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Irish Times
30 minutes ago
- Business
- Irish Times
Protesters call 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 in advance of an upcoming renewal date. About 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 union'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. READ MORE 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 2nd. The Oireachtas Joint Committee on Finance has recommended that the bank carry out an immediate review before renewing approval of the bonds. David Landy of Jews for Palestine and Academics for Palestine outside the Central Bank in Dublin. Photograph: Niall Carson/PA Wire 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. [ Lobby other EU countries to allow Irish Central Bank to drop Israeli war bonds, TDs recommend Opens in new window ] 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. '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 Irish 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.'
BreakingNews.ie
5 hours ago
- Business
- BreakingNews.ie
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. Advertisement 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. Photo: 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. Advertisement 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. Advertisement 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.' Advertisement Sinn Fein's foreign affairs spokesman said the Irish government 'must use every lever at its disposal' to show leadership on Gaza. Donnchadh O 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.'
BreakingNews.ie
24-07-2025
- Business
- BreakingNews.ie
Legal action launched against Central Bank over Israel bonds investments
An politician has launched legal proceedings against the Central Bank of Ireland over claims that investors in Israeli bonds could be legally complicit in genocide in Gaza. Lawyers for Social Democrats TD Gary Gannon lodged legal papers against the Central Bank in Dublin on Thursday. Advertisement It is alleged 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. Letters, seen by the PA news agency, sent to Gabriel Makhlouf, the governor of the Central Bank, in recent weeks by McGarr Solicitors, acting on behalf of Mr Gannon, claim that these risks were not made known to investors in prospectuses for bonds, which had been approved by the Central Bank. The letter warns Mr Makhlouf that the 'continued issuing and trading of those bonds gives rise to significant investor protection concerns, in light of the complicity of Israel in genocide in Gaza, and the use of the proceeds of the Israeli bonds to facilitate the same'. It goes on to say that the Central Bank is empowered under EU law to prohibit the marketing, distribution or sale of the Israeli Bonds. Advertisement 'We call upon it to do so,' the letter adds. There have been ongoing calls for the Central Bank to end its role in approving Israel Bonds for sale in the EU. 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. Advertisement 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. Mr Gannon issued the letters to the bank about investor protection concerns relating to the bonds, as well as the use of the bonds to finance the war in Gaza at the end of last month. In response, the Central Bank, through its solicitors, said that there is 'no valid legal basis' to support Mr Gannon's purported judicial review proceedings. Advertisement They claimed that Mr Gannon lacked locus standi to bring the proceedings and that the bank is satisfied it does not meet the relevant criteria to exercise its powers under EU law. The letter also claims that judicial review proceedings would lead to court time being 'expended unnecessarily and substantial costs being incurred'. However, Mr Gannon said the Central Bank has the power to stop the sale of the bonds. Ireland Demolition of Smyth's pub in D4 gets go-ahead desp... Read More The judicial review was formally issued on Thursday afternoon. Advertisement Speaking at a pro-Palestinian rally on Saturday, Mr Gannon said: 'Politicians have spoken too long, all the while a genocide is being inflicted upon the population of Gaza. The demands today are clear – act. He added: 'On Tuesday, I'll be lodging papers against the Central Bank. Genocide can never be considered a technical matter – our only duty is to prevent it and punish those responsible.'
