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Irish Examiner
an hour ago
- Irish Examiner
Protest calls on Central Bank not to renew Israel bonds
Protesters have urged the Central Bank of Ireland not to proceed with the approval for the sale of Israel bonds ahead of an upcoming renewal date. Around 100 demonstrators gathered outside the Central Bank in Dublin on Tuesday to demand an end to the authority's role in approving Israel bonds for sale in the EU, for the Government to include services in the Occupied Territories Bill and to pass that legislation. The bank is the designated authority in relation to the sale of Israel bonds in the EU, and has determined the securities meet 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 say the bonds are intended to fund the war in Gaza (Niall Carson/PA) Protesters and opposition parties have 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. The Israel bond prospectus is up for renewal on September 2. The Joint Committee on Finance has recommended that the bank carry out an immediate review before renewing approval of the bonds. Meanwhile, Social Democrats TD Gary Gannon has launched legal proceedings against the Central Bank over claims that investors in Israeli bonds could be legally complicit in genocide in Gaza. It is alleged that the Central Bank's failure to ban the marketing, distribution and sale of Israel bonds exposes investors to risks that have not been disclosed to them. Ireland-Palestine Solidarity Campaign chairwoman Zoe Lawlor said: 'The government has to end the direct involvement of the Central Bank in apartheid Israel's sale of genocide-funding bonds. People take part in a protest outside the Central Bank in Dublin (Niall Carson/PA) 'The Central Bank is an organ of this state, and its complicity in genocide makes Ireland complicit.' David Landy of Jews for Palestine, and Academics for Palestine said: 'We are asking the Central Bank to do the absolute minimum required of it under law — to end the sale of Israeli war Bonds, to finally end this direct Irish participation in Israeli genocide.' Sinn Féin's foreign affairs spokesman said the government 'must use every lever at its disposal' to show leadership on Gaza. Donnchadh Ó Laoghaire said: 'Clearly ending the facilitation of Israeli war bonds is one of those.' He added: 'The people of Gaza and of Palestine need us to act.'
Irish Examiner
3 hours ago
- Irish Examiner
Joint retail strategy talks to resume between Cork city and county councils
Talks are set to take place in an attempt to reactivate a joint retail strategy which previously existed between Cork's city and county councils. A previous joint plan collapsed when businesses in the city, backed by their council, objected to proposals for a Kildare Village-style shopping outlet, which was earmarked for Carrigtwohill. The €100m plan, which was lodged by British-based Rioja Estates in 2020, was severely criticised by the Cork Business Association (CBA) on behalf of city-based business. That opposition led to a lot of ill-feeling at the time in County Hall, especially as the city council had a few years earlier reneged on a joint waste management plan. However, county councillors have now decided it's time to re-establish a joint retail strategy. The Fine Gael leader on the county council, Michael Hegarty, made the suggestion, and was backed by his Carrigtwohill-based party colleague Anthony Barry. Mr Hegarty said 'it is imperative' that a new joint retail strategy be worked on by the two local authorities. The need for such a move was also previously highlighted by the Office of the Planning Regulator (OPR). Mr Barry said the city had pulled out of the last strategy with an 'apoplectic reaction' to the Carrigtwohill project. Support for proposal The mayor of Co Cork, Independent councillor Mary Linehan-Foley, said she fully supported the proposal to restart talks with City Hall. County council chief executive Moira Murrell said she would engage on the matter with her counterparts in the city council. Ms Murrell said that, as the county council is about to review its County Development Plan (CDP), she thought the timing of such talks would be appropriate. 'We will be engaging with the city council because, given the impact on the two authorities, it is sensible that a joint retail strategy would be developed between us,' Ms Murrell said. However, a spanner in the works could be the city council's recent suggestion that it may not be able to sustain compensation payments to the county council for territory and, more importantly, rates income — the latter of which was lost when the city boundary was significantly extended in 2019. Earlier this month, city council chief executive Valerie O'Sullivan said major regeneration projects it has planned could be put in jeopardy as it wouldn't have the money to fund them if it has to continue paying the compensation. She said the annual payments, which have to be made until 2029, were unsustainable due to inflationary pressure. The city council made its first payment in 2020 of €13m but this rose to nearly €15.5m last year. The county council relies on the money to help pay for its services.
Irish Post
3 hours ago
- Irish Post
Energy cable linking Ireland to France breaks ground with Celtic Interconnector
A CRITICAL phase of the €1.6 billion Celtic Interconnector project is now underway, with the start of subsea cable installation marking a key step toward creating Ireland's first electricity link to mainland Europe. The project, developed by Ireland's EirGrid and France's Réseau de Transport d'Électricité, aims to support renewable energy integration and stabilise electricity prices by enabling the flow of up to 700 megawatts (MW) of electricity between Ireland and France. This is enough energy to power nearly half a million homes. Cable laying began earlier this week off the coast of East Cork using the Norwegian specialist marine vessel Calypso. The vessel is currently installing an 84 km stretch of high-voltage direct current (HVDC) cable along a carefully mapped route on the seabed. Two additional vessels are handling the burial of the cable to protect it from marine activity and environmental impacts. The full interconnector will span 575 km, with 500 km of undersea cable, linking Claycastle Beach in Co. Cork to the northwest coast of Brittany, France. Once operational, it will serve as the only direct energy link between Ireland and continental Europe. The Calypso, equipped with both deck and below-deck carousels capable of carrying up to 8,000 tonnes of cable, is performing the summer cable-laying operation during optimal weather conditions. Marine survey teams had previously mapped the seabed to determine the safest and most efficient route. Onshore, construction efforts continue at pace. Extensive ducting and trenching have been carried out between Claycastle and the Ballyadam converter station near Carrigtwohill. Civil works at the 11-acre Ballyadam site, led by Siemens Energy, are nearly finished. This station will convert HVDC electricity arriving from France into high-voltage alternating current (HVAC) for integration into the Irish grid via the Knockraha substation. So far, 97% of trenching and ducting between Youghal and Ballyadam is complete, and three 200-tonne transformers are expected to arrive at the converter station later this month. Meanwhile, HVAC cable installation between Ballyadam and Knockraha has been finalised, with road reinstatement works underway in collaboration with Cork County Council. EirGrid's Project Manager Shane Cooney said the interconnector has been in development for more than a decade and is now at a critical implementation stage. 'This project is of national significance and also holds importance at a European level,' said Cooney. 'It has secured over €500 million in EU funding, based on its potential to connect Ireland to the wider EU electricity market, balance power prices, and support the integration of renewable energy.' EirGrid Chief Infrastructure Officer Michael Mahon echoed the sentiment, attributing the project's smooth progression to strong collaboration between Irish and French teams, as well as local community support. 'This is a feat of engineering made possible by years of collaboration, innovation, and commitment,' Mahon said. 'It's a pivotal step in ensuring the future resilience of our energy system.' Initially expected to be operational by spring 2028, recent updates suggest the Celtic Interconnector could be live as soon as next year, pending the timely completion of marine and onshore works. Beyond reducing reliance on emergency electricity measures, EirGrid reports that the interconnector is expected to fill Ireland's forecasted electricity capacity gap in 2027 and 2028. However, further reinforcements may still be necessary to meet longer-term demand. The Celtic Interconnector is being co-funded by the EU's Connecting Europe Facility and forms a cornerstone of Ireland's broader strategy to decarbonise its power system and integrate with the EU energy market. See More: Celtic Interconnector, EU, Energy, Undersea Cables
