Latest news with #EUProspectusRegulation
Irish Daily Mirror
12-06-2025
- Business
- Irish Daily Mirror
Central Bank governor says question marks over Israel's financial stability
The 'intensity' of the conflict in Gaza 'puts a question mark' over whether the financial viability of Israel 'still remains secure', the Central Bank of Ireland governor has said. The Central Bank of Ireland (CBI) insisted that it cannot 'impose sanctions' on Israel or stop facilitating the sale of so-called 'Israeli war bonds'. It also said that it does not have to consider the Genocide Convention when reviewing or approving prospectuses. The comments were made at the Finance Committee, which was held several hours before the Dáil was due to vote on selling the bonds for the second time in as many weeks. The CBI is the designated authority for the sale of Israeli bonds in the EU. It is responsible for assessing whether a prospectus is in compliance with the requirements of the EU Prospectus Regulation. Gerry Cross, Director of Capital Markets and Funds at CBI, told TDs and senators at the Finance Committee that they must ensure that relevant information is included, such as 'does this disclose the things that an investor needs to know to understand their financial risks' before they invest. Gabriel Makhlouf, Governor of the CBI, confirmed that Israel has yet to contact the bank about renewing the prospectus before it expires in September. Labour's Ged Nash asked Mr Makhlouf the questions and issues the CBI would 'raise with the Israeli State' if they seek to renew the prospectus before it expires in September. The Governor said that he would expect Israel to divulge that its war on Gaza is affecting its financial stability. He said: 'I would expect [the prospectus] to set out any new developments that are relevant. 'It depends at the moment when they actually write to us, but I think the intensity of the conflict in Gaza probably does put a question mark over whether you know the financial viability of the [Israeli] State still remains secure. 'The fact that the European Union has indicated that it's going to look at its cooperation agreement with Israel, I think that's a factor. 'The fact that the Finance Minister [Bezalel Smotrich] has just been sanctioned by a number of countries, that may be a factor. 'We haven't drawn up a list of the things that we'd expect to see. But clearly, you'd expect, in view of what's happened in this conflict, some impact on the financial affairs of the State will be material. 'Now, in the end, it is for the [Israeli] State to make the judgment whether it does affect its financial standing or not. 'We don't make that assessment. I would expect them to address that.' Mr Makhlouf said it is up to Israel to decide who they want to apply to another EU country to be the designated authority for the sale of bonds. In his opening statement, Mr Makhlouf stated that CBI is 'established by law, we are empowered by law, and we must always act within and in line with the law'. He said: 'One of the powers that has been assigned to us is to perform the functions of a competent authority under the European Prospectus Regulation. 'This means that we must approve a prospectus once certain conditions are met.' He insisted that the CBI does not 'issue, sell, trade or list these bonds' and that it does not 'authorise or supervise them' in the case of Israeli sovereign bonds. Mr Makhlouf continued: 'It is for international bodies such as the UN or the EU to determine how to respond to breaches or alleged breaches of international law, including to determine whether sanctions are necessary. 'The Central Bank cannot impose sanctions on Israel – for example, by refusing to approve the Israeli bond prospectus – in circumstances where the EU has not imposed any such sanctions itself.' While he condemned the war in Gaza and the blocking of aid, Mr Makhlouf said the CBI must 'carry out the statutory tasks and functions which have been assigned to us'.
Belfast Telegraph
09-06-2025
- Business
- Belfast Telegraph
Opposition calls for ‘vote of conscience' on Israel Bonds
The Central Bank of Ireland is the designated authority in relation to the sale of Israel Bonds in the EU. Israel Bonds have been advertised as supporting the country's economy, and more recently, websites promoting the securities emphasise their role in supporting Israel's military operations in Gaza. The Central Bank is responsible for assessing whether a prospectus for the offer of securities is in compliance with requirements of the EU Prospectus Regulation, with the authority saying approval should not be viewed as 'an endorsement of the issuer'. Protesters have demonstrated outside the Central Bank and called for legislation that would give Ireland the power to refuse the sale of Israeli 'war bonds' over human rights concerns. Last month, a Sinn Fein bill which would have imposed restrictions securities on behalf of Israel was defeated after the Government voted against the draft legislation. On Wednesday, the Dail will vote on a motion on the matter brought by a number of opposition parties during the Social Democrats' time. The motion says the bonds are intended to fund the war in Gaza and argues Ireland has an obligations under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide. Speaking to reporters on Monday, Social Democrats TD Sinead Gibney said: 'We have failed as an international community to prevent a genocide from happening so now we have to do everything in our power to make sure that we stop it.' She added: 'We are urging the Government to allow a free vote, a vote of conscience, because we believe that this is something that many TDs will support if given the opportunity. 'And we absolutely urge the government to support this motion.' Sinn Fein TD Sean Crowe said he believes the gap between the vote on the Sinn Fein Bill and this motion will given TDs 'time to reflect'. We need your consent to load this Social Media content. We use a number of different Social Media outlets to manage extra content that can set cookies on your device and collect data about your activity. Meanwhile, Tanaiste and Foreign Affairs Minister Simon Harris called on Israel to lift a blockade on aid into Gaza. It comes after Israeli forces stopped a Gaza-bound aid boat and detained activists on board early on Monday, enforcing a longstanding blockade of the Palestinian territory. Mr Harris said the vessel was an 'unarmed civilian effort' to get food and medicine to the 'starving people of Gaza' in the midst of 'devastation and catastrophic humanitarian conditions'. He added: 'The UN and humanitarian organisations must be allowed to work independently and do their job. 'It is a shame on the world and international community that people are starving in Gaza. 'The question we should be asking today is not a debate about the merits or not of the flotilla but how it has come to this; that the world is turning a blind eye to starving children in Gaza.'
