Genocide Unfolding in Palestinian Territory as European Banks Fuel Israeli Settlements with Billions
The Hidden Hand: How European Financial Institutions are Enabling the Occupation
A new report by the Don’t Buy Into Occupation coalition has exposed the shocking extent to which hundreds of European financial institutions have invested billions of dollars in companies involved in Israeli settlements. Despite international humanitarian law and UN resolutions condemning these settlements as illegal, 776 European banks and financial institutions provided loans, underwriting, and investments totaling $164.2 billion between January 2020 and August 2023.
The Report’s Findings
- Financial Relationships: 51 businesses with links to Israeli settlements were found to have relationships with the surveyed European financial institutions.
- Loans and Underwriting: These institutions provided a staggering $164.2 billion in loans and underwriting during the reporting period.
- Shares and Bonds: They also held $144.7 billion in shares and bonds of listed companies involved in activities that raise serious human rights concerns.
The Top 10 Creditors
The following top 10 creditors provided over $116.55 billion to listed businesses:
- BNP Paribas
- HSBC
- Deutsche Bank
- Société Générale
- KfW
- Barclays
- Crédit Agricole
- Santander
- ING Group
- UniCredit
Consequences of Inaction
The failure to hold corporations and financial institutions accountable for their role in international crimes is perpetuating the continuing and deteriorating situation on the ground, according to Dr. Susan Power, Head of Legal Research and Advocacy for Al-Haq.
The Call to Action
- Ethical Investing: The report urges financial institutions to establish investment policies that exclude companies involved in Israeli settlements.
- Accountability: It emphasizes the need for accountability and ethical investing to prevent further human rights violations.
Conclusion
The European financial institutions have a significant responsibility in the grave violations taking place in the Occupied Territories. All these actors have an obligation to ensure that their activities do not contribute to the perpetuation and expansion of settlements that are illegal under international humanitarian law and several UN resolutions.
Read the Full Report
[Link to report]