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The Journal
6 days ago
- Business
- The Journal
Sinn Féin bill seeking to prevent sale of Israeli 'war bonds' defeated by 87 votes to 75
A SINN FÉIN bill that sought to stop the Irish Central Bank facilitating the sale of Israeli 'war bonds' across the EU has been defeated in the Dáil. The Restrictive Financial Measures (State of Israel) Bill 2025 was voted down by 87 votes to 75. There were shouts of 'shame' after Ceann Comhairle Verona Murphy read the result of the vote. The Government blocked the bill, despite a legal opinion from the Oireachtas Office of Parliamentary Legal Advisers, seen by The Journal, which says the legislation would be constitutional. Minister for Finance Paschal Donohoe told the Dáil last night that the bill was 'unworkable' and would not materially impact on the ability of Israel to raise money by selling bonds. Had it passed, the Sinn Féin bill would have given the Finance Minister the power to stop the Irish Central Bank from facilitating the sale of Israeli government bonds across the EU. The Government has come under pressure to introduce legislation of this kind in response to Israel's actions in Gaza and the West Bank. Explainer: Why are pro-Palestine groups calling for Ireland to prevent the sale of Israeli 'war bonds'? Since 7 October 2023, Israeli government bonds have been used to fund the State's war against Hamas, leading some to dub them 'Israeli war bonds'. Advertisement The Irish Central Bank has a special role in facilitating their sale in the EU. To be sold in the EU, bonds from non-EU countries must have their bond prospectus (a legal document setting out details of the bond) approved by the Central Bank of a country that is in the EU. Before Brexit, the UK carried out this work for Israel. After they left the EU, Israel chose Ireland to be its 'home country' for this purpose, meaning the Irish Central Bank is responsible for approving its bond prospectus. Pro-Palestinian campaigners and most Opposition political parties in Ireland argue that by carrying out this work, Ireland is facilitating Israel's actions in Gaza. Their argument is that the Central Bank is allowing Israel to raise money for its war effort by enabling the sale of bonds through approving the country's bond prospectus. 'Mealy-mouthed, baseless excuses' A debate on the bill in the Dáil last night was interrupted by protesters in the public gallery , leading to proceedings being suspending for five minutes. Protesters held up a banner in the visitor's gallery which said 'Sanction Israel' before they were removed. Protestors outside the Central Bank demonstrating against its role as the EU regulator for Israel bonds in March. Protesters have also 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. Speaking during Leaders' Questions today, Sinn Féin leader Mary Lou McDonald said Irish people may be 'horrified' to learn of the Central Bank's role in approving the bonds. Read Next Related Reads Dáil briefly suspended after protesters interrupt debate on 'Israeli war bonds' Why are pro-Palestine groups calling for Ireland to prevent the sale of Israeli 'war 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 accused Paschal Donohoe of giving 'water-weak, mealy-mouthed and baseless excuses' for opposing the legislation. The Taoiseach accused Sinn Féin of trying to drive a wedge between the Government and the Irish public over what is happening in Gaza. Micheál Martin also told the Dáil that Israel is committing genocide in Gaza , in his strongest condemnation of Israel's actions to date. With reporting from Jane Matthews Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
The Journal
6 days ago
- Business
- The Journal
Government accused of ‘water-weak' opposition to Israeli war bonds Bill
THE GOVERNMENT has been accused of a 'water-weak' position on why it is opposing legislation that aims to give Ireland the power to refuse its role in the sale of 'Israeli war bonds'. Sinn Fein's Restrictive Financial Measures (State of Israel) Bill 2025 is due to be voted on on tonight. The Government is to oppose the legislation and has described it as 'unworkable', with Taoiseach Micheál Martin accusing Sinn Féin 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'. Dáil suspended briefly last night Dáil proceedings were briefly suspended last night after protesters in the public gallery disrupted a debate on the Sinn Féin's bill last night. Protesters have also 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. Speaking today, 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 the 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. Advertisement 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. 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. The Taoiseach also added: 'We're hoping that we will broaden the criteria by which Genocide is judged by the Geneva Convention.' Martin added there is a pattern of attempts to drive a wedge between the Government 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. 'So you bandy words around like 'facilitating and complicit in genocide, which are a false narrative.' 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.' 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.'
Belfast Telegraph
6 days ago
- Business
- Belfast Telegraph
Government accused of ‘water-weak' opposition to Israeli war bonds Bill
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. We need your consent to load this Social Media content. We use a number of different Social Media outlets to manage extra content that can set cookies on your device and collect data about your activity. Please review your details and accept them to load the content 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.'
