Labour seeks to ban Israeli war bond sales
Labour seeks to ban Israeli war bond sales - The Labour Party
- Stop funding Israeli war effort
- Protect workers’ right to refuse
Labour’s Foreign Affairs Spokesperson Duncan Smith TD will tomorrow publish the Occupying Power (Securities and Handling of Settlement Goods) Bill 2025, which would ban the Central Bank of Ireland from preparing prospectuses for the sale of Israeli bonds and other financial instruments issued by occupying powers. The legislation aims to end Ireland’s role in enabling the financing of Israel’s military campaign in Gaza, where more than 58,000 people have died since October 2023. The Bill would also provide legal protections for workers who refuse to handle goods from illegal Israeli settlements. Deputy Smith is calling on the Government to support the Bill and legislate to remove Ireland from this chain of complicity.
Deputy Smith said:
“We have all watched in horror as a livestreamed genocide has unfolded in Gaza over the last 21 months. More than 58,000 people are now dead. Ireland should have no role in facilitating this war. Yet the Central Bank continues to approve the sale of Israeli bonds within the EU, many of which fund this ongoing campaign.
“The Central Bank has claimed its hands are tied – that it is merely the designated competent authority. But the truth is, under EU law, third-country issuers like Israel get to choose their home member state. Ireland didn’t have to accept this role. By acting as an enabling cog in Israel’s fundraising machine in Europe, our State risks being seen as complicit in genocide.
“We’re not satisfied with the Minister’s answers in the Dáil. There is a legal and moral mechanism to stop this practice, and we’re using it. With pre-legislative scrutiny of the Occupied Territories Bill nearing completion and Ireland having taken the principled step of recognising the State of Palestine, we must go further.
“Our Bill creates that legal basis. Through primary legislation, we can end the Central Bank’s role in approving war bonds issued by occupying powers like Israel.”
The Bill outlines that the Governor of the Central Bank, Gabriel Makhlouf, has told the Oireachtas Finance Committee that the Bank cannot refuse to approve an Israeli bond prospectus unless there is a national or EU-level law giving it that authority. This Bill provides exactly that.
Deputy Smith continued:
“This is about protecting people and standing up for international law. The Bill also ensures that workers who refuse to handle goods from illegal Israeli settlements cannot be dismissed for doing so. Both Ireland and the EU agree that these settlements are illegal and a major barrier to peace. It’s only right that workers acting on that principle are supported.
“Our message is clear – Ireland must not be complicit in war crimes. We must show practical solidarity with the people of Palestine and act now to ban the sale of war bonds from occupying powers. I urge all Oireachtas members to back this Bill and help end Ireland’s role in this shameful system.”
ENDS
Full Bill is available here: https://labour.ie/wp-content/uploads/2025/07/Occupied-Territories-Bill-16-May.pdf