The Central Bank of Ireland has confirmed it will no longer approve the sale of Israeli government bonds after mounting political pressure over the country’s military campaign in Gaza. The bank’s authorization expired on Monday, with Luxembourg now taking over as the European Union’s competent authority for marketing Israeli debt securities.The move comes after sustained criticism from politicians and activists who labeled the securities “war bonds” due to their connection to funding Israel’s military operations.
Since Brexit, Ireland has served as Israel’s chosen EU authority for bond approvals, allowing the Development Company for Israel (International) Ltd to raise funds from European investors. The arrangement became increasingly contentious as Israel’s Gaza campaign resulted in tens of thousands of Palestinian deaths and UN declarations of famine conditions.
Israel’s decision to relocate its EU bond approval process to Luxembourg provides relief for the Central Bank, though the possibility of future reapplication to Ireland remains theoretically open. However, given Ireland’s current political climate regarding Israeli actions in Gaza, such a move appears unlikely.