The Joint Committee on Finance, Public Expenditure, Public Services Reform and Digitalisation, and Taoiseach, published their report on the Israeli Bond Programme on their website on 5 August 2025 and in that report it made a number of recommendations.
Financial services is a devolved competency and any recommendation to amend the Prospectus Regulation is a matter for the European Commission. On 21 October the European Commission published its 2026 work programme, and this does not include a review of the Prospectus Regulation.
With regard to the recommendation that the Ireland Strategic Investment Fund (ISIF) conduct a risk assessment, including their obligations under international law. I am informed that as part of its wider Sustainability and Responsible Investment (SRI) Strategy, ISIF pursues an Active Ownership strategy, this is facilitated by its engagement manager, "EOS at Federated Hermes". Active Ownership emphasises responsible wealth creation through active engagement on ESG priorities.
In relation to the recommendations in the Committee’s Report that were addressed to the Central Bank of Ireland, they have informed my officials that they reviewed the recommendations in the report issued by the Committee; that they have had various correspondences with the Committee; and the Bank at senior level have set out their position both in writing and at various public sessions of the Committee.
In accordance with the provisions of the Prospectus Regulation concerning ‘Home Member States’ and the transfer of approval (Article 20(8)), the competent authority of Luxembourg (CSSF) approved a new prospectus for the State of Israel on 1 September 2025 (the 2025 Prospectus). The Central Bank has indicated that, while they approved the transfer of the prospectus approval to Luxembourg, they had no role in the review and approval of the 2025 prospectus for the State of Israel.
Central Bank officials have also confirmed to my Department that they continued to keep under review the compliance of the 2024 Prospectus with the applicable legal and regulatory framework until that prospectus expired on 1 September 2025.
The Central Bank indicate that they could not give effect to some of the recommendations of the Report as they related to the 2025 Prospectus as it had no role in the review and approval of that prospectus. The CSSF acted independently in that capacity.
By way of more general background, my officials have been informed by the Central Bank that following the Central Bank’s attendance at the Joint Committee in October 2024, the Central Bank carried out an internal review of the process relating to the approval of 2024 Prospectus. The Central Bank wrote to the Joint Committee in December 2024 with regard to that review.
The Central Bank subsequently appeared before the Joint Committee in June 2025 to answer additional questions with regard to its role as competent authority in Ireland with regard to the EU Prospectus Regulation. After that meeting, the Central Bank followed up with additional correspondence to the Joint Committee in relation to this matter.
Through these engagements the Central Bank has, on more than one occasion, disclosed relevant information with regard to its role as a competent authority under the EU Prospectus Regulation in relation to the 2024 Prospectus.
During this period, and up to 1 September 2025, the Central Bank has kept under review the compliance of the 2024 Prospectus with EU law, national law and international law. It is the Central Bank’s assessment, taking into account legal advice, that it did not have a legal basis to refuse to approve or suspend any offers under the 2024 Prospectus.
Finally, the Central Bank has on a number of occasions pointed out that it is restricted by way of professional secrecy obligations from providing confidential information with regard to specific supervisory matters.
