In a letter sent yesterday, the academics argue that the Central Bank Governor has ample powers under existing EU law to refuse to authorise the Israel Bonds programme. They also insist that engagement in the Israel Bonds programme is fundamentally incompatible with Ireland’s obligations under international law, which bind the Central Bank as an organ of the state.

The legal academics have urged the Central Bank Governor to use his power under the EU Markets in Financial Instruments Regulation to prohibit the ‘marketing, distribution or sale’ of Israel Bonds on the basis of ‘significant investor protection concerns’. According to their letter, purchase of Israel Bonds may make investors complicit in genocide, as a crime and a civil wrong. 

The academics’ intervention supports the recent recommendation of the Joint Oireachtas Committee on Finance that the Central Bank should no longer authorise the sale of Israel Bonds and should refuse re-approval to the bond prospectus on 2 September. The academics’ letter echoes the case lodged against the Central Bank in the High Court, in July, by Gary Gannon TD and comes as public pressure mounts on the Central Bank Governor, with further protests planned for the coming days.

Since Brexit, Israel has chosen the Central Bank of Ireland as the ‘competent authority’ under EU law for the purpose of selling Israeli state bonds in Europe. For the past five years the Central Bank has approved Israel’s bond prospectuses, allowing Israel to raise extensive funds from EU sources for the state’s unrestricted use. 

Israel explicitly markets its state bonds as an opportunity for investors to assist in the so-called ‘war’ in Gaza. The Israel Bonds global website contains a message of Israel’s president “rallying for unwavering support for the Jewish state and emphasiz[ing] the crucial role of Israel Bonds during this time of conflict and war”. In February 2024, Bloomberg highlighted Israel was readying a ‘Bond spree’ to pay for its military offensive in Gaza. Israel’s Annual Debt Report for 2024 stated its ‘Iron Swords’ offensive had created a “continued increase in financing needs”, as “the country’s economic priorities” changed significantly “leading to increased debt issuance and ongoing adjustments in public debt management, all aimed at ensuring financial stability while efficiently funding government operations”.

The academics’ letter to the Central Bank Governor points out that the Irish state, at its highest levels, considers Israel to be perpetrating genocide against the Palestinian people in Gaza. The Taoiseach confirmed this position on 28 May 2025 during Leaders’ Questions. Ireland has intervened in South Africa’s case against Israel before the International Court of Justice, arguing for an interpretation of the Genocide Convention that would recognise Israel’s actions in Gaza as genocide. 

The academics stress that Ireland has specific obligations under international law to (i) prevent genocide, (ii) ensure respect for international humanitarian law and the Geneva Conventions, and (iii) not to contribute to the maintenance of an unlawful situation, such as genocide, unlawful occupation, and apartheid. Ireland has recognised that the current Israeli onslaught on Gaza constitutes a genocide, and the Central Bank is therefore on notice that its involvement in the Israel Bonds programme directly facilitates the continuing commission of genocide, war crimes, and crimes against humanity. Through the actions of the Central Bank, the Irish State is accordingly in knowing and wilful violation of its international legal obligations.

One of the letter’s authors, Dr Pearce Clancy, 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, including international humanitarian law, international human rights law, and Genocide Convention. Despite being independent under domestic Irish law, the Central Bank remains a state body and is therefore bound by international legal standards. 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.”