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A human rights organisation has filed a complaint with the International Criminal Court accusing the Governor of the Central Bank of Ireland of facilitating genocide. The complaint alleges that Gabriel Makhlouf approved the marketing of Israeli bonds that were used to fund Israel's military operations, despite the International Court of Justice having warned of potential violations of Palestinian rights.
Campaigners said Gabriel Makhlouf 'should have been aware of the risks posed to the rights of Palestinians by Israel'. Photograph: Conor McCabe PhotographyIn a 102-page submission to the court lodged on Wednesday, the IPSC alleged Makhlouf contributed to the Israeli action through his role with the bank, which has, for the most of the period since October 2023, regulated the sale of Israeli State bonds within the The organisation said almost €420 million was raised between October 2023 and the middle of April 2025 by the sale of “retail investor bonds approved for marketing by the governor and the Central Bank”.
The prospectus for the bonds, the submission acknowledged, stated the money raised could only be used for “general financing”, but, it contended, “advertising materials make clear their importance in supporting Israel’s ‘war effort’”. Good cheer breaks out on Today with David McCullagh. Should we panic?
IPSC’s submission said that in September 2024, Makhlouf “approved or caused the approval of the prospectus for the Israeli bonds, which had been marketed since October 2023 under the slogan ‘Israel is at War’ and ‘We Stand with Israel’”. It argued that in the wake of the statement in January 2024 by the International Court of Justice, on foot of a case taken by South Africa, that “at least some of the rights claimed by South Africa and for which it is seeking protection are plausible”, Makhlouf and the bank should have been aware of the risks posed to the rights of Palestinians by Israel.
“From January 26th, 2024, to August 31st, 2025,” it says, however, “the governor declined to exercise the powers available to him, including the power under ... regulation 600/2014 to prohibit or restrict the marketing and distribution of those bonds”. “These actions and omissions, committed with knowledge of Israel’s intent to commit the crime of genocide in Gaza, are alleged to have contributed to the commission of the crime ... or alternatively may constitute aiding and abetting ... by facilitating Israel’s access to EU capital markets,” it also said.
The submission was made in accordance with article 15 of the Rome Statute, under which the prosecutor at the ICC has a responsibility to analyse information received and may initiate investigations into alleged crimes falling under the jurisdiction of the court on the basis of the information. The IPSC submission, which was drawn up with the support of the Irish Centre for Human Rights, said Makhlouf’s position, stated in front of the Oireachtas Joint Finance Committee in July and elsewhere, that the Central Bank was in effect powerless to prevent the marketing of the bonds was legally incorrect.
“The Central Bank of Ireland was indeed empowered to act under European law and, more fundamentally, under an international legal obligation to do so after it came to light what the proceeds of the bonds were being used for,” the submission stated. “Given the gravity of the issue at hand and the lack of domestic accountability, the communication asks the Office of the Prosecutor to investigate the Governor’s responsibility under articles ... of the Statute for his alleged contribution to Israel’s commission of the crime of genocide, and act as it sees appropriate.
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International Criminal Court Central Bank Of Ireland Gabriel Makhlouf Israeli Bonds Gaza Genocide Human Rights
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