Legal academics from across Ireland have demanded that the Central Bank Governor immediately block the sale of Israeli state bonds, warning that investors risk complicity in genocide if the scheme is allowed to continue.
In a letter sent yesterday, the academics called on the Governor to refuse re-approval of Israel’s bond prospectus when it comes up for renewal on 2 September.
They argue that the Central Bank has clear powers under EU law to shut down the programme, and that participation in Israel Bonds is incompatible with Ireland’s obligations under international law.
The letter cites Article 42 of the EU Markets in Financial Instruments Regulation, which allows regulators to prohibit the “marketing, distribution or sale” of financial instruments where there are “significant investor protection concerns.”
According to the academics, buying Israel Bonds exposes investors to legal risks and makes them complicit in genocide as both a crime and a civil wrong.
Their intervention follows a recent recommendation from the Oireachtas Finance Committee that the Central Bank should stop authorising the sale of Israel Bonds.
It also echoes a High Court case lodged in July by Social Democrats TD Gary Gannon. With further protests planned in the coming days, pressure is mounting on the Central Bank to act.
Since Brexit, Israel has used the Central Bank of Ireland as its “competent authority” in Europe, allowing bond prospectuses to be approved here for the past five years.
That approval has enabled Israel to raise substantial funds from EU investors for unrestricted state use. Israel’s own marketing explicitly presents the bonds as a way to back its military campaign in Gaza.
A Bloomberg report in February 2024 described a “bond spree” to fund the offensive, while Israel’s Annual Debt Report confirmed that the “Iron Swords” operation had sharply increased the state’s financing needs.
The academics stress that the Irish government already recognises Israel’s actions in Gaza as genocide.
On 28 May, the Taoiseach told the Dáil that Ireland considers Israel to be perpetrating genocide against the Palestinian people.
Ireland has also intervened in South Africa’s case at the International Court of Justice (ICJ), supporting an interpretation of the Genocide Convention that would apply to Israel’s actions in Gaza.
The letter argues that Ireland is legally obliged to prevent genocide, to ensure respect for international humanitarian law, and not to support unlawful situations such as occupation and apartheid.
By continuing to authorise Israel Bonds, it warns, the Central Bank risks placing Ireland in “knowing and wilful violation” of those obligations.
Cited in the letter are several major international rulings: the ICJ’s orders requiring Israel to halt acts contributing to genocide, its 2024 advisory opinion declaring Israel’s occupation unlawful, and arrest warrants issued by the International Criminal Court for Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant.
The academics also highlight direct financial risks. Under international criminal law, individuals — including company executives — can be guilty of aiding or abetting genocide.
Investors also face the possibility of sanctions that could block bond payments, as well as liability under the international crime of aggression.
A UN Human Rights Council report has also warned that the ICJ and ICC proceedings have “reshaped” corporate responsibility, making clear that companies and investors risk complicity in grave international crimes by continuing to support Israel’s economy.
Dr Pearce Clancy, one of the letter’s authors, said: “The Governor must take steps to ensure that the Central Bank, as an organ acting on behalf of the Irish state, abides by international law.
“Any engagement in the Israel Bonds programme is fundamentally incompatible with these legal standards.
“It is therefore of paramount importance that the marketing and sale of Israel bonds is immediately prohibited, and that the renewal prospectus is rejected.”
Another co-author, Dr Maeve O’Rourke, added: “The Central Bank must take responsibility for its actions.
“Despite being independent under Irish law, it remains a state body and is bound by Ireland’s international obligations to prevent genocide.
“That means refusing to re-approve Israel’s bond prospectus.”
The Central Bank has not yet commented on the letter or indicated whether it will authorise the renewal of Israel Bonds on 2 September.