Ms Helen Mahony:

I thank the committee for the invitation to be here. For 20 months we have witnessed live-streamed genocide being perpetrated by Israel against the Palestinian people in Gaza. Despite UN reports affirming that Israel is committing genocidal acts, the issuance of provisional measures by the International Court of Justice, a separate ruling by the court that Israel's occupation of Palestine is entirely illegal, the use of starvation as a weapon of war, and the deaths of tens of thousands of people in Gaza, the Central Bank continues to act as the gateway into Europe for Israel Bonds. This is simply unconscionable.

The Central Bank directly facilitates the sale of Israel bonds in the European Union. Since 2021, in the context of Ireland being the home member state for Israel, the Central Bank has approved the State of Israel bond issuance programme on an annual basis. Last September, 11 months into the genocide in Gaza, the Central Bank approved a prospectus with no upper limit on the amount of money that could be raised through the bonds. The Israel bonds fund genocide. The prospectus refers to the decision "to undertake military action, which resulted in drafting more than 300,000 reservists launching the war in Gaza".

The Central Bank has said the advertising slogan "ISRAEL IS AT WAR - STAND WITH ISRAEL" is "not inconsistent with the disclosures in the Israeli prospectus". We know what Israel calls the war in Gaza is a genocide.

Significant funds are raised by the sale of Israel bonds globally and in Europe. Recent research conducted by the financial research group Profundo, found that sovereign bonds with a total value of more than $19 billion were issued by Israel between October 2023 and January 2025. Deutsche Bank in Germany accounted for $2.49 billion in sales of Israel bonds and BNP Paribas in France accounted for $2 billion worth of sales.

The Central Bank, by approving the prospectus for Israel Bonds, contributed to the raising by Israel of $4.5 billion in the 16-month period. Under the Genocide Convention, Ireland has an obligation to prevent genocide, which starts at the instance that the State learns of the existence of a serious threat that genocide will be committed. That started with the ICJ ruling in January 2024.

The Central Bank, as an organ of the State, has obligations to act to prevent genocide and not to be complicit in genocide. The Government has the obligation to ensure that no organ of the State, including the Central Bank, is complicit in genocide and that the State, and all organs of the State, take all steps possible to prevent genocide. Ireland has the capacity to significantly diminish Israel’s ability to fundraise for genocide – to cut off approximately 23% of funds generated globally by Israel Bonds – by ending authorisation by the Central Bank of the sale of these bonds. Under international law, all states have an obligation not to assist in any illegal situation.

The ICJ ruling of July 2024 declared that Israel was committing the crime of apartheid and that the entire regime of military occupation of Palestinian territories was illegal and must end immediately. Providing access to EU markets to Israel to fundraise to support apartheid, military occupation and illegal settlements is in violation of Ireland’s obligations not to assist in illegal situations. The claim that the Israel Bonds programme had to be approved because it met the technical standards required under the prospectus regulation is, in our view, entirely wrong. Nothing justifies the approval of a prospectus to raise funds for genocide, collective punishment, crimes against humanity and many other crimes. It is simply absurd to claim that the technical standards set out in the prospectus regulation set aside all other law. The prospectus is not complete. There is no mention made of the ICJ ruling, the charge of genocide at the ICJ, Israel’s profiteering from weaponry that is field-tested in Gaza, or the fact that the bonds will be repaid or may be repaid using the proceeds of crime.

Section 88 of the preamble states clearly that the regulation is to be interpreted and applied in accordance with the rights and principles of the EU Charter of Fundamental Rights. Section 88 and the incompleteness of the prospectus are clear grounds for withdrawing approval within the terms of the EU prospectus. To date, the Government has singularly failed to fulfil the State’s obligations under the Genocide Convention and under international law in general to take all measures within its power that might contribute to preventing the genocide. Stopping the flow of money to Israel from the sale of Israeli bonds is within the Government’s power. It is within its responsibility. That would have a deterrent effect on Israel economically and politically. It would signal an end to Israel’s impunity.

The Government has engaged in inaction, obfuscation, denial, defeat of a Bill to give the finance Minister the power to introduce national measures and defeat of a motion that simply called for the honouring of Ireland's obligations under international law. The Minister for Finance has claimed that the Central Bank is independent and the Government can do nothing. The Central Bank is an organ of the State and, as such, is obliged to honour the State’s obligations under international law. The Government has a responsibility to ensure that it does this. Section 6 of Central Bank Act 1942 gives the Minister for Finance the power to advise the Central Bank. The section states:

The Minister may, on such occasions as he shall think proper, request the Governor on behalf of the Board or the Board to consult and advise with him in regard to the execution and performance by the Bank of the general function and duty imposed on the Bank by the foregoing sub-section of this section, and the Board shall comply with every such request.

The Government has to take whatever action is required to end the sale of Israeli bonds under the authority of the Central Bank. This is not only a moral obligation; it is a legal obligation.

Ireland has recognised the State of Palestine. The people of Ireland stand overwhelmingly and resolutely with the people of Palestine. People all over this country are outraged that the Central Bank is facilitating the sale of Israeli bonds in Europe. Trade unions, civil society and solidarity organisations have called loudly and clearly for the ending of this funding of genocide. Councils all around the country voted unanimously to demand that the Central Bank stop funding genocide. These include Dublin City Council, Cork City Council, Donegal County Council, Fingal County Council, Kerry County Council, Kilkenny County Council, Waterford City and County Council and Wexford County Council. Motions are pending in many others.

The message from the people of Ireland is clear - stop funding genocide. Never again is never again for anyone. We ask this committee to do all in its power to stop the Central Bank aiding Israel to fund the genocide it is perpetrating in Gaza. We call on the Government to immediately direct the Central Bank to withdraw its approval of the State of Israel's bond programme - that is within its power - and to direct the Central Bank to stop facilitating the funding of genocide. We further call on the Government to take all necessary steps to end the involvement of the Central Bank in the funding of genocide and to enact emergency legislation to ensure that this will not happen again to stop the Central Bank in the future from funding genocide, apartheid, illegal settlements and war crimes.