The Irish Central Bank has not been used to renew a prospectus for Israeli bonds, it has been confirmed.

The use of Ireland as the issuing country for the prospectuses of Israeli bonds, which are largely being used to fund the country’s war efforts in Gaza, has attracted protests in recent weeks, with renewal due today.

However, the State of Israel bond issuance programme says it has now been approved for fundraising in the EU by the Grand Duchy of Luxembourg.

In a letter to Mairead Farrell, chairwoman of the Public Accounts Committee, Central Bank governor Gabriel Makhlouf confirmed that the new prospectus for Israel was approved by Luxembourg.

Mr Makhlouf said: “Accordingly, from 2 September 2025, it will not be possible for the State of Israel to offer bonds under the 2024 prospectus.

“In accordance with the provisions of the prospectus regulation concerning home member states and the transfer of approval, the competent authority of Luxembourg approved a new prospectus for the State of Israel today, 1 September 2025.”

The Central Bank of Ireland had been designated as the competent authority to approve prospectuses for Israeli bonds sold in the EU.

Third-country issuers, those being countries outside the EU, must choose the central bank of a country within the EU as their home member state. The choice is up to the issuer, with the chosen central bank only able to object if it believes it does not have legal jurisdiction for the approval.

Israel Bonds have been advertised as supporting the country’s economy and, more recently, websites promoting the securities emphasise their role in supporting Israel’s military operations in Gaza.

Protesters and opposition parties have said the bonds are intended to fund the war in Gaza, and approving them is tantamount to complicity with the genocide of the Palestinian people.

The Central Bank has said regulations require that it approves prospectuses that meet standards of completeness, consistency, and comprehensibility.

Before 2021, the UK was the EU home member state for Israel. Following their exit from the bloc, Ireland was chosen by Israel as the new home member state.

The Central Bank of Ireland approved the first prospectuses for the bond issuance program in 2021, with the currently approved prospectus due to expire on September 1, 2025.

‘There is a genocide at play’

Sinn Féin leader Mary Lou McDonald on Monday said: “I do not believe that the Irish Central Bank at any stage should have been engaged in facilitating the sale of Israeli war bonds. There is a genocide at play, we are witnesses to that genocide.

“The Irish government and State has active obligations under the Genocide Convention, and that means the state, the government and the Central Bank should not be passively sitting back and observing a genocide and certainly should have no hand, act or part in facilitating any aspect or financing of that.” 

In a statement, Ms Farrell said: “My first focus as Finance Committee chair was on the renewal of the bond prospectus of the Israeli Bond programme.

“This was something that the Finance Committee undertook in a matter of great detail and published a report in relation to this.

“It has been clear for a long time that the Irish people want no hand, act or part in the genocide in Gaza and have long been calling for the Central Bank not to renew this prospectus.

“This is certainly good news.”

Social Democrats TD Gary Gannon welcomed that the Central Bank will no longer be involved in the facilitation of the sale of the bonds.

“This decision, while welcome, is overdue. It has long been clear that Israel is engaged in not just a wholesale breach of international law and daily war crimes — but a genocide against the people of Gaza,” he said in a statement.

“This is the reason I took a High Court case against the Central Bank, earlier this year, seeking to stop its involvement in funding this horror.

“No EU financial institution should be involved in raising funds which are used to annihilate innocent civilians — and it is deeply disappointing that Luxembourg is now continuing to facilitate the sale of these bonds.

“The EU response to this genocide has been shameful — failing to even agree a response in which Israel’s barbarism has been criticised.

“It is now time for the EU to live up to its own purported values, on human rights and international law, and suspend its trade agreement with Israel and impose sanctions on its genocidal regime.”