Move followed political and public pressure in Ireland over war links
Gabriel Makhlouf, governor of the Central Bank of Ireland. Photo: Steve Humphreys
Luxembourg’s financial regulator has confirmed it technically had the discretion to refuse a request to take over the approval of Israel’s sovereign bond prospectus from Ireland – a key procedural step before approving the bonds prospectus itself – but said it found “no valid argument” to do so.
The Commission de Surveillance du Secteur Financier (CSSF) also said that there are no European or national-level guidelines of what might have constituted a “valid argument”, implying that the decision is left up to the judgment of the individual national regulator.