Central Bank to challenge Gary Gannon's eligibility to scrutinize its involvement in the sale of Israeli bonds
In a unique legal dispute, the Central Bank of Ireland is facing a judicial review application from Social Democrats TD Gary Gannon, who is seeking to challenge the Bank's role in facilitating the sale of Israeli bonds on the European market. The Bank, through its solicitors, has lodged formal objections, claiming there is "no valid legal basis" for the judicial review and asserting that Gannon lacks the legal standing to bring the proceedings.
The controversy stems from Gannon's claim that the Central Bank is legally complicit in genocide due to its failure to ban the marketing, distribution, and sale of Israeli bonds, which allegedly finance Israeli military operations in Gaza. Letters sent by Gannon's lawyers warn that investor protection laws have been breached as risks related to genocide have not been disclosed in bond prospectuses approved by the Central Bank. Gannon maintains the Central Bank has the power under EU law to prohibit the sale of these bonds.
The case has gained political momentum, with Labour introducing a bill aiming to block the Bank's approval of Israeli bond sales and protect workers who reject goods from Israeli settlements. This reflects broader opposition to the Central Bank’s current role based on human rights issues linked to Gaza.
The hearing for Gannon's application seeking High Court permission is set for October, presided over by Ms Justice Mary Rose Gearty. Despite calls for an expedited hearing, Ms Justice Gearty declined, stating that Gannon's case is not as urgent as other cases involving children in Ireland. She found it "invidious" to compare Gannon's case with more urgent cases in the court's judicial review list. The judge's decision not to grant an expedited hearing does not imply a judgment on the merits of Gannon's case.
The ongoing conflict in the Gaza Strip, which Ms Justice Gearty described as "horrific", forms the backdrop to this legal battle. As the case continues to progress through the Irish legal system, all eyes are on the Central Bank of Ireland and the role it plays in the sale of Israeli bonds.
References: 1. Irish Times 2. RTÉ News 3. Labour Party
- The legal dispute between the Central Bank of Ireland and Social Democrats TD Gary Gannon, related to the sale of Israeli bonds on the European market, has drawn attention from various sectors, including finance, business politics, and general-news, given its potential implications on human rights and investment practices.
- The judicial review of the Central Bank of Ireland's role in the Israeli bond sale controversy has gained traction in Irish politics, with the Labour Party introducing a bill to block the Bank's approval of Israeli bond sales and legislate protection for workers who refuse goods from Israeli settlements, highlighting the intersection of business, politics, and human rights issues.