The Journal
09-06-2025
- Business
- The Journal
Opposition calls for ‘vote of conscience' on Israeli 'war bonds' ahead of cross-party motion
OPPOSITION PARTIES HAVE requested a free 'vote of conscience' on a motion calling on the Government to stop the Central Bank from facilitating the sale of Israeli State Bonds. The Central Bank of Ireland is the designated authority in relation to the sale of Israeli Bonds in the EU. Israeli State Bonds have been advertised as supporting the country's economy, and more recently, websites promoting the securities emphasise their role in supporting Israel's military operations in Gaza, leading some to dub them 'Israeli war bonds'. The Central Bank is responsible for assessing whether a prospectus for the offer of securities is in compliance with requirements of the EU Prospectus Regulation, with the authority saying approval should not be viewed as 'an endorsement of the issuer'. Protesters have demonstrated outside the Central Bank and called for legislation that would give Ireland the power to refuse the sale of Israeli 'war bonds' over human rights concerns. Advertisement Last month, a Sinn Féin bill which sought to stop the Irish Central Bank facilitating the sale of Israeli 'war bonds' was defeated after the Government voted against the draft legislation. On Wednesday, the Dáil will vote on a motion on the matter brought by a number of opposition parties during the Social Democrats' time. The motion says the bonds are intended to fund the war in Gaza and argues Ireland ha obligations under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide. Speaking to reporters today, Social Democrats TD Sinéad Gibney said: 'We have failed as an international community to prevent a genocide from happening so now we have to do everything in our power to make sure that we stop it.' She added: 'We are urging the Government to allow a free vote, a vote of conscience, because we believe that this is something that many TDs will support if given the opportunity. 'And we absolutely urge the Government to support this motion.' Sinn Féin TD Seán Crowe said he believes the gap between the vote on the Sinn Féin Bill and this motion will give TDs 'time to reflect'.
Irish Independent
09-06-2025
- Business
- Irish Independent
Opposition requests ‘vote of conscience' in calls to stop Central Bank's role in sale of Israeli Bonds
The Central Bank of Ireland is the designated authority in relation to the sale of Israel Bonds in the EU. Israel Bonds have been advertised as supporting the country's economy, and more recently, websites promoting the securities emphasise their role in supporting Israel's military operations in Gaza. The Central Bank is responsible for assessing whether a prospectus for the offer of securities is in compliance with requirements of the EU Prospectus Regulation, with the authority saying approval should not be viewed as "an endorsement of the issuer". Protesters have demonstrated outside the Central Bank and called for legislation that would give Ireland the power to refuse the sale of Israeli "war bonds" over human rights concerns. Last month, a Sinn Féin bill which would have imposed restrictions securities on behalf of Israel was defeated after the Government voted against the draft legislation. On Wednesday, the Dail will vote on a motion on the matter brought by a number of opposition parties during the Social Democrats' time. The motion says the bonds are intended to fund the war in Gaza and argues Ireland has an obligations under the Genocide Convention to use all means likely to have a deterrent effect on those suspected of preparing genocide. Speaking to reporters on Monday, Social Democrats TD Sinead Gibney said: "We have failed as an international community to prevent a genocide from happening so now we have to do everything in our power to make sure that we stop it." She added: "We are urging the Government to allow a free vote, a vote of conscience, because we believe that this is something that many TDs will support if given the opportunity. "And we absolutely urge the government to support this motion." Sinn Féin TD Sean Crowe said he believes the gap between the vote on the Sinn Féin Bill and this motion will given TDs "time to reflect". Meanwhile, Tanaiste and Foreign Affairs Minister Simon Harris called on Israel to lift a blockade on aid into Gaza. It comes after Israeli forces stopped a Gaza-bound aid boat and detained activists on board early on Monday, enforcing a longstanding blockade of the Palestinian territory. Mr Harris said the vessel was an "unarmed civilian effort" to get food and medicine to the "starving people of Gaza" in the midst of "devastation and catastrophic humanitarian conditions". He added: "The UN and humanitarian organisations must be allowed to work independently and do their job. "It is a shame on the world and international community that people are starving in Gaza.
