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Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Does the Genocide Convention apply to the Central Bank or not?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: As Ireland is a signatory since before I was born, does the Genocide Convention apply to the Central Bank or not?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Does it apply to the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: It does not apply to the Central Bank, so the Central Bank can ignore the fact that Ireland is a signatory.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Okay, but there are rules here sometimes and then there are other sets of rules and you have to be cognisant of all of them. The Governor is making the point that even though the State is a signatory to the Genocide Convention, the Central Bank does not have to comply with that.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: In regard to the provisions related to the prevention of genocide, the Central Bank does not feel it has any obligation to that matter because therefore it would have to examine the prospectus regulation and the Genocide Convention and how they are conflicting and would have to make a call, if the Genocide Convention applied to the Central Bank, which Mr. Makhlouf is saying does not.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: How much money, if any, has the Central Bank received for the facilitation of the sale of Israeli war bonds?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Does the Central Bank not facilitate them?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: We talked about the prospectus which the Central Bank approved. What does the prospectus law state? What is that law about? It is facilitation to the European market. Is that not the word?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Is that the word that is in the law? It is.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: It is the facilitation to European markets.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: The prospectus regulation is about facilitating access to the European market, is it not?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: I understand. The Central Bank is facilitating war bonds. There are babies being ripped apart as a result of the money that is being generated as a result of the Central Bank facilitating them. I understand Mr. Cross does not want to say that but that is exactly what the prospectus regulation does. It facilitates access to European markets and the Central Bank is the only central bank in...

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: How often are the fees received? Are they paid once?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: The Governor mentioned that the Central Bank cannot impose sanctions against Israel, for example, by refusing to approve the Israeli bond prospectus in circumstances where the EU has not imposed any such sanctions. Why has he changed his tune? He wrote to this committee and said it could be "either EU financial sanctions or [number two] national restrictive measures to the same effect". Is...

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: That is not what the Governor said. That is not what he said. He came into this committee and said the Central Bank cannot impose sanctions on Israel and went on to say "in circumstances where the EU has not imposed any such sanctions itself". Is that not a false statement?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Can I put it to the Governor, if there were national restrictive measures without the EU imposing sanctions itself, could the Central Bank then impose sanctions on Israel?

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Therefore, yes. Therefore, this statement is not true. This annoys me.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: It is not true. The Governor is saying the Central Bank cannot do this in circumstances where the EU has not imposed any such sanctions itself. Now the Governor is telling me the Central Bank can do this where the EU has not imposed sanctions if there are national restrictive measures.

Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach: Israeli Bond Programme: Central Bank of Ireland (11 Jun 2025)

Pearse Doherty: Consistent with EU law. That is fine, but the EU does not have to have sanctions so that statement is not true. That is deeply regrettable here because I can see the dance that is played out here between the Government and the Central Bank. I know and respect the independence of the Central Bank but the Governor gave us a different version. He told us exactly what was required and he...

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