We use Google Analytics to see which pages are read and how the site is used, so we know what to improve. This only runs if you accept. See our privacy notice for details.

Dáil
‹ Ceisteanna ó Cheannairí - Leaders' Questions

Israel, Gaza and ISIF investments

Summary

Deputy O'Callaghan alleges Irish public money is funding genocide through ISIF investments in Israeli and related debt, and asks for divestment and details of bond sales. The Taoiseach rejects the genocide claim, says ISIF is operationally separate, defends Ireland's stance on Gaza, and argues the amounts involved are too small to finance war.

For the record, the Social Democrats has published detailed proposals about how to increase financing for housing, make it more affordable and build more homes.

The Taoiseach owes the people an explanation. Why was their money used to fund Israel's genocide in Gaza? There is no denying or hiding it. Not only was public money used but the Taoiseach actually increased that funding in 2024. Last year, as tens of thousands of innocent people in Gaza were slaughtered, as hundreds of medics were butchered, as hospitals were flattened, as refugee camps were set alight and schools were razed to the ground, the State increased its financing of Israel's brutal genocide.

The figures are clear: at the end of 2023, the Irish Strategic Investment Fund held €2.62 million in Israeli sovereign debt. By the end of 2024, that had increased to €3.62 million. This was not a mistake or some kind of oversight. Someone made a deliberate decision to increase the level of public money spent on Israeli war bonds. The Israeli Government has not hidden what those bonds are for. These bonds are clearly being used to help finance their genocidal campaign. This is utterly outrageous. I am sure many people who are learning about this will feel sickened. They will wonder why it was that their hard-earned taxes were used to buy bombs and bullets that killed and maimed children in Gaza, and they will also wonder why the Government let this happen.

Last night, the finance Minister, Deputy Paschal Donohoe, said all of these bonds have now been sold but this only happened in the last number of weeks, right before the annual accounts of the State investment fund had to be published. While the Government says it wants to ban trade with the occupied territories, public money is actually being invested in companies operating there illegally. Nearly €8 million of Irish public money is invested either directly or indirectly in those companies. This is shameful. Just yesterday, the UN warned that the largest displacement since 1967 is happening in the West Bank right now.

The State sold its Israeli war bonds. Can the Taoiseach confirm exactly when those bonds were sold, why public money is being invested in companies operating illegally in the occupied territories, and does he have any plans to stop this?

Comment on this

First, I take strong exception to the Deputy's assertion that the Irish Government is funding genocide. It most certainly is not and never has.

Comment on this
Deputies

Hear, hear.

Comment on this

It is public money.

Comment on this

Hold on, now; do not be twisting. The Deputy knows full well that ISIF was established as a separate organisation in terms of all of its investment decisions.

Comment on this

It is funded by Government.

Comment on this

The Deputy knows Government does not get involved in investment decisions by any fund that is established. He knows that is the case. In terms of this specific issue the Deputy raised this morning, I will follow through on that. I ask him not to make the assertion because he must understand and know that this Government is fundamentally opposed to the Israeli war in Gaza.

Comment on this
Deputies

Hear, hear.

Comment on this

Surely the Deputy knows that.

Comment on this

Where is the occupied territories Bill then?

Comment on this

Surely Deputy O'Callaghan knows that when he meets Palestinian representatives in this country. The Minister of State, Deputy Thomas Byrne, met the deputy foreign minister yesterday in Europe, and what was the response of the Palestinian deputy foreign minister? To thank Ireland for the role it has played in terms of the Palestine question.

Comment on this
Deputies

Hear, hear.

Comment on this

I met Mr. Filippo Grandi this morning, the UN High Commissioner for Refugees. What did he say to me? He said: "Your voice matters. We thank you for how you have articulated in respect of the Middle East and other issues." That is what international people are saying about Ireland - that Ireland has taken a strong position in respect of the Israeli war in Gaza, and also a strong position regarding the atrocities committed by Hamas on 7 October against innocent people and civilians. We have been very consistent approaching this through the lens of humanitarian law and we will continue to do so.

