Latest news with #IsraeliBonds
The Journal
5 days ago
- Business
- The Journal
Gary Gannon launches legal action against Central Bank over approval of Israeli bonds
SOCIAL DEMOCRATS TD Gary Gannon 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 Gannon lodged legal papers against the Central Bank in Dublin this afternoon. The Dublin Central TD alleges 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. Israeli State Bonds have been advertised as a method to support the country's economy and, more recently, websites promoting the investments have emphasised their importance to Israel's military operations in Gaza. Some TDs, as a result, have dubbed the securities as 'Israeli war bonds'. Speaking today, Gannon said the case asks whether Ireland's financial regulatory system 'can remain silent'. 'The Taoiseach has said clearly in the Dáil that what's happening in Gaza is genocide. Arrest warrants have been issued by the International Criminal Court. These are not distant issues – they raise urgent legal and moral questions for Ireland.' he said. 'These bonds are not neutral financial instruments. They are a funding pipeline for a military campaign that includes the bombardment and starvation of thousands of civilians. Letters, seen by the PA news agency, sent to Central Bank governor Gabriel Makhlouf in recent weeks by McGarr Solicitors, acting on behalf of 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 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'. Today, @GaryGannonTD submitted his case against the Central Bank, which aims to end the facilitation of the sale of Israeli war bonds. The sale of these bonds goes against EU and international law. We need to ensure that "never again" means never again. — Social Democrats (@SocDems) July 24, 2025 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. '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. 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 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. Last month, the government rejected a joint-proposal from the opposition which called on the Central Bank to stop facilitating the sale of Israeli bonds within the EU. The motion, put forward by the Social Democrats and supported by Sinn Féin, People Before Profit and the Labour Party, sought the reversal of a previous government decision to block a bill calling for the same measure in May . 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 Gannon's purported judicial review proceedings. They claimed that Gannon lacked the right or ability 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, Gannon said the Central Bank has the power to stop the sale of the bonds. The judicial review was formally issued this afternoon. Gannon said the Central Bank has the power under Article 42 of EU Markets in Financial Instruments Regulation to prohibit the sale of bonds that pose serious investor protection risks. He asked: 'If financing a regime accused of genocide doesn't meet that threshold, what does?' 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Irish Times
5 days ago
- Business
- Irish Times
TD Gary Gannon files legal proceedings against Central Bank over Israeli bonds
Social Democrat TD Gary Gannon has filed legal proceedings against the Central Bank over its role in facilitating the sale of Israeli bonds on the European market. McGarr Solicitors lodged papers with the High Court on behalf of the Dublin Central TD on Thursday. Mr Gannon is seeking a court order requiring the Central Bank to exercise its powers under European regulations to prohibit the marketing, distribution or sale of bonds issued by the state of Israel. Court papers show he is also seeking an order requiring the bank to 'properly consult' with the 'competent authorities in other member states that may be significantly affected by the action'. READ MORE In a draft affidavit to the court Mr Gannon said he believes and is advised that the investors in, and holders, purchasers and sellers of Israeli bonds risk being 'complicit in genocide, with various implications for them'. [ Israeli bond investors risk complicity in genocide, TD claims in letter to Central Bank governor Opens in new window ] There have been ongoing calls for the Central Bank to end its role in approving Israeli bonds for sale in the European Union. The bank is the designated authority in relation to the sale of Israeli bonds in the EU. The Central Bank's governor, Gabriel Makhlouf, told the Oireachtas Finance Committee last month that Israel has raised between €100 million and €130 million from the bonds. He said the Israeli government website marketing its 'war bonds' had stated it had sold bonds worth €5 billion. He said the EU accounted for only a fraction of that, with the US accounting for the bulk of it. On what the bank can and can't do, he said: 'The Central Bank cannot decide to impose sanctions for breaches or alleged breaches of international law. It is for international bodies such as the UN or the EU to determine how to respond to breaches or alleged breaches of international law.' Mr Gannon issued 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 in a letter that there is 'no valid legal basis' to support Mr Gannon's purported judicial review proceedings. It claimed that Mr Gannon lacked the 'necessary locus standi' or right to bring the proceedings, and said the bank was satisfied it did not meet the relevant criteria to exercise its powers under EU law. The letter also stated that judicial review proceedings would lead to court time being 'expended unnecessarily and substantial costs being incurred'. [ Central Bank's role in approving Israeli bonds can be traced back to Brexit Opens in new window ] Commenting on the action, Mr Gannon said: 'These bonds are not neutral financial instruments. They are a funding pipeline for a military campaign that includes the bombardment and starvation of thousands of civilians. 'While this is a technical case grounded in EU investor protection law, the issues at stake are deeply moral and ask whether our laws, Irish, European, and international, have the capacity to respond to that reality.' He added: 'If financing a regime accused of genocide doesn't meet that threshold, what does?'
Irish Examiner
5 days ago
- Business
- Irish Examiner
Legal action launched against Central Bank over Israel bonds investments
A Social Democrats TD 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 Gary Gannon lodged legal papers against the Central Bank in Dublin on Thursday. 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. (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 same 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. '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. 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. 'Politicians have spoken too long, all the while a genocide is being inflicted upon the population of Gaza. The demands today are clear – act 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. 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. The judicial review was formally issued on Thursday afternoon. 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.' Read More EU agrees €93bn worth of counter tariffs against the US if trade talks fail
BreakingNews.ie
5 days ago
- 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.
