Bonds facilitated by the Central Bank are marketed to fund Israel’s genocidal campaign, the documents of which fail to warn investors of the legal and criminal risks of complicity in atrocious crimes, according to Social Democrats justice spokesperson Gary Gannon.
Speaking today, Deputy Gannon said:
“The legal action questions whether Ireland’s financial regulatory system can remain silent in the face of such grave international developments.
“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.
“Under Irish and EU law, regulators must ensure that all material risks are disclosed – the Central Bank had both the power and the duty to act and it failed to do so.
“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.
“This isn’t about politics. It’s about whether our institutions act when confronted with the gravest of human rights violations.
“The Central Bank has the power under Article 42 of EU Markets in Financial Instruments Regulation (MiFIR) to prohibit the sale of bonds that pose serious investor protection risks. If financing a regime accused of genocide doesn’t meet that threshold, what does?
“In the current context, there is a clear responsibility to assess whether those powers must now be used.”
July 24th, 2025