Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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7. To ask the Minister for Finance the number of Israeli bonds that have been sold in Ireland since 2023 and the value of these and if he will introduce legislation to forbid the Central Bank of Ireland from facilitating the sale of bonds for countries that are in breach of human rights law and the Geneva Convention; and if he will make a statement on the matter. [16062/25]

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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60. To ask the Minister for Finance if he will take steps to ensure that the Central Bank is not facilitating the sale of Israeli war bonds and if he will make a statement on the matter. [16240/25]

Marie Sherlock (Dublin Central, Labour)
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197. To ask the Minister for Finance the measures he proposes to take to amend Ireland's obligations under Prospectus Regulation 2017/1129 and ensure that all securities licensed by the Central Bank of Ireland are not used for the financing of war efforts in Israel or any other country in the world and if he will make a statement on the matter. [16514/25]

Paul Murphy (Dublin South West, Solidarity)
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The Taoiseach was very exercised on Tuesday by the suggestion that the Irish State was complicit in genocide. One of the ways we are complicit in genocide is by the authorisation by the Central Bank of Ireland of Israeli war bonds for sale in the EU. Despite all the evidence that these are used to fund the genocide, the Governor of the Central Bank has refused to act. If this continues, will the Government instead act to make it so that the Central Bank will not sell bonds for countries that are facing the charge of genocide?

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 7, 60 and 197 together.

Regarding the number and value of bonds sold in Ireland, the Central Bank of Ireland does not regulate the bonds as products and does not collect specific data on the number of bonds sold. The regulatory function of the Central Bank is limited to ensuring that the disclosure document for the offer contains all the necessary information required by the EU prospectus regulation. The bonds themselves are not listed for sale on the Irish Stock Exchange.

The legislative framework governing the approval by the Central Bank of a prospectus is provided by the EU prospectus regulation. This regulation, which takes direct effect across all EU member states, is not a minimum harmonisation document but a legal framework for all member states to fulfil the requirements as set out. As such, ensuring consistency of application of the rules across the Union is an important aspect of the regulation. Currently, the Central Bank, as the competent authority under the prospectus regulation, is required to assess prospectus documentation on the grounds of completeness, consistency and comprehensibility.

The Central Bank does not endorse the issuer or the securities by way of prospectus approval. It can only refuse the approval of a prospectus where it has a legal basis to do so. Where documentation meets the standards of the regulation, the Central Bank is required to approve a prospectus.

It is the position of the Central Bank, as set out by the Governor, that an advisory opinion of the ICJ or, indeed, the processes of the International Criminal Court do not constitute grounds for the Central Bank to refuse the prospectus of the Israeli bond programme. I do not intend introducing legislation that forbids the Central Bank of Ireland to fulfil its regulatory duties.

Paul Murphy (Dublin South West, Solidarity)
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Shameful. The Minister says he is not complicit and yet he is saying he will do nothing about it. The Central Bank of Ireland allows Israeli war bonds that are used to commit this genocide to be sold in the EU. The Minister repeats the excuses of the Governor of the Central Bank that its only framework is to check whether the prospectus meets the standards of completeness, comprehensibility and consistency but it does not do that. The bond prospectus withholds ethical and risk-related information. It does not mention the genocide charge at the ICJ and Israel's profiting from weaponry that is field tested in Gaza. It is not comprehensive, complete or consistent.

After backing up the Central Bank's excuse for doing nothing about it, the Minister says he will not do anything about it. Legally, he can do something about it. Does he really think it is okay for the Central Bank to facilitate the sale of these bonds? Approximately €3 billion or so have been sold since 7 October 2023. These are used to buy white phosphorous and bombs and have been used to kill 45,000 plus people, of whom 20,000 were children, in Gaza.

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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The devastation that is happening in Gaza - the attacks on civilians and hospitals we are all appalled by - are being partially funded by the sale of these Israeli bonds. The head of Israel Bonds told investors that purchasing bonds was the best way to help Israel's war campaign. Ireland is a signatory to the Genocide Convention and under that convention, we are obliged to ensure that our State's institutions do not facilitate genocide. The Central Bank of Ireland is a State institution and by authorising the sale of these bonds, it is clearly facilitating genocide. Will Deputy Donohoe, as a Minister with obligations under the Genocide Convention, act?

Paschal Donohoe (Dublin Central, Fine Gael)
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I absolutely refute the allegations and language used by the Deputies. This Government could not be clearer in our condemnation of the behaviour and loss of life that is taking place in Gaza and the untold suffering those people have endured. We have made that case very prominently within the EU and at a global level.

As Minister for Finance, I am obliged to tell the truth about the work that the Central Bank of Ireland does and the legal framework within which it must operate. It must operate in that legal framework because that legal framework and how the bank discharges its duties is fundamental to the work it does and, in turn, to how our economy operates and how it regulates activity here within Ireland and in Europe. I have outlined the legal mandate that the Central Bank should fulfil. The Deputies are already aware of it, and the view of the Central Bank governor in relation to it. I am not going to say to Dáil Éireann here today that I can do anything that I do not believe is legal and I am not going to say that I can do something that would imperil or undermine the independence of the Central Bank.

We are clear in our condemnation of what has happened in Gaza. We are clear in laying out what we believe should stop and the support we have made available to those who are suffering in Gaza and in the Middle East. I do not accept the language that the Deputy has used in respect of the Central Bank. I have laid out its role very clearly.

Paul Murphy (Dublin South West, Solidarity)
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It is not a question of language. The Minister might find it offensive for it to be said that he is complicit in genocide but it is the truth. He says he condemns what is happening in Israel. That is good but then the Central Bank is allowing this to happen. It is helping it to be financed. That is a fact. We can see the way these bonds are advertised online as facilitating its "war" in Gaza but then the Minister is saying it is fine. Even if what he is saying is correct in terms of the legal framework of the Central Bank, he can change that legal framework. He has not made the case that he legally cannot.

The OPLA advice concludes:

A PMB can provide for restricted access to its financial services on the basis of public policy grounds that are rooted in the Ireland’s fundamental interest in pursuing its international law obligations. As noted by the ICJ in its Namibia judgment: "The qualification of a situation as illegal does not by itself put an end to it. It can only be the first, necessary step in an endeavour to bring the illegal situation to an end."

The Minister has a legal obligation to do everything he can to stop the genocide and he is not currently doing it.

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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According to the head of Israeli bonds, these bonds are being used to fund their war campaign, which is genocide. That is a fact. The second fact is that Ireland is signed up to the genocide convention and we have obligations under that to ensure that none of our State institutions are operating in a way to facilitate genocide. We have those legal obligations so why will the Minister not act in line with those legal obligations under the convention to act to ensure our State institutions are not facilitating genocide?

Paschal Donohoe (Dublin Central, Fine Gael)
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Let me return in a moment to deal with the substantive issue raised by Deputy O’Callaghan but before I do so, I will reply to Deputy Murphy. At a time when we seek to look at how politics can unite people and bring people together, I am reminded again and again that for somebody who claims to be on the left and someone who claims to be part of a movement that is about tolerance and inclusivity, there are few figures who serve that agenda less than the Deputy. His language is consistently poisonous.

Paul Murphy (Dublin South West, Solidarity)
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I am not about tolerance of genocide or civility towards genocide.

Paschal Donohoe (Dublin Central, Fine Gael)
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His language consistently looks to demonise those who are acting in good faith. He, in turn, in his own way is a contributor to the decay of standards and how we can engage with each other and debate issues in a way that is respectful. Every time he contributes on such a matter, he does it in a way that seeks to demonise an opponent or deny good faith.

Paul Murphy (Dublin South West, Solidarity)
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Answer the question, Minister.

Paschal Donohoe (Dublin Central, Fine Gael)
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That is the Deputy's contribution. I am responding back to charges he laid against me that I am compelled to respond back to.

Paul Murphy (Dublin South West, Solidarity)
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Answer with facts then.

Paschal Donohoe (Dublin Central, Fine Gael)
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On the substantive issue that is being raised here today, I reiterate the clear view of the Government on what has happened in Gaza and the Middle East. However, there are a particular number of responsibilities that the Central Bank is obliged to discharge that are rooted not just in national and EU law and it discharges those responsibilities. The Governor of the Central Bank has outlined that the other extremely important issues that are being raised here are not ones that in his view allow him to effect the discharge of those duties. That is a matter of law as laid out and how the Central Bank discharges its duties is so important to our economy and to the financial markets it regulates in turn for the benefit and stability of our economy.

Paul Murphy (Dublin South West, Solidarity)
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Then why will the Minister not change the law? If he does not want to be complicit in genocide, then why does he not change the law?

Brian Brennan (Wicklow-Wexford, Fine Gael)
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We will move on please.

Paul Murphy (Dublin South West, Solidarity)
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The Minister never answered the question.