Central Bank of Ireland Halts Sale of Israel Bonds Amid Advocacy Efforts

Stephen Cockburn, Amnesty International’s Europe director, highlighted the decision as a victory for campaigners who protested outside the Central Bank for over a year, as well as for Parliamentarians advocating for Ireland’s adherence to international law. He noted the collective efforts of those opposing the sale of these bonds in Europe.

Groups like the Ireland-Palestine Solidarity Campaign and legal experts, including Dr. Pearce Clancy, had previously challenged the Central Bank's authorization of Israel Bonds, arguing it risked complicity in crimes against humanity due to its ties to the Israel-Palestine conflict, as indicated in bond advertising.

For a bond to be sold in the European Economic Area, it must be approved by an EU member state, which Ireland had done since 2021. The transfer of bonds is governed by the Commission de Surveillance Secteur Financier (CSSF) and the European Securities and Markets Authority (ESMA), which stipulate that an authority from one member state must notify and obtain agreement from another before approving a prospectus.

Ireland requested to transfer the bonds to Luxembourg in 2025, which the CSSF accepted. However, when the Central Bank sought to transfer the bonds back to Ireland this year, the CSSF rejected the request due to ESMA regulations. The current prospectus for Israel’s bonds expired on August 31.

Ireland consistently advocates for the Palestinian cause and is recognized as one of the most vocal European nations supporting Palestinian statehood and self-determination. In May 2024, Ireland formally recognized Palestine as a sovereign state and subsequently filed a Declaration of Intervention, invoking Article 63 of the International Court of Justice's Statute to join South Africa’s ongoing genocide case against Israel.