israel, it has been confirmed.

The prospectus for Israeli bonds has been approved by Luxembourg.

There have been widespread protests over the use of Ireland as the issuing country, and the Central Bank faced calls to refuse to re-approve the bond prospectus before it expired on Monday.

In a letter to Mairead Farrell, chairwoman of the Public Accounts Committee, Central Bank governor Gabriel Makhlouf confirmed that the new prospectus for Israel was approved by Luxembourg.

Mr Makhlouf said: “Accordingly, from 2 September 2025, it will not be
possible for the State of Israel to offer bonds under the 2024 prospectus.

“In accordance with the provisions of the prospectus regulation concerning home member states and the transfer of approval, the competent authority of Luxembourg approved a new prospectus for the State of Israel today, 1 September 2025.”

The Central Bank of Ireland was the designated authority in relation to the sale of Israel Bonds in the EU and previously determined the securities met 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 had 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.

Social Democrats TD Gary Gannon said he welcomed that the Irish Central Bank will no longer be involved in the facilitation of the sale of the bonds.

“This decision, while welcome, is overdue. It has long been clear that Israel is engaged in not just a wholesale breach of international law and daily war crimes – but a genocide against the people of Gaza,” he said in a statement.

“This is the reason I took a High Court case against the Central Bank, earlier this year, seeking to stop its involvement in funding this horror.

“No EU financial institution should be involved in raising funds which are used to annihilate innocent civilians – and it is deeply disappointing that Luxembourg is now continuing to facilitate the sale of these bonds.

“The EU response to this genocide has been shameful – failing to even agree a response in which Israel’s barbarism has been criticised.

“It is now time for the EU to live up to its own purported values, on human rights and international law, and suspend its trade agreement with Israel and impose sanctions on its genocidal regime.”