Latest news with #IrishCentralBank
The Journal
05-08-2025
- Business
- The Journal
Oireachtas Committee recommends government take action to stop the approval of Israeli bonds
THE GOVERNMENT HAS been urged by TDs and Senators to engage with the EU to amend the law so the Irish Central Bank can refuse to facilitate the sale of Israeli State bonds. The Oireachtas Finance Committee, whose membership includes government TDs and senators, published a review today on Israeli bonds , which included recommendations for both the Irish government and the Central Bank. Commenting on the publication of the review, committee chair Sinn Féin TD Mairéad Farrell said: 'The Committee is united in the position that the Central Bank of Ireland should desist insofar as is possible from the facilitation of Israeli bonds.' In recent months, the government and the Central Bank have been under mounting pressure to stop facilitating the sale of Israeli State bonds in the EU. Advertisement Under EU law, government bonds from countries outside of the EU must have their prospectus ( a legal document setting out the details of the bond) approved by the Central Bank of a country that is in the EU. In Israel's case, Ireland's Central Bank is the authority that approves the document that allows for their sale. Pro-Palestine activists in Ireland, alongside most opposition parties in the Dáil, have been pushing for the Irish Central Bank to stop facilitating the sale of Israeli State bonds because of the fact they are used to fund Israel's military operations in Gaza. Explainer: Why are pro-Palestine groups calling for Ireland to prevent the sale of Israeli 'war bonds'? The Oireachtas Finance Committee sought to find out if there is a legal avenue open to the Central Bank to refuse the approval of a prospectus. The committee made 15 recommendations following its investigation. It recommended that ahead of the Israeli bond prospectus's renewal next month that the Irish Central Bank conduct an internal review to check that the application complies with existing requirements in relation to the level of disclosure, accuracy and transparency. Related Reads Gary Gannon launches legal action against Central Bank over approval of Israeli bonds Government rejects motion calling on it to stop sale of 'Israeli war bonds' Other recommendations were: That the government engage at EU level to amend the EU Prospectus regulations to permit individual Central Banks to refuse to act as a Competent Authority. That the Irish Central Bank engage with other central banks to develop a mechanism that would allow them to refuse to process any new prospectus certification requests. That the government considers what it can do on a national level to ensure that the approval of any prospectuses complies with the International Court of Justice (ICJ) opinion in July 2024. Chair Mairéad Farrell said that as part of its review, the Central Bank should seek further information from the Israeli authorities. 'This should take into account the nature of the case taken by South Africa against Israel under the Genocide Convention and the interim findings of the ICJ in that regard, the ICJ Advisory Opinion of July 2024 in respect of the illegal situation created by Israel in the Occupied Palestinian Territories, and any other pertinent matters in respect of international law,' she said. Farrell added that the committee believes an amendment to the Prospectus Regulation to allow individual European Central Banks to refuse to act as Competent Authority is required in order to allow individual Member States to make decisions which align with their stated position and obligations under international law. 'The Committee further believes that the Central Bank is vested with powers that it has not yet exercised and makes a number of recommendations identifying areas which may provide the Central Bank with the opportunity to desist from facilitation of the prospectus. The Joint Committee encourages the Central Bank to exercise the powers available to it in this regard,' she said. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Yahoo
03-08-2025
- Business
- Yahoo
Irish central bank governor warns government against over-stimulating economy
DUBLIN (Reuters) -The governor of the Irish central bank has warned the government against over-stimulating the economy in its annual budget in October, saying the country was at risk of being in the "wrong place," in terms of spending. Gabriel Makhlouf was speaking two weeks after the government published its pre-budget plans, in which it said it would allow day-to-day spending to increase by 6.4%, down from the 8-9% range in recent budgets. "For an economy operating at full employment, we're adding more stimulus to the economy than it needs – and I would look again at what we're planning to do," Makhlouf told the Business Post Newspaper in an interview published on Sunday. "I think at the moment there's a risk that we're in the wrong place," Makhlouf said. The government said that it would trim next year's planned 9.4 billion euro package of tax cuts and spending increases, if U.S. tariffs are higher than the 10% in place at the time of the announcement. Days after the government released the budget plans in its Summer Economic Statement, the U.S. struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods. "Hopefully, the Summer Economic Statement is not the budget, and hopefully, by the time he gets there, he will have reflected again on what the trade situation is telling us," Makhlouf said. (Writing by Conor Humphries; Editing by Toby Chopra) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-08-2025
- Business
- Yahoo
Irish central bank governor warns government against over-stimulating economy
DUBLIN (Reuters) -The governor of the Irish central bank has warned the government against over-stimulating the economy in its annual budget in October, saying the country was at risk of being in the "wrong place," in terms of spending. Gabriel Makhlouf was speaking two weeks after the government published its pre-budget plans, in which it said it would allow day-to-day spending to increase by 6.4%, down from the 8-9% range in recent budgets. "For an economy operating at full employment, we're adding more stimulus to the economy than it needs – and I would look again at what we're planning to do," Makhlouf told the Business Post Newspaper in an interview published on Sunday. "I think at the moment there's a risk that we're in the wrong place," Makhlouf said. The government said that it would trim next year's planned 9.4 billion euro package of tax cuts and spending increases, if U.S. tariffs are higher than the 10% in place at the time of the announcement. Days after the government released the budget plans in its Summer Economic Statement, the U.S. struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods. "Hopefully, the Summer Economic Statement is not the budget, and hopefully, by the time he gets there, he will have reflected again on what the trade situation is telling us," Makhlouf said. (Writing by Conor Humphries; Editing by Toby Chopra) 登入存取你的投資組合
Reuters
03-08-2025
- Business
- Reuters
Irish central bank governor warns government against over-stimulating economy
DUBLIN, Aug 3 (Reuters) - The governor of the Irish central bank has warned the government against over-stimulating the economy in its annual budget in October, saying the country was at risk of being in the "wrong place," in terms of spending. Gabriel Makhlouf was speaking two weeks after the government published its pre-budget plans, in which it said it would allow day-to-day spending to increase by 6.4%, down from the 8-9% range in recent budgets. "For an economy operating at full employment, we're adding more stimulus to the economy than it needs – and I would look again at what we're planning to do," Makhlouf told the Business Post Newspaper in an interview published on Sunday. "I think at the moment there's a risk that we're in the wrong place," Makhlouf said. The government said that it would trim next year's planned 9.4 billion euro package of tax cuts and spending increases, if U.S. tariffs are higher than the 10% in place at the time of the announcement. Days after the government released the budget plans in its Summer Economic Statement, the U.S. struck a framework trade agreement, opens new tab with the European Union, imposing a 15% import tariff on most EU goods. "Hopefully, the Summer Economic Statement is not the budget, and hopefully, by the time he gets there, he will have reflected again on what the trade situation is telling us," Makhlouf said.
Bloomberg
04-07-2025
- Business
- Bloomberg
ECB's Makhlouf Says Inflation Expectations Are Well Anchored
European Central Bank Governing Council member Gabriel Makhlouf said inflation expectations in the euro area are well anchored and allowed the region to avoid large increases in unemployment during the most recent period of strong consumer-price growth. Commenting in a blog post on Friday, the Irish central bank chief also said:
