Anti-Israel protesters demonstrate in front of the Central Bank of Ireland against the sale of Israeli bonds throughout the EU, in Dublin, Ireland, May 27, 2025. Photo: REUTERS/Clodagh Kilcoyne
Israel has moved the process of securing EU approval for its diaspora bond prospectus to Luxembourg from Ireland amid increasing opposition in Dublin to its central bank’s role in approving the program on behalf of the European Union.
Irish lawmakers and anti-Israel campaign groups have called on the central bank to stop facilitating the sale of the bonds over the last year due to Israel‘s near two-year military campaign against the Palestinian terrorist group Hamas in Gaza.
Israel‘s diaspora bonds are relatively small and sold mainly in Jewish communities around the world to help supplement the state’s bond sales that finance its budget deficit that has risen due to the war. Israel launched a diaspora bond campaign in October 2023 to raise money amid the conflict.
Non-EU countries must choose one EU member state to apply to for approval of a prospectus where securities are traded in the EU and Ireland‘s central bank had been asked to approve Israel‘s diaspora bond program each year since 2021.
A joint committee of Irish lawmakers recommended in August that the government seek to amend EU regulations so as to allow each individual European central bank to refuse to act as the competent authority for such bond prospectuses.
Protesters have also demonstrated outside the central bank’s offices.
Ireland has been one of the fiercest critics of Israel on the international stage since Hamas’s Oct. 7, 2023, massacre across southern Israel, amid the ensuing war in Gaza, leading the Jewish state to shutter its embassy in Dublin.
Last year, Ireland officially recognized a Palestinian state, a decision that Israel described as a “reward for terrorism.” This year, the Irish government is drafting legislation to ban trade with territories under Israeli administration, including the West Bank, Gaza, East Jerusalem, and the Golan Heights. The measure seeks to prohibit the import of goods and services originating from what the legislation refers to as “occupied Palestinian territories,” including Israeli communities in the West Bank and East Jerusalem.
The Irish central bank had consistently said it is legally obliged to approve any prospectus once the relevant conditions are met.
In a letter to a lawmaker published by the central bank, Governor Gabriel Makhlouf said the approval for Israel‘s program would be transferred to Luxembourg upon the expiry of the prior year’s prospectus on Monday.
The new prospectus published on the website of Israel Bonds, the country’s borrowing vehicle for diaspora bonds, said its program for the next year had been approved by Luxembourg.
Israel‘s finance ministry did not immediately comment on the reasons for moving its EU bond prospectus approval.
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Author: Reuters and Algemeiner Staff
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