Israeli Genocide Bonds: A Direct Line from the Irish Central Bank to the Palestinian Genocide

By WBW Ireland, February 2, 2025

The little known ‘Israel bonds’ directly fund the genocide in Gaza. Established in 1951, the bonds raise funds for the Israeli treasury for use across the Israeli economy which includes the financing of the apartheid system, the Israeli military, and illegal settlements. They are now explicitly being marketed as ‘war bonds’. Israeli president Isaac Herzog has lauded “the crucial role of Israel bonds during this time of conflict and war”.

Shamefully, the Central Bank of Ireland (CBI) is acting as the regulator of Israel bonds in Europe. Before Brexit the UK provided the gateway into the EU for Israel’s financing campaign. After Brexit however, the CBI took over this role. By providing this gateway into Europe for Israel bonds, the CBI is making itself complicit in funding genocide and apartheid. Under EU law (Regulation 2017/18, Article 32), CBI has the power — and the responsibility — to refuse to validate Israel bonds on the grounds that the ICJ has found that Israel is plausibly committing genocide. However they do nothing to halt their sale.

These ‘war bonds’ have raised €3 billion since October 7th 2023, and in doing so have helped fuel war crimes and crimes against humanity. The Irish government needs to act. As Senator Alice Mary Higgins has said “The Central Bank can act. But if the Central Bank won’t act, then the government needs to act. All they have to say is: “As a general principle, Ireland won’t sell bonds for countries who are in the dock for breaching the Genocide Convention”.

David Landy of Jews for Palestine – Ireland has stated, “By selling Israeli war bonds, the Central Bank of Ireland is implicating all of us, all Irish people, in Israel’s war crimes. The approval of these war crimes must be stopped.” And we at World BEYOND War Ireland strongly echo his words.

If you feel the same, there are actions you can take to help build pressure on the CBI and Irish government.

1. Write to the Governor of the CBI, Gabriel Makhlouf, at gabrielmakhlouf@centralbank.ie and demand that he invokes his power “to prohibit or suspend advertisements” of Israel bonds.
2. Email the Deputy Governors at vasileios.madouros@centralbank.ie and derville.rowland@centralbank.ie demanding action
3. Contact your TDs and remind them the under the Genocide Convention they are obliged to ensure that state institutions do not facilitate genocide.
4. Follow @irelandipsc and join the regular protests at the Central Bank.
5. Please join the next protest, if you can, at the Central Bank on Tuesday, 4 Feb, 12.30pm to 2pm.
6. Please share the attached graphic and encourage family and friends to come to the protest.