We are the only country that has initiated legislation to ban goods coming from the illegally occupied territories. We have sponsored UN resolutions in respect of decisions at the International Court of Justice, ICJ. We have intervened legally in the South African case-----

Comment on this

-----before the ICJ under the Genocide Convention. Very few countries in the world have done that. The record is there with regard to the decisions taken by the sovereign Irish Government at every single forum, be it the European Union or the United Nations itself. That is fundamentally where we are as a Government, and we will continue to do that.

The more fundamental issue is how we get Israel to stop the war, and it is very clear to me-----

Comment on this

The United States has a key role-----

Comment on this

The Taoiseach is passing the buck. Sanction them.

Comment on this

-----in getting Israel to stop the war. The European Union has influence but because of divided historic positioning-----

Comment on this

That is a cop-out.

Comment on this

-----on Israel and the Middle East, Ireland has pushed for the suspension of the Israel-European Union association agreement.

Comment on this
Verona Murphy An Ceann Comhairle Independent

I thank the Taoiseach. He will have another response.

Comment on this

We got traction on that in recent times but it still remains to be seen-----

Comment on this
Verona Murphy An Ceann Comhairle Independent

Taoiseach, your time is up. Thank you.

Comment on this

-----whether we can get a majority to support measures on that.

Comment on this

The Irish Strategic Investment Fund is funded by the Government using public money - money that belongs to the public. The Government gives the Irish Strategic Investment Fund its strategic direction. It should be directing it not to have any of our money invested in companies operating in contravention to international law in the West Bank.

Comment on this
A Deputy

People in glass houses should not throw stones.

Comment on this

There are much better places our money should be spent - in affordable housing, healthcare and disability services. Not a cent should be invested in companies operating in occupied Palestinian territories in the West Bank. The Taoiseach knows that. Is he going to stop this now and will he tell the Dáil when were the Israeli bonds sold, on what date? We know it was a few weeks ago. The Minister for Finance has told us that but I ask the Taoiseach to give us the date on this.

The genocide that is happening in Gaza must be stopped. There were over 700 Palestinians killed over the last 21 months just trying to collect water, when the Israeli army bombed the wells they were trying to get that water from.

Comment on this
Verona Murphy An Ceann Comhairle Independent

I thank the Deputy. The Taoiseach to respond.

Comment on this

Is the Taoiseach going to act to ensure not a cent of Irish public money goes into these companies?

Comment on this

We need perspective here as well. From my perspective, the ISIF has confirmed that at the end of 2024 it held €3.6 million in Israeli sovereign debt.

Comment on this

Directly and indirectly.

Comment on this

That is not going to fund any war. Let us have a sense of perspective.

Comment on this

It contributes to it.

Comment on this

The Deputy can argue that it is not right or proper and I take that point.

Comment on this

Is the Taoiseach defending it?

Comment on this

No, but the Deputy said we funded genocide. That is an outrageous, exaggerated assertion-----

Comment on this

Where does the Taoiseach think that money goes? There should not have been a cent.

Comment on this

-----and the Deputy lacks credibility in putting a point like that but he does it for political gain only.

Comment on this

Come on now. Fair is fair.

Comment on this

It has been a constant hobby. By the way, the ISIF also held €5.2 million in Egyptian sovereign debt and €2.3 million in Jordanian sovereign debt.

Comment on this

They are not committing a genocide.

Comment on this
Verona Murphy An Ceann Comhairle Independent

Please, Deputy.

Comment on this

They made a decision off their own bat and for their own commercial reasons. I would not approve of some of this either, particularly in terms of divesting and all of that.

Comment on this
Verona Murphy An Ceann Comhairle Independent

I thank the Taoiseach.

Comment on this

In terms of divesting from Jordanian and other debt, we are talking about small amounts of money which could not fund any genocide. I ask the Deputy to withdraw the assertion that the Irish Government has funded genocide. That is wrong.

Comment on this
Verona Murphy An Ceann Comhairle Independent

Time is up, Taoiseach. I call Deputy Paul Murphy.

Comment on this