Irish Times
19-07-2025
- Business
- Irish Times
‘This war took my entire life from me': Thousands attend pro-Palestine march in Dublin
Tens of thousands of people marched through Dublin city centre on Saturday afternoon calling for the Central Bank of Ireland to 'stop funding genocide' through the facilitation of the sale of Israeli bonds. Social Democrats TD Gary Gannon told protesters he would be taking a legal case against the Central Bank over the issue and would lodge papers next week. The Dublin Central TD has previously written to the bank's governor , Gabriel Makhlouf, claiming that investors in Israeli bonds approved by the Irish Central Bank risk being legally complicit in genocide in Gaza . The bank is the designated authority in relation to the sale of Israeli bonds in the EU, and has determined the securities meet the standards of the bloc's prospectus regulations. READ MORE Protesters leading the demonstration carried a giant sphere in the style of the logo of Ireland's Central Bank with the words 'stop funding genocide' painted on it. Photograph: Ella Sloane Saturday marked the sixteenth national demonstration of its kind since October 2023, with organisers estimating more than 70,000 in attendance. Protesters draped in Palestinian flags and keffiyehs arrived in droves at the Garden of Remembrance before marching to Leinster House. The demonstration was organised by the Ireland Palestine Solidarity Campaign (IPSC) and was backed by more than 170 organisations, according to the IPSC. The group called for the Government to enact sanctions against Israel and to fully enact the Occupied Territories Bill. The Government has committed to implementing the Bill, which would ban trade in goods with the occupied Palestinian territories, and it is due before the Dáil in autumn. Protesters on Saturday called on the Government to include a ban on trade in services in the Bill. Photograph: Ella Sloane They also called for the cessation of use of Irish airspace for transporting weapons. Traffic was brought to a standstill as the march travelled down O'Connell Street, through College Green and up Dawson Street. At a rally outside the Dáil, which filled the length of Molesworth Street, Marah Nijim, a 23-year-old student from Gaza told how her brother had recently been hospitalised due to starvation. 'It's kind of heavy for me to talk now because I just got the news that my brother is in hospital because of a lack of food and because of the starvation,' she said. 'I'm here to speak about my home, the one that I was forced to leave without any clothes, without anything but what I was wearing.' 'This war took away from me my entire life,' she told the crowds who had gathered outside Leinster House. Mr Gannon told the crowd about his legal case against the Central Bank of Ireland. He said he would keep his speech brief because 'politicians have done too much talking and we haven't done enough in terms of acting, legislating and sanction'. 'The case is moral. A genocide is happening. We are obligated to prevent it. So I will take it as far as it needs to go. We are lodging papers on Tuesday,' he said. IPSC chairperson Zoe Lawlor described it as 'shameful' that the Government 'lets the US military use Shannon Airport' to transport Israeli weapons. 'Israel does not commit this genocide alone. It does so with the weapons, the money and the political cover it gets from the US and the EU,' she told the crowd. . Ms Lawlor condemned the Government, saying 'their actions do not match their words'. She spoke about the refusal of visas for 33 young GAA players from Palestine who had planned to tour Ireland. 'They have delayed the visas of the Lajee dancers and football team. They are blocking the students in Gaza who already have been accepted to Irish universities,' she said. During a break in the speeches, Galway singer Declan O'Rourke performed World on Fire, which he dedicated to 'the people of Palestine'. Other speakers at the rally included: Mohamed Migdad, an economics lecturer from Gaza; Dunnes Stores striker Mary Manning; Bernard Joyce, director of the Irish Traveller Movement; and Conor O'Neill of the Pass the Occupied Territories Bill Campaign.
Finextra
27-06-2025
- Business
- Finextra
Kraken issued crypto licence in Ireland
Crypto exchange Kraken has become the first company to be awarded a Markets in Crypto Assets (Mica) licence from Ireland's central bank. 0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The "huge milestone" gives US-based Kraken the regulatory authority to operate across the EU and in any of the 30 markets that make up the European Economic Area. The crypto exchnage already has a virtual asset service provider licence in Ireland as well as a number of other EU states including Belgium, France, Italy and the Netherlands. But, according to Kraken, the MiCA licence will enable it to expand its product offering to include spot trading, derivatives and payments to retail, professional and institutional clients across Europe. 'Securing a license from the Central Bank of Ireland (CBI), with its long heritage and experience as a rigorous financial regulator, isn't just about compliance. It's a powerful signal of Kraken's commitment to expanding the crypto ecosystem through responsible innovation,' said Arjun Sethi, Kraken's co-chief executive. 'Over the past several years, our team has worked tirelessly to meet the CBI's gold standard regulatory expectations. This license reflects that effort and places us in a strong position to expand our product offering, grow our institutional and retail client base, and deliver secure, accessible, and fully regulated crypto services to millions more people across the EU.' The news is a timely boost for Ireland's crypto market given that two prominent crypto exchanges have recently left the market. Firstly, Coinbase switched its European base to Luxembourg, citing a more favourable regulatory climate in the Duchy. Then Gemini followed step, citing the regulatory climate and relocating to Malta. Both Coinbase and Gemini chose Dublin as their European HQs in 2023. However, later that year, the central bank governor Gabriel Makhlouf called unbanked crypto a "ponzi scheme" and signalled tighter regulation.
