Central Bank of Ireland ‘funding Israel’s genocide’ says Gannon after filing proceedings

Social Democrats TD and justice spokesperson Gary Gannon is taking on the Central Bank.

The Dublin Central TD has filed proceedings against the Central Bank Of Ireland over them issuing bonds to the Israeli state.

Gannon said the bonds are funding Israel’s “genocidal campaign” against Gaza, which has killed nearly 60,000 people.

“The legal action questions whether Ireland’s financial regulatory system can remain silent in the face of such grave international developments,” he said.

“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 noted that 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.

Noting that the specifics of the case are grounded in EU investor protection law, laws which supercede Irish law, Gannon said “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.”

Elsewhere, Labour TD and foreign affairs spokesperson Duncan Smith is looking to advance legislation in the Dáil which would create a legal basis for how Ireland operates with the Central Bank Of Ireland in instances like this.