The Journal
27-05-2025
- Business
- The Journal
Dáil briefly suspended after protesters interrupt debate on ‘Israeli war bonds'
DÁIL PROCEEDINGS WERE briefly suspended after protesters in the public gallery disrupted a debate over Sinn Féin's bill that seeks to stop the Irish Central Bank facilitating the sale of Israeli 'war bonds' across the EU. The Government is set to block the Restrictive Financial Measures (State of Israel) Bill 2025, despite a legal opinion from the Oireachtas Office of Parliamentary Legal Advisers, seen by The Journal, which says the legislation would be constitutional. Chants of 'no more genocide' and 'stop funding genocide' could be heard from the protesters following a speech by Finance Minister Paschal Donohoe before they were removed from the public gallery. Footage shared on social media also showed the protesters unfurling a banner in the public gallery with the words 'Sanction Israel'. The Dáil was suspended for five minutes as the protesters were removed. Tonight in the Irish Parliament the Dublin government was brought to a halt by Pro-Palestine activists who interrupted proceedings to protest the state's inaction on and complicity in the ongoing genocide in Palestine. Well done to all those involved! — Social Rights Ireland 🇮🇪 🇵🇸 (@SocialRightsIRL) May 27, 2025 When proceedings resumed, Sinn Féin leader Mary Lou McDonald said the views expressed by the protesters in the public gallery 'is where it's at'. 'We need that level of anger it seems directed at the government because they're on some sort of vanity trip in which they don't recognise the reality of what is going on,' she said. McDonald called Donohoe's speech 'an utter, utter disgrace'. It comes as pressure has been mounting on the Government to introduce legislation of this kind in response to Israel's actions in Gaza and the West Bank. Explainer: Why are pro-Palestine groups calling for Ireland to prevent the sale of Israeli 'war bonds'? In his speech, Donohoe said he has received preliminary advice from the Attorney General which points to Sinn Féin's bill 'conflicting with EU treaties and our obligations as a Member State, which suggest that it is unworkable'. 'Importantly, this Bill does not materially impact on the ability of Israel to raise money by selling bonds,' he said. 'If our goal is to uphold the international rule of law, then we must be sure not to violate it. This bill does not meet the threshold to be considered consistent with EU and international law.' Bill 'unworkable' He said the proposed legislation is 'unworkable' and it would 'not be effective in achieving its stated objectives'. If enacted, the Sinn Féin bill would give the Minister for Finance the power to stop the Irish Central Bank from facilitating the sale of Israeli government bonds across the EU. Advertisement Since 7 October 2023, Israeli government bonds have been used to fund the State's war against Hamas, leading some to dub them 'Israeli war bonds'. The Irish Central Bank has a special role in facilitating their sale in the EU. To be sold in the EU, bonds from non-EU countries must have their bond prospectus (a legal document setting out details of the bond) approved by the Central Bank of a country that is in the EU. Before Brexit, the UK carried out this work for Israel. After they left the EU, Israel chose Ireland to be its 'home country' for this purpose, meaning the Irish Central Bank is responsible for approving its bond prospectus. Pro-Palestinian campaigners and most Opposition political parties in Ireland argue that by carrying out this work, Ireland is facilitating Israel's actions in Gaza. Their argument is that the Central Bank is allowing Israel to raise money for its war effort by enabling the sale of bonds through approving the country's bond prospectus. Ireland 'complicit in genocide' Sinn Féin's finance spokesperson, TD Pearse Doherty, introduced the bill to second stage of the Dáil. During her speech this evening, Mary Lou McDonald told the Dáil that allowing the Central Bank to continue to deal in Israeli war bonds 'is an endorsement of genocide'. 'It makes Ireland complicit in genocide,' the Sinn Féin leader said. It's shameful that the Irish state and government would have any hand, act or part in supporting this genocide. 'This is exactly what it is doing by allowing the Central Bank to trade in Israeli war bonds, permitting the Central Bank to act as a gateway for the sale of these bonds throughout the rest of the European Union.' She added: 'These bonds are used to fund the atrocity of our times. The government can put a stop to it right now. That is what you should do, what you must do. You cannot say you stand against genocide while helping to fund it.' Over the last year, there has been a growing campaign calling on the Central Bank to stop approving the sale of the bonds in the EU. However, the Central Bank has said it can only do this where it has the legal basis to do so i.e. in a situation where sanctions are introduced against Israel at an EU level or where there are 'National restrictive measures to the same effect'. Sinn Féin's bill is an effort to introduce national legislative measures that would enable the Central Bank to act. Asked about the bill in the Dáil earlier today, Taoiseach Micheál Martin said: 'The legislation tabled by Sinn Féin is simply unworkable. It has been written in a manner that in no shape or form could ever be made workable.' With reporting from Jane Moore Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
