Latest news with #IrishCentralBank
Bloomberg
04-07-2025
- Business
- Bloomberg
ECB's Makhlouf Says Inflation Expectations Are Well Anchored
European Central Bank Governing Council member Gabriel Makhlouf said inflation expectations in the euro area are well anchored and allowed the region to avoid large increases in unemployment during the most recent period of strong consumer-price growth. Commenting in a blog post on Friday, the Irish central bank chief also said:
Irish Independent
20-06-2025
- Business
- Irish Independent
Coinbase becomes second major crypto firm to move regulatory hub out of Ireland in 2025
The company has obtained its Markets In Crypto Assets (Mica) licence, a foundational legal instrument for trading across the EU 27 countries, in Luxembourg. In 2023, Coinbase had said that Ireland was chosen from 27 EU countries to be its regulatory and operational hub for Europe, citing a 'stable political environment for technology innovation', 'respected regulators' and being 'a jurisdiction that is familiar and comfortable with both financial services and technology.' Since then, the Irish Central Bank has consistently denigrated crypto as a sector, with Governor Gabriel Makhlouf publicly branding virtual currencies as 'Ponzi schemes'. Coinbase CEO, Brian Armstrong, said in an interview with CNBC that the company has moved to Luxembourg for regulatory reasons. 'Luxembourg is leading the way with its pro-business climate and thoughtful approach to regulation,' he said. Earlier this year, another prominent crypto company also switched its regulatory hub away from Ireland, where it had initially established its European base. Gemini, the cryptocurrency exchange founded by the US billionaire Winklevoss twins, switched its headquarters from Ireland to Malta, citing a better environment for 'innovation among fintech and digital assets'. Senior figures in the Irish cryptocurrency and blockchain industry have expressed concern that a lack of Irish interest in cryptocurrency regulation is driving companies and jobs away. Earlier this year, the Central Bank tendered for consultants to advise it on crypto regulation, after the EU's main Mica rules had already come into force, prompting accusations of being a party-time regulator from prominent Irish crypto figures. In a move to reassure Irish staff of Coinbase's future here, the company's vice president and regional managing director, Daniel Seifert, said that it would soon hire more people for its Dublin office. ADVERTISEMENT "Regarding Ireland, we are happy to announce that Coinbase is doubling down on its commitment to the country and we are imminently adding around 50 jobs to our office,' he said. Coinbase is understood to employ over 100 people at present, having shed almost half of its staff during the tech industry's post-Covid layoffs. 'Our e-money licence through which we service customers across the EU is held in Ireland,' said Mr Seifert. 'I have relocated to Ireland, as CEO of the Irish entity, demonstrating our commitment to scaling international operations and deepening our presence in Europe, one of the most strategic and rapidly evolving crypto markets globally."
Irish Independent
09-06-2025
- Politics
- Irish Independent
Killing of Sligo based doctor's brother-in-law and family in Gaza condemned at council meeting
At the County Council's monthly meeting last Friday, Cllr Bree proposed the Council extend its deepest sympathy to Sligo based Dr Alaa Al-Najjar, and to the extended al Najjar family in Gaza and here in Sligo on the tragic death of her husband Dr Hamdi and nine of their 10 children. 'The deliberate Israeli missile strike on their home can only be described as one of the most heartbreaking tragedies to befall a paediatrician who dedicated her life to saving children, only to have her own motherhood stolen from her in a moment of fire, death and destruction,' he said. Cllr Bree further proposed that the Council also extend its sympathy to Dr Ali Al Najjar, who has looked after so many local people in Sligo University Hospital, on the deaths of his beloved nephews, nieces and brother in law Cllr Bree added that the agony and heartbreak that Dr Alaa and her extended family feel today could only be imagined> The UN's special rapporteur for the Palestinian territory described the attack as a 'new phase of genocide' facing Palestinians in the besieged enclave, he said. 'While offering our sympathy and solidarity we hope and pray that Dr al-Najjar's sole surviving child, 11-year-old Adam, who was severely injured, will receive the necessary medical treatment and survive. I would ask members, as a mark of respect to observe a minute's silence,' said Cllr Bree. Meanwhile, speaking on a separate motion tabled by Cllrs Arthur Gibbons, Gino O'Boyle, Thomas Healy and himself, Cllr Bree said they must recognise that 'what is happening in Palestine and Gaza today is not a war; it is a campaign of starvation, destruction and ethnic cleansing. Palestinian men, women and children are being exterminated as the world looks on.' He added that the Irish Central Bank is facilitating the sale of Israeli war bonds, raising €4.5 billion for Israel's campaign of genocide against the Palestinian people. Following criticism the Central Bank recently wrote to the Dáil Finance Committee and said, for it to stop facilitating the sale of the bonds, it needed either the EU or the Dáil to intervene. 'It is just over a year ago since the Government recognised the State of Palestine, sending a message to the world that Ireland stands with the people of Palestine and Gaza. ADVERTISEMENT 'However in the intervening period the Irish Central Bank has been facilitating the sale of Israeli war bonds. 'Section 5A of the Central Bank Reform Act states: "The Bank is required to perform its functions and exercise its powers in a manner consistent with the Rome Treaty and the ESCB Statute." 'Article 3.5 of that Treaty on the Functioning of the European Union says: In its relations with the wider world, the Union shall uphold and promote its values and interests and contribute to the protection of its citizens. It shall contribute to peace, security, the sustainable development of the Earth, solidarity and mutual respect among peoples, free and fair trade, eradication of poverty and the protection of human rights, in particular the rights of the child as well as to the strict observance and the development of international law, including respect for the principles of the United Nations Charter. 'In January of 2024 the International Court of Justice found that the Palestinian people in Gaza had "plausible rights" to be protected from the imminent risk of genocide. 'This ruling triggered obligations under the Genocide Convention for countries, including Ireland, to take all possible action to prevent genocide. 'So therefore enacting legislation and regulations to allow the Minister for Finance to prohibit or impose restrictive measures on the sale or purchase of any security or class of security that is issued by or on behalf of the state of Israel, would be in compliance with the Rome Treaty. "The International court of Justice opinion clearly stated not only that we should act but that we have a legal obligation to act and to do absolutely everything that we can. It demands that every state look at every possible lever to exert pressure on Israel. A motion which was tabled jointly by Councillors Gino O'Boyle, Arthur Gibbons, Thomas Healy and Cllr Bree called on the Government to introduce the necessary legislation and regulations, to allow the Minister for Finance to prohibit or impose restrictive measures on the sale or purchase of any security or class of securities that is issued by or on behalf of the State of Israel.
The Journal
09-06-2025
- Politics
- The Journal
Dozens of Irish people among group set to march from Cairo to Gaza amid aid blockade
AROUND 50 IRISH people will take part in a march from Cairo to Gaza this month, demanding Israel fully open the Rafah crossing to allow humanitarian aid through. The delegation, which will join 2,500 other people from 60 countries, will walk through the desert for two days in hopes of drawing attention to Israel's ongoing siege of Gaza. They will meet in Cairo on 13 June and depart the next day for the Sinai Desert, where temperatures reach highs of 32 to 35 degrees Celsius at this time of year. They will camp there overnight. A number of healthcare workers are involved in the march. They will end their march at the Rafah crossing, where they will stay for another two days. Karen Moynihan, a spokesperson for March to Gaza Ireland, spoke to The Journal about the demonstration. 'It's not going to be the most pleasant conditions, but it doesn't matter if we think about what the people of Palestine have been living through every day for 19 months,' she said. 'The people of Ireland and the people of the world are not willing to sit by any longer and just wait.' She said Israel is committing an 'absolutely barabaric genocide' and Ireland has not taken sufficient action to stop it. The government recently voted against a Sinn Féin Bill that sought to stop the Irish Central Bank facilitating the sale of Israeli 'war bonds' across the EU. Advertisement Cabinet last month approved the drafting of the long-awaited Occupied Territories Bill, which will ban goods from the illegal settlements in Palestine. It is unclear when the Bill will be passed. 'Every government has an option and has a choice,' said Moynihan. 