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British Lawmakers Urge Banks to Review Settlement Financing Risks
(MENAFN) British lawmakers have called on banks and financial institutions to avoid taking on new financial commitments connected to Israel’s E1 settlement project as the UK government prepares measures to prohibit trade with Israeli settlements in the occupied West Bank.
Members of the all-party Britain-Palestine group made the appeal in a letter to financial institutions, highlighting possible legal, sanctions and reputational risks associated with financing activities linked to settlements.
The request comes after Foreign Secretary Ed Miliband announced plans two weeks ago for a comprehensive ban on trade with Israeli settlements, together with additional sanctions targeting individuals and entities involved in settlement construction.
However, the legislation required to implement the measures could take between six and nine months to complete its passage through Parliament.
“Commitments made now may be difficult to unwind when restrictions commence; the allocation of costs will depend on the contracts and applicable law. We ask boards to consider this interim risk before agreeing new or increased commitments,” the lawmakers said.
They also called on financial institutions to place potential exposure to the E1 development and other settlement-related activities on their boards’ agendas and formal risk registers.
The E1 project covers plans to construct thousands of homes in the occupied West Bank. The Israeli government is seeking bids for two tenders that could allow the construction of as many as 3,400 housing units.
Members of the all-party Britain-Palestine group made the appeal in a letter to financial institutions, highlighting possible legal, sanctions and reputational risks associated with financing activities linked to settlements.
The request comes after Foreign Secretary Ed Miliband announced plans two weeks ago for a comprehensive ban on trade with Israeli settlements, together with additional sanctions targeting individuals and entities involved in settlement construction.
However, the legislation required to implement the measures could take between six and nine months to complete its passage through Parliament.
“Commitments made now may be difficult to unwind when restrictions commence; the allocation of costs will depend on the contracts and applicable law. We ask boards to consider this interim risk before agreeing new or increased commitments,” the lawmakers said.
They also called on financial institutions to place potential exposure to the E1 development and other settlement-related activities on their boards’ agendas and formal risk registers.
The E1 project covers plans to construct thousands of homes in the occupied West Bank. The Israeli government is seeking bids for two tenders that could allow the construction of as many as 3,400 housing units.
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