Central Bank approval of Israeli war bonds
Mary Lou McDonald argues that the Central Bank facilitates Israeli war-bond sales used to finance the Gaza war and demands that this stop. The Taoiseach rejects claims of government complicity, says the Bank does not approve or sell the bonds, and urges collective international pressure on Israel; repeated interruptions lead the Chair to enforce order.
Most Irish people do not realise that the Central Bank of Ireland is involved in the sale of Israeli war bonds and will be horrified to learn that the Central Bank provides Israel with the permission or approval it needs to sell these war bonds throughout the European Union. No other European central bank provides this permission. It is given here, in Ireland, on the watch of the Government.
These bonds, to be clear, are used by Israel to raise the money to pay for the missiles, tanks, guns, drones and bombs it uses every day to slaughter tens of thousands of men, women and children in Gaza, lay hospitals, homes, schools and universities to rubble and terrorise the refugee population of Gaza. Israel does not hide the purpose of these bonds. It emphasises "the crucial role of Israel Bonds during this time of conflict and war". Israel openly invites people to invest in genocide.
The Sinn Féin Bill, to be voted on tonight, would enable the Government - the Minister for Finance - to prevent the Central Bank of Ireland giving these permissions or approvals to sell these bonds. It would force Israel to seek that permission from another country and, of course, it would then be for other countries to stand up and be counted and to say "No". Ireland would be clear, however, that it would no longer happen in our name through our Central Bank. It is a disgrace that the Government opposes this Bill.
Last night, the finance Minister, Deputy Paschal Donohoe, in a shameful speech, gave the water-weak, mealy-mouthed and baseless excuses for the Government's opposition to the legislation. The Minister stated that he is advised that the Bill might be judged inconsistent with EU law. That is bogus. We have over 20 pages of independent, robust legal opinion clearly stating that the Bill is compliant with Irish law, European law and international law.
The Minister, Deputy Donohoe, stated the Bill would step outside the EU financial services legislation. That is bogus. The Minister should know that Ireland is fully entitled under EU law to unilaterally restrict access to our financial services and that we are legally entitled to make that decision on public policy grounds, including pursuing our international law obligations. The Government has no sound legal advice on these matters and the Minister and Government scramble for cover and excuses not to act.
The Minister then went on to sound the alarm against Ireland acting unilaterally in prohibiting the Central Bank of Ireland from giving permissions to Israel to sell its war bonds. Of course, only the Central Bank of Ireland gives these permissions and approvals for the sale of Israeli war bonds so, by definition, the Irish Government must unilaterally remove these permissions and approvals. What the Taoiseach calls unilateral action is actually called leadership in defence of human rights.
The Government's reasons for opposing the Bill are exposed as bluff. The emperor has no clothes. It is precisely the tactic the Taoiseach has used to delay and hollow out the occupied territories Bill. Caithfidh an Rialtas an cead atá tugtha ag Banc Ceannais na hÉireann, a ligeann d’Iosrael a chuid bannaí den chinedhíothú a dhíol fud fad an Aontais Eorpaigh, a bhaint.
This is a moment for Ireland to take firm decisive action against Israel's genocide in Gaza, drop the Government's opposition to the Bill and vote tonight to end the permissions given to Israel by the Central Bank of Ireland to sell its genocide bonds.
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The Deputy said this is a moment for the Government to articulate its leadership in human rights, or words to that effect. The Government has been demonstrating its leadership in human rights for quite some time and since this war began, consistently and strongly. We have been consistent in our support of the Palestinian people and their right to self-determination and in condemning the war crimes and genocide occurring right now in Israel.
We have provided strong humanitarian support, but also political support, to UNRWA, which Israel has sought to undermine. We have done that consistently, not only as an individual country but in persuading other member states of the European Union to do likewise when UNRWA was under attack from the Government of Israel. We have worked with others to evacuate sick children from Gaza for treatment and care on an ongoing basis.
