Dáil Éireann Debate, Thursday - 25 June 2026
32. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the steps he is taking to ensure that the Central Bank is acting in accordance with international law in relation to its role as the home state for the Israeli bond programme; and if he will make a statement on the matter. [48194/26]
View answerAs the Deputy will be aware, the Central Bank are the competent authority when it comes to the issue of prospectus approval. They have informed me that the Central Bank continues "to keep under review its compliance with the applicable international, legal and regulatory frameworks in relation to its mandates and engagements with the Israeli bond prospectuses."
Furthermore, may I add, that the Central Bank, as the financial regulator, is independent in its functions from the Government as is necessary in any well-functioning democracy.
As the Governor of the Central Bank made clear in a reply to a letter from the Oireachtas Finance Committee on 24 November 2025, where he stated:
“The Central Bank is established by statute to fulfil legal responsibilities and obligations including in relation to the Prospectus Regulation. In carrying out these responsibilities we are at all times required to assess and understand the nature of our legal obligations and responsibilities. We do this on the basis of robust analysis relying on the legal expertise available to us. This takes the form of both internal legal and subject matter expertise and, where necessary and appropriate, of access to external legal advice.”
We believe that further action is necessary with respect to the EU's relationship with the state of Israel, which is why we are working with others to achieve co-ordinated action at EU level. Ireland will continue to call for concrete EU action in response to egregious Israeli breaches of human rights and democratic principles. This includes a call for a proposal to prohibit EU trade with Israeli settlements, to suspend the EU-Israel Association Agreement, or at a minimum to suspend the trade elements of the Agreement as previously proposed by the President of the European Commission. It is expected that it is expected that the European Commission will bring forward options at the Foreign Affairs Council on 13 July, including on EU trade with Israeli settlements.
I would also like to take the opportunity to highlight that I directed senior officials in my Department to engage with the EU Commission on this matter. Department officials subsequently liaised with their counterparts in the European Commission, drawing attention to the work of the Oireachtas, and in particular to the Joint Oireachtas Committee’s recommendation that the Prospectus Regulation be amended. This engagement reflected my view that the Commission should have regard to the report and its findings.
Officials outlined recent developments in Ireland and sought the views of the Commission on the possibility of a legislative initiative by EU Commission to address the Oireachtas Committee's issues.
In their response, the EU Commission indicated that they currently have no plans for a review of the Prospectus Regulation. I have also raised the JOC report and Government’s views with Commissioner Albuquerque, in person and by letter.
