Amnesty International on Wednesday commended the Central Bank of Ireland’s decision to discontinue issuance of Israel Bonds to be sold in the European Economic Area, calling the decision a meaningful step in global efforts to prevent financial support for activities tied to Israel’s military operations in Gaza.
Welcoming the Central Bank’s decision as a critical step toward holding financial institutions accountable for the ongoing crisis in the Gaza Strip, Stephen Cockburn, Amnesty International’s Europe director, stated:
This outcome is a testament to the indefatigable campaigners who protested outside the Central Bank for more than a year, supported by the Parliamentarians who kept pushing for Ireland’s compliance with international law in the halls of power, and all those who spoke out against these Bonds’ sale in Europe.
Civil society groups such as the Ireland-Palestine Solidarity Campaign and legal scholars such as Dr. Pearce Clancy have challenged the Central Bank’s initial authorization of Israel Bonds stating that it raises the prospect of complicity in crimes against humanity. They assert that the issuance of Israel bonds is intertwined with the Israel-Palestine conflict, which is shown in bond advertising. In order to sell bonds on the European Economic Area, a country’s bonds must be approved by an EU member state. Ireland has approved Israel’s bonds since 2021.
The Commission de Surveillance Secteur Financier (CSSF) and the European Securities and Markets Authority (ESMA) govern the transfer of bonds. They require that “the competent authority of the home Member State may transfer the approval of a prospectus to the competent authority of another Member State, subject to prior notification to ESMA and the agreement of that competent authority.”
Ireland asked to transfer the bonds to Luxembourg in 2025, which CSSF accepted. In July, Ireland Central Bank Governor Gabriel Makhlouf stated that the bank “would follow the law when carrying out its duties in relation to the bonds.” However, when Ireland again asked Luxembourg to transfer bonds to them this year, CSSF rejected the transfer, citing ESMA regulations. The current prospectus of Israel’s bonds expired on August 31.
Ireland is a staunch supporter for the Palestinian cause and remains one of the most vocal European nations advocating for Palestinian statehood and their right to self-determination. In May 2024, Ireland formally recognized Palestine as a sovereign state and later filed a Declaration of Intervention, invoking Article 63 of the Statute of the International Court of Justice (ICJ) to join South Africa’s ongoing genocide case against Israel.