Government accused of ‘water-weak' opposition to Israeli war bonds Bill

Belfast Telegraph

7 days ago

Sinn Fein's Restrictive Financial Measures (State of Israel) Bill 2025 is due to be voted on on Wednesday evening.
The Government is to oppose the legislation and has described it as 'unworkable', with Taoiseach Micheal Martin accusing Sinn Fein of trying to 'drive a wedge' between the Irish public and Government.
The Central Bank of Ireland is the designated authority in relation to the sale of Israel bonds in the EU.
Israel bonds have been advertised as supporting the country's economy, and more recently, websites promoting the bonds emphasise their role in supporting Israel's military operation in Gaza.
The Central Bank is responsible for assessing whether a prospectus for the offer of securities is in compliance with requirements of the EU Prospectus Regulation.
Dublin's Central Bank said approval should not be viewed as 'an endorsement of the issuer'.
Protesters have demonstrated outside the Central Bank and called for legislation that would give Ireland the power to refuse the sale of Israeli 'war bonds' over human rights concerns.
In the Dail on Wednesday, Sinn Fein leader Mary Lou McDonald said Irish people may be 'horrified' to learn of the Central Bank's role in approving the bonds.
She said these are used to raise money to pay for missiles, tanks, guns and drones that have killed tens of thousands of men, women and children in Gaza.
'Israel doesn't hide the purpose of these bonds,' she said. 'They emphasise 'the crucial role of Israel bonds during a time of conflict and war'.
'Israel openly invites people to invest in genocide.'
She said a Sinn Fein Bill would enable the Minister for Finance to prevent the Central Bank from giving the permissions and approvals to sell the bonds and force them to seek permission from another country.
She accused Finance Minister Paschal Donohoe of giving 'water-weak, mealy-mouthed and baseless excuses' for opposing the legislation.
This includes that the Bill may be inconsistent with EU law and 'alarm' raised by Mr Donohoe that Ireland would be 'acting unilaterally' in prohibiting the Central Bank from giving permissions.
She said as Ireland's Central Bank is the only bank giving approval for EU sale, it must by definition act unilaterally.
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The Taoiseach accused Sinn Fein of trying to drive a wedge between the Government and the Irish public over what is happening in Gaza.
He said: 'The Government has been demonstrating its leadership on human rights for quite some time, since this war began, very consistently, very strongly.
'We have been very consistent in our support of the Palestinian people and their right to self-determination, and in condemning the war crimes and the genocide that is occurring right now.'
He said on this day last year, Ireland, Spain and Norway recognised the state of Palestine.
'There's a pattern, and the pattern is to try and drive a wedge between the Government here and the people of Ireland in respect of what Israel is doing in Gaza and trying to undermine the integrity and the commitment and good faith of the Government,' he said.
'So you bandy words around like 'facilitating and complicit in genocide, which are a false narrative.'
Ms McDonald replied: 'You're right on one score, I have a very, very long and established pattern of harassing and haranguing successive Irish taoisigh and governments on their inaction on Palestine.
'The Central Bank approves the prospectus, which enables the sale of these war bonds. We want that to stop. It's as simple as that.
'Our legislation enables the Government, through the Minister for Finance, to put a stop to that.
'The Irish Central Bank, the Irish State should have no hand, act or part, however minor, in facilitating the sale of those bonds. That's what we want.
'I think it's very telling that at a time when a genocide has played out, live before the eyes of the world, the priority for the Taoiseach is a pat on the back for him and his Government. Shame on you. Act.'
Mr Martin replied: 'No-one in this House should be looking for a pat on the back and no-one in this House should be seeking some sort of moral superiority over others.'