Central Bank governor to tell committee that Ireland does not sell Israeli bonds
THE GOVERNOR OF the Central Bank will tell an Oireachtas committee today that Ireland does not sell Israeli bonds.
Gabriel Makhlouf is set to appear before the Joint Oireachtas Committee on Finance, Public Service Reform and Digitalisation.
He will be addressing an issue that has become a political flashpoint in light of Israel's ongoing war on the Gaza Strip in Palestine, which has killed more than 54,000 people.
This week, opposition parties requested
a free 'vote of conscience'
on a motion calling on the Government to stop the Central Bank from facilitating the sale of Israeli State Bonds.
Makhlouf is to begin his remarks by saying he is 'absolutely appalled by the horrific loss of life and destruction we are seeing in Gaza and the occupied Palestinian territories' and expressing his desire to see a ceasefire in the conflict.
'For the avoidance of doubt the Central Bank does not issue, sell, trade or list these bonds,' Maklouf will tell the committee.
'And in the case of Israeli sovereign bonds, we do not authorise or supervise them and they are not listed on a stock exchange we regulate.'
Makhlouf will say that as an EU member state, Ireland is obliged to approve the sale of bonds if they meet certain requirements.
'As a body established under statute, we are vested with certain powers and functions which we are required to perform. And we are required to perform and exercise these in the manner in which the legislated tasks are assigned to us, following the law and in line with how it frames our responsibilities,' Makhlouf say.
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Makhlouf will also tell the committee that by approving the bonds, 'the Central Bank does not endorse the issuer and does not endorse the securities'.
'Rather, it means the Central Bank is satisfied that the issuer has disclosed the required information, in the required manner, to potential purchasers of the securities, so that investors can make their own informed investment decision.
'In effect, the Central Bank is carrying out a role mandated by EU law.'
The European Commission is responsible for trade policy and trade relations with third countries, Makhlouf will remind the committee.
'The Central Bank has no mandate to impose sanctions on any State or person for breaches or alleged breaches of international law,' he will say.
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