RTÉ News
31-05-2025
- Business
- RTÉ News
Growing political pressure for firm Govt action on Gaza
All day Wednesday and late into the evening on the street facing Leinster House, demonstrators sang a stinging song urging politicians to find their "backbone" and to enact the Occupied Territories Bill. The same sentiment echoed through the Dáil chamber. Some within the Government bristled over what they believe is a shocking failure to take into account its outspoken voice on Gaza. Words that have been matched by deeds, including €87 million in funding for people in Palestine since 2023, recognising the State of Palestine, supporting South Africa's case against Israel at the International Court of Justice, and leading the way in requesting a review of the EU-Israel Association Agreement. The Taoiseach even claimed there is a battle under way domestically for moral superiority on what has become one of the most emotive issues in Irish politics. The language denouncing Israel's actions has become sharper too with both Taoiseach Micheál Martin and Tánaiste Simon Harris repeatedly using the word genocide this week. All remaining ambiguity and lingering diplomatic niceties have now been cast aside. The Taoiseach believes the single more effective next step is to try to persuade the EU and the US to "pull their support for the State of Israel". But it is the requirement for further direct interventions by this State rather than words alone which is fueling immense political tension. A significant political act was about to unfold It was evident as the bells were clanging around Leinster House just after 6pm on Wednesday when the weekly votes were called. A significant political act was about to unfold before the business concluded. Reporters watched from the Dáil gallery as Dublin Bay-North TD Barry Heneghan took his seat to vote on a Sinn Féin Bill. It was a piece of legislation that would prevent the Central Bank from retaining its technical role in approving the prospectus which allows Israel sell bonds in the EU. Israel has made it clear that these bonds are used to fund its war in Gaza. Sinn Féin's legal advice stated that a Member State is entitled as a matter of EU law to unilaterally restrict access to its financial services. It can do so on public policy grounds that are rooted in Ireland's fundamental interest in pursuing its international law obligations, the legal opinion concluded. The Government argued that the Bill did not provide a legal mechanism to allow the Central Bank of Ireland set aside its obligations under the EU Prospectus Regulation. It argued this was an EU competence, and the Central Bank can only refuse the approval of a prospectus where it has a legal basis to do so. The advice circulated to ministers added that it is legally required to issue prospectuses that are complete, legally sound, and comprehensible. For Barry Heneghan, who had supported the Government in every vote up to this point, this was a matter of conscience, and he believed Ireland shouldn't facilitate the sale of bonds that help fund the devastation in Gaza. He left Leinster House around 9pm on Wednesday, long after the bells had ceased ringing, certain in the knowledge that he had made the right decision. Generally, there was little political alarm triggered by his vote within Government. Some whispered that "Barry can be difficult to manage", and that it was simply a "flexing of muscles". But it did unquestionably show that those Independents, who occupy a liminal position within the Coalition, are perhaps a more fragile bloc of votes than first suspected. This was further illustrated by the actions of Meath-East TD Gillian Toole. Before 9pm she was on a bus back home to Ratoath having also voted against the Government on the Bill. Regarded as a deep-thinker and a conscientious politician, Gillian Toole cited the lack of detailed briefings from the Government as an influence on her decision. The two TDs are still aligned to the Coalition, their jump overboard is a temporary one, and the Government's majority is not shattered. 'Call out the narrative for what it is' It is emblematic though of the growing pressure on the Government to accompany its increasingly strident rhetoric on Gaza with firm actions. The acerbic exchange between the Tánaiste and Independent TD Catherine Connolly in the Dáil on Thursday morning typified the fractiousness which has built around this issue. The Galway West TD made an impassioned call on Government to do more, saying: "It's time we led. Call out the narrative for what it is. Israel is a rogue state; it is not a democratic state. Stand up, stand up and account for what you're going to do." In a charged atmosphere, Simon Harris accused her of expressing "vitriol and dislike for Fine Gael and Fianna Fáil" and of refusing to acknowledge the major steps taken by the Government. It all suggests that the Government will now be pursued relentlessly by protesters, the Opposition, and perhaps by some Independent TDs supporting the Coalition, to pass the Occupied Territories Bill quickly. The Foreign Affairs Committee, chaired by Fianna Fáil TD John Lahart, has already singalled that it will sit throughout June to progress this legislation swiftly. The speed of its passage through the Oireachtas after this committee work has concluded will be the measure of the Government's strong words on Gaza this week.
