The Central Bank of Ireland has confirmed it will no longer authorize the sale of Israeli government bonds in the European Union, transferring approval responsibilities to Luxembourg. The move, announced Monday, ends Ireland’s role in facilitating Israel’s fundraising efforts through debt securities at a time when Israel faces mounting international criticism over its war in Gaza.
Central Bank Governor Gabriel Makhlouf informed lawmakers that approval for the 2024 Israeli bond prospectus was set to expire on September 1, 2025. “Accordingly, from 2 September 2025, it will not be possible for the State of Israel to offer bonds under the 2024 prospectus,” Makhlouf wrote, noting that Luxembourg’s regulator had already approved a new 2025 prospectus for Israel.
Ireland had become the approving authority for Israeli bonds after Brexit, when the UK was no longer available to rubber stamp the documents. The Central Bank consistently argued it was legally obligated to approve prospectuses that met European Union requirements. Still, it faced sharp political pressure due to anger over Israel’s military campaign in Gaza.
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A spokeswoman for Finance Minister Paschal Donohoe emphasized that “there are now no active bond prospectuses approved by the Central Bank of Ireland for the state of Israel. As the financial regulator, the Central Bank is independent in its functions from the government.” Government officials privately welcomed the outcome, calling it consistent with Ireland’s broader diplomatic strategy, which has included recognizing Palestinian statehood and pressing for a review of EU trade with Israel.
According to Social Democrat TD Gary Gannon, no financial institution backed by the EU “should be involved in raising funds which are used to annihilate innocent civilians.” Mary Lou McDonald, Sinn Féin leader, echoed Gannon’s message, stating that the Central Bank never should have been involved in selling bonds that are “facilitating of the financing of the genocide of the Palestinian people.”
The shift drew praise from Irish politicians and advocacy groups, though some expressed concern that Luxembourg would continue to facilitate Israel’s bond sales.
Israel’s Finance Ministry did not immediately comment on moving the EU approval for Israel Bonds.