'The international community has not put any sanctions [on Israel], nothing of any significance. It's all been words.' The group is demonstrating in partnership with the Soumoud convoy, which comprises nine buses holding hundreds of Tunisians who say they want to break the blockade into Gaza. They departed today, hours after the Madleen 'Freedom Flotilla' was intercepted by Israel . A dozen people were on board the boat, including Swedish campaigner Greta Thunberg. The group beginning their march later this week will join them in calling for food and medical supplies to flow freely by land and sea into Gaza. The United Nations has warned that Gaza's entire population of more than two million people is at risk of starvation. 'We have the power as an international community to change this immediately,' said Moynihan. March to Gaza says it has informed all the Egyptian embassies of its demonstration and has asked the Egyptian authorities for support. On whether she is concerned about the safety of participants, Moynihan said their demonstration is peaceful and non-political and the onus is on others to respect that. The health ministry in Gaza said that the overall toll for the war since 7 October has reached 54,880, the majority of the dead being civilians. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Independent
30-05-2025
- Business
- Irish Independent
Taoiseach confronted by Gaza protest in Galway – ‘I take issue with people trying to cause division in the country'
He was reacting to a large protest in Galway against the Government's decision to reject a motion to ban the sale of Israeli 'war bonds' through the Irish Central Bank. The Taoiseach was at the official launch of the next phase of development on the mixed-use retail and residential Crown Square Development in Galway city on Friday afternoon. Over 100 people gathered outside the Raddison RED hotel at the front of the development in Mervue to protest the decision. Mr Martin said the Irish Government has always 'led from the front' on the issue and will 'continue to do that'. Commenting on the protest, he said: 'I take issue with people who are trying to cause division in the country on the issue. The Irish Government has led from the front in respect of the middle east and Gaza. 'I would say to the protestors to go and ask the Palestinian Authority, go and ask Palestinian people around the world, go and ask people in the Middle East and Egypt and Jordan. 'They will tell you how they believe the Irish Government has been leading for justice and for fairness. Also trying to get other countries to come on board in respect of getting a ceasefire, the release of all hostages and a massive surge of humanitarian aid into Gaza through the United Nations' Agencies.' The protest was organised by Galway Palestine Solidarity Campaign, who have called on the Government to reverse the bonds decision. Israeli bonds sold in the EU have been authorised by the Central Bank in Ireland since Brexit, a process that has come under intense scrutiny. The Israeli government has previously stated that the bonds support its military operations in Gaza. ADVERTISEMENT A Sinn Féin motion was lodged in the Dáil on Wednesday night which looked to stop Ireland's involvement in the sale of the bonds. However, the Government did not support the bill, citing legal reasons. The bill was subsequently defeated by 87 votes to 75 – despite two Government-supporting independent TDs voting in favour of it. The protest came during an event that marked a significant milestone of the Crown Square Development, a project that has been almost 20 years in the making. An initial green-light was given to the project by city planners in 2006, but the recession and further planning difficulties have caused the project to stall on multiple occasions. The protestors followed the Taoiseach's movements from the outer perimeter of the development as he passed through the facility. 'People are entitled to protest, but I think democracy in Ireland is alive and well and I think people should be allowed to do their business as well and carry out normal duties in respect of facilities such as this,' Mr Martin said. 'But I will not be deterred from doing it as a government. We've done a lot, a lot of people acknowledge that, the real issue is the Israeli Government, not the Irish Government. 'The Israeli Government is behaving in an appalling manner, in my view, and there are elements of that Government, particularly ministers Smotrich and Ben-Gvir, who have been very clear in articulating a desire to destroy Gaza in its entirety. Ireland has intervened in a case before the international court of justice, I initiated that as Minister for Foreign Affairs, on the South Africa case under the Genocide Convention. We've intervened in other cases in the ICJ on this. We've supported the International Criminal Court and its work financially. 'At every multinational level we have intervened with a view to fairness, justice and in line with the United Nations charter and we are going to continue to do that.'
