European Financial Institutions Secretly Fund Israeli Settlements
As a genocide unfolds in the troubled region of Palestinian Territory, occupied by Israel, a new report reveals that hundreds of European financial institutions are secretly propping up Israeli settlements with billions of dollars.
Financial Ties Revealed
According to a recent study by the Don’t Buy Into Occupation coalition, 776 European financial institutions had financial ties with 51 businesses actively involved in supporting Israeli settlements between January 2020 and August 2023. During this period, these institutions provided:
- A staggering $164.2 billion in loans and underwriting
- Held $144.7 billion worth of shares and bonds
Companies Implicated
The report highlights that all 51 companies are implicated in human rights violations such as:
- Settlement construction
- Service provision
- Demolition of homes
- Surveillance
Some of these companies are even listed on the United Nations database of businesses linked to Israeli settlements.
Accountability and Responsibility
Dr. Susan Power, Head of Legal Research and Advocacy for Al-Haq, a Palestinian member organization of the International Federation for Human Rights (FIDH), emphasized:
“The failure to hold corporations and financial institutions accountable for complicity in international crimes, including those related to settlements, is fuelling the continuing and deteriorating situation on the ground, entrenching Israel’s illegal occupation, annexation, and colonisation of Palestine.”
Top 10 Creditors
The top 10 creditors alone provided a whopping $116.55 billion to listed businesses, with:
- BNP Paribas
- HSBC
- Deutsche Bank
- Société Générale
- KfW
- Barclays
- Crédit Agricole
- Santander
- ING Group
- UniCredit
being the biggest loan and underwriting providers.
Urgent Call to Action
FIDH’s Advocacy Director Antoine Madelin emphasized:
“European financial institutions have a big 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.”
Recommendations
The report urges financial institutions to adopt investment policies that exclude companies involved in settlement activities, citing the devastating impact of settlement expansion on Palestinian human rights.
Conclusion
As the world grapples with the gravity of this situation, it is imperative that accountability is held and justice is served. The people of Palestine deserve better than to be subject to the whims of European financial institutions that fuel their oppression.