Councillors call on Central Bank to end regulation of Israeli bonds

Dublin City Council has passed a motion which calls on the Central Bank of Ireland to stop regulating Israeli bonds.

The motion was proposed by Deputy Lord Mayor Donna Cooney of the Green Party.

The Clontarf councillor said, “ending complicity in genocide is a moral obligation and a legal obligation under the Genocide Convention, international human rights and CFT legislation.”

“Under Irish human rights laws and as a neutral country, we must not act in any way to facilitate these bonds. These bonds are funding the weapons that are being used to blockade Gaza. The onus is on us all to do all we can to stop this.”

Sinn Féin councillor Daithí Doolan welcomed the motion, saying “the Central Bank must immediately divest from playing a part in Israel’s genocide in Gaza.”

“These genocide bonds directly fund Israel’s crimes against humanity. It is hugely significant that his important motion was passed unanimously by the largest local authority on the island. It sends out a very clear message to the Central Bank.”

The Ballyfermot-Drimagh said that the Central Bank “must stop doing Israel’s dirty work.”

The motion was further welcomed by the Ireland Palestine Solidarity Campaign, with chairperson Zoe Lawlor saying, “we applaud the unanimous decision of Dublin City Council to call on the Central Bank of Ireland to immediately stop regulating Israeli bonds and their clear and unequivocal call on the CBI to end its complicity in genocide.”

“Israel bonds are funding the starvation of the people of Gaza, they are funding the blockade of Gaza. It is unconscionable that the CBI is continuing to act as enabler of Israel’s fundraising machine in Europe, and equally unconscionable that the Irish government is doing nothing to end this complicity in genocide, war crimes and crimes against humanity. 

“The Irish public stands overwhelmingly and resolutely in solidarity with the Palestinian people. We welcome the strong stand of solidarity taken by Dublin City Council in demanding action to end the regulation of Israel Bonds. This heinous active complicity in genocide must end.”

The motion read that the CBI “must immediately end regulation of the bonds and end its complicity in genocide.”

“This is a moral obligation and a legal obligation. Ireland must not act in any way to facilitate these bonds unless there is an immediate ceasefire, an end to killing and a lasting peace.

In late 2024, the Irish Examiner reported that the Central Bank can only refuse the approval where it has a legal basis to do so, such as when a body such as the European Union imposes sanctions on the Israeli state.