Alice-Mary Higgins (Independent) | Oireachtas source

I will point out two other areas we need a response on because I knew the response would be that we will have a written response. This is something that needs a public response so we request the response be given very soon.

There are two other pieces. I have asked Mr. Makhlouf to examine the process so far but I also ask him to examine under paragraph 40 of the regulation if it is the case that the information has been inaccurate or incomplete, are there concerns about the opportunity to request a review, which is a power under paragraph 40 as I understand.

I want to mention two more specific powers under Article 32, the power "to prohibit or suspend advertisements". Given there was an article that told the Central Bank that these bonds were being advertised as "war bonds", this is very significant as Mr. Makhlouf stated he was not aware of that advertisement and had not looked at it, but he had an actual responsibility in terms of how these bonds are advertised. Explicitly, the Central Bank has the power to prohibit and suspend the advertisements, if those advertisements may be in breach of the regulations if, for example, the information provided in the prospectus is not complete or comprehensible. Again, it is not simply a matter of the advertisements floating in space while the Central Bank does the issuing and selling. The bank has an oversight in respect of the advertisements and a power it can exercise in that regard. That is something to be looked at. It is not really acceptable to say, "I have not seen the advertisement", when this issue has been in the public domain and when so much concern is expressed about the "war bond" framing of the bonds. There are the previous decisions and the current capacities and responsibilities and these are really relevant not just in relation to Israel but in terms of oversight of how we engage in the question of international bonds and their sales and international law.