Catherine Connolly (Galway West, Independent)
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60. To ask the Minister for Finance the value of all State investment in Israeli bonds; if he is concerned that a person (details supplied) told potential investors that purchasing bonds was the “best way” to help Israel support “the war campaign”, given that the Central Bank of Ireland is designated as the competent authority to approve prospectuses for Israeli bonds sold in the European Union; and if he will make a statement on the matter. [27766/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Central Bank does not sell or oversee the sale of Israeli bonds, neither does the Central Bank directly (or indirectly) invest in Israeli government bonds.

The Central Bank performs a regulatory function which is limited to ensuring that the disclosure document for the offer contains all the necessary information required by the EU Prospectus Regulation. Under this Regulation, a prospectus must be drawn up, approved and published when securities are to be offered to the public and/or admitted to trading on a regulated market in the EU. The Prospectus Regulation is a disclosure regime. The law is clear that the Central Bank’s approval should not be considered an endorsement of the issuer or of the securities.

The Central Bank is required to approve the prospectus if the disclosure meets the standards of completeness, consistency and comprehensibility.

The Central Bank can only refuse the approval of a prospectus where the Central Bank has a legal basis to do so and there is currently no legal basis for the Central Bank to refuse to approve the relevant prospectus.

Other than insufficient prospectus disclosures, an example of a legal basis for refusal would be the existence of EU financial sanctions prohibiting the provision of services or assistance in connection with the issuance of securities by the Israeli government.

The Central Bank is established under statute to carry out the functions and tasks conferred upon it, including those of a competent authority under the Prospectus Regulation.

The Ireland Strategic Investment Fund (ISIF) has invested in Israeli bonds. The most recent figures available at end-2023, show the ISIF’s direct holdings of Israeli government bonds totalled €2.62 million. The NTMA Annual Report for 2024 will be launched mid-year and will detail the holdings as of the end of 2024.