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Exhibit 12.2

# CERTIFICATION

I, Eran Gilad, certify
that:

1.    
          I have reviewed this annual report on Form 20-F of Silicom Ltd.;

2.    
          Based on my knowledge, this annual report does not contain any untrue statement
          of a material fact or omit to state a material fact necessary to make the
          statements made, in light of the circumstances under which such statements were
          made, not misleading with respect to the period covered by this annual report;

3.    
          Based on my knowledge, the financial statements, and other financial information
          included in this annual report, fairly present in all material respects the
          financial condition, results of operations and cash flows of the Company as of,
          and for, the periods presented in this annual report;

4.    
          The Companys other certifying officer and I are responsible for
          establishing and maintaining disclosure controls and procedures (as defined in
          Exchange Act Rules 13a-15(e)) for the Company and have:

| | (a)
                      designed such disclosure controls and procedures, or caused such
disclosure                     controls and procedures to be designed under our
supervision, to ensure that                     material information relating to the
Company, including its consolidated                     subsidiary, is made known to us
by others within those entities, particularly                     during the period in
which this annual report is being prepared;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) evaluated
the effectiveness of the Companys disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation;
and
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)
                      disclosed in this report any change in the Companys internal
control over                     financial reporting that occurred during the period
covered by the annual report                     that has materially affected, or is
reasonably likely to materially affect, the                     Companys internal
control over financial reporting; and;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5.    
          The Companys other certifying officer and I have disclosed, based on our
          most recent evaluation of internal control over financial reporting, to the
          Companys auditors and the audit committee of Companys board of
          directors:

| | (a)
                      all significant deficiencies and material weaknesses in the design
or operation                     of internal control over financial reporting which are
reasonably likely to                     adversely affect the Companys ability to
record, process, summarize and                     report financial information; and
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)
                      any fraud, whether or not material, that involves management or
other employees                     who have a significant role in the Companys
internal control over                     financial reporting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date:
May 30, 2007

| |  | /s/ Eran Gilad
Eran Gilad, Chief Financial Officer
| |  | ----------------------------------------------------------------



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