This day last year, Ireland, along with Spain and Norway, recognised the State of Palestine. Slovenia followed. We did that in partnership with the Arab states, despite being harangued and attacked by the Deputy on this very issue. We knew what we were doing well in advance. We tried to get as many countries as we possibly could on board and to persuade as many other EU member states. We did not get as many as we wanted at the time and we did it as part of a peace process.
On 19 July 2024, the International Court of Justice delivered an advisory opinion on the legal consequences arising from the policies and practices of Israel in the occupied territories, including East Jerusalem, and the Attorney General, on behalf of the Government, made a submission to the court in respect of this. We had made a written submission and the Attorney General followed up. We subsequently cosponsored a resolution, adopted by the UN General Assembly on 18 September, which seeks to implement the court's advisory opinion.
Ireland intervened in South Africa's International Court of Justice case against Israel under the Genocide Convention. Again, the Deputy attacked us in advance of that, wrongly and in an ill-informed way because she just saw it as politics. We did it substantively, with capacity and in an informed legal way and we are hoping that we will broaden the criteria by which genocide is judged by the Genocide Convention. Please do not lecture me on the Irish Government's commitment to human rights and to the rights of Palestinians to self-determination, which will continue.
We are progressing legislation on the occupied territories Bill. I know what will happen as soon as that is passed. The Deputy will say what she has said about everything else we have done - that it was just symbolic at the time and her party now wants action again. I have listed all the action. There is a pattern here, which is to try to drive a wedge-----
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-----between the Government, the Opposition and the people of Ireland in respect of what Israel is doing in Gaza and undermine the integrity, commitment and good faith of the Government. The Deputy bandies around words such as "facilitate" and "complicit in" genocide, which are false. There is a false narrative being peddled by the Deputy.
The latest now is this issue of the Central Bank's role in issuing prospectuses. The Deputy and I know that the Central Bank does not approve, issue, sell or oversee the sale of Israeli bonds. The Deputy knows that-----
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-----but the truth does not matter in this. The issuer, the State of Israel or the Israeli Government, does not become regulated. We are not regulating or endorsing anything.
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We are authorising it.
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As soon as night follows day, when this happens something else will come on the agenda.
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I would love to get to the bottom of it because it is unworthy. We should be seeking to work together to see how best we can persuade Israel and how best the international community can.
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I am happy to tell the Taoiseach how.
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-----gur chóir go mbeadh an Tigh aontaithe i gcoinne an méid atá á dhéanamh ag Iosrael.
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Níl aon freagra agatsa.
The Taoiseach is right on one score. I have a very long and established pattern of harassing and haranguing successive Irish taoisigh and Governments for their inaction on Palestine. I will grant the Taoiseach that. By the way, it is a pattern that I intend to pursue for as long as Israel acts with impunity and for as long as there is genocide and an occupation in Palestine.
The Central Bank approves the prospectus which enables the sale of these war bonds. We want that to stop. It is as simple as that. Our legislation enables the Government, through the Minister, to put a stop to that. The Central Bank and the Irish State should have no hand, act or part, however minor, in facilitating the sale of those bonds. That is what we want.
The Government has no legal basis for opposing our legislation.
It is compatible with EU, Irish and international law. The Taoiseach needs to act now. It is very telling that, at a time when a genocide is playing 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 and support our Bill.
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No one in this House should be seeking some sort of moral superiority over others in this House.
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The focus must be relentlessly on the policies of Prime Minister Netanyahu and the Israeli Government, which is made up of extreme far-right elements, who are committing genocide in Gaza right now. Let us call a spade a spade. The Deputy knows the most effective way is-----
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-----to persuade as many member states as possible within the European Union and the United States to pull their support from the State of Israel as regards what it is doing now.
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That is no reason for the Taoiseach not to do what he can do now.
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I am not bullying. I am advancing an argument in the face of a genocide.
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It is all about the Taoiseach.
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There are also rules regarding answers.