Central Bank faces legal action over Israeli bonds
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Gary Gannon TD
The Central Bank of Ireland is facing the prospect of a High Court battle over its failure to ban the marketing, distribution and sale of Israeli bonds amid claims that investors could be complicit in genocide in Gaza.
A letter seen by Irish Legal News was sent to the bank’s governor earlier this week by McGarr Solicitors, acting on behalf of Garry Gannon, the Social Democrats TD for Dublin Central.
It follows media reports that prospectuses approved by the Central Bank of Ireland have allowed Israeli bonds to be marketed and sold across the European Union.
The letter warns that the “continued issuing and trading of those bonds gives rise to significant investor protection concerns, in light of the complicity of Israel in genocide in Gaza, and the use of the proceeds of the Israeli bonds to facilitate same”.
It adds: “The Central Bank is empowered under Article 42 of MiFIR [Regulation (EU) No. 600/2014] to prohibit the marketing, distribution or sale of the Israeli bonds. We call upon it to do so.”
The letter requests a substantive response within 14 days and warns that Mr Gannon otherwise “reserves the right to institute such legal proceedings as are necessary to compel the Central Bank to exercise its powers in accordance with law”.
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