Cheer for news that Central Bank will not be involved in Israeli bond issue is Ireland's Pontius Pilate 'washing of hands' moment
There's a reek of hypocrisy around the announcement this week on Israeli bonds that is really quite nauseating.
In a letter to Sinn Féin TD Mairéad Farrell on Monday, Central Bank governor Gabriel Makhlouf said: "The Central Bank's approval of the 2024 prospectus will expire today, 1 September, 2025. Accordingly, from 2 September, 2025, it will not be possible for the state of Israel to offer bonds under the 2024 prospectus," he said.
The Irish Palestine Solidary Campaign chairwoman Zoë Lawlor greeted the news as a "huge victory for the people of Ireland who stand resolutely in solidarity with the people of Palestine".
People Before Profit Paul Murphy TD said it was the "global Palestine solidarity movement that has achieved this important win".
And a senior Government source characterised it as positive outcome.
"It's the right decision and a good decision," they said. "It is consistent with the calm and reasoned approach that has been taken to achieve the right outcome."
But of course, there was no decision taken, or at least, not by the Irish Central Bank. It was the Israelis, we now know, who chose not to renew their prospectus through the Irish regulator, opting instead to work through Luxembourg. It was certainly not a question of Ireland refusing to take the business.
Adverse political reaction may have played a role but, for Israel, the outcome is still the same. These bonds will still be sold in the European Union of which we are a part, with the money being raised for the same purposes - including funding the war in Gaza.
[ Central Bank of Ireland confirms it will no longer approve sale of Israeli 'war bonds'Opens in new window ]
Not one euro less is likely to be raised through the sale of these bonds in the European Union under these bonds over the next 12 months by virtue of their authorisation in Luxembourg rather than Ireland. They will not fund one less bullet, drone or shell used in attacks on Gaza, nor the salary of one less soldier manning a blockade on aid entering the stricken territory.
Yes, they will no longer actually be sold in Ireland - again a decision by Israel, not a proactive Irish stance - but then precious few buyers of these bonds would have been Irish anyway. Many of those who were have divested but only by selling the debt to other willing purchasers. And any Irish-based company or organisation that wants to buy this debt can still do so.
For anyone to claim this as victory, is seeing victory only as maintaining the appearance of purity, without any regard to the actual impact of the event. That sounds like the hypocrisy of an Ireland we thought we had left behind.