Dáil debates
Wednesday, 11 June 2025
Ending the Central Bank’s Facilitation of the Sale of Israel Bonds: Motion [Private Members]
4:40 am
Robert Troy (Longford-Westmeath, Fianna Fail)
I thank all the Deputies who have spoken so passionately during this debate about the horrific and inhumane situation in Gaza. Being in government is about doing everything in our power to address issues facing society, but doing it within the confines of international law so real progress can be made. There may be differences of opinion regarding our approach, but I do not for a moment doubt the sincerity of this motion. What is being asked, however, is for the Government to bring in measures where there is a material risk these may be in conflict with an EU treaty. This is what our legal advice states and the practical reality is that this motion would be counterproductive to achieving tangible impacts.
I address the Dáil today, like all previous speakers, fully aware of and deeply affected by the hardship and suffering of the Palestinian people. I fiercely denounce the ongoing military operation by the Israel Defense Forces in Gaza. It has inflicted more misery and hunger on the people of Gaza. Israel's continued expansion of its military operation in Gaza and its announced establishment of a sustained presence are extremely worrying and will further deepen an already terrible situation. The Government has consistently condemned any arrangement for humanitarian assistance that does not ensure access for the entire population of Gaza. Israel's decision to take control of the distribution of humanitarian aid through private contractors has been described by the UN as unacceptable and "designed to further control and restrict supplies". The term "unacceptable" is an understatement. Recent weeks have seen a meagre amount of aid being permitted to enter Gaza and this is completely out of proportion with the scale of the need for humanitarian aid that continues to grow day by day. As previous speakers said, starvation is being used as a weapon of war and the actions of Israel are genocide.
I hold a deep respect for the principles at the heart of the Opposition's motion and the Government shares in much of them, such as the collective commitment to human rights and international law. I believe these are principles shared by all Members of the House. As the Minister, Deputy Donohoe, outlined previously, the Government and Social Democrats motions share more common ground than differences when it comes to the issues in Gaza. It is our belief, however, that our countermotion is the correct motion for the House to endorse. It sets out the work the Government has done to date but, more importantly, the work we will continue to do to try to help and assist to bring about a peaceful settlement in Palestine. I feel it is important that when this House speaks we do so with a unified voice on this issue. I think our voice is stronger when unified on the international stage. Ireland has been one of the loudest voices internationally bilaterally and multilaterally, repeatedly calling on Israel to comply with international law and stressing the universal applicability of international law, including international humanitarian law. Ireland will continue to uphold these principles as we double down on our commitment to defending and strengthening a stable and secure international environment based on respect for international law.
Since the onset of this conflict, Ireland has sought to support humanitarian responses wherever we can. We have provided more than €88 million in support to the people of Palestine, including €58 million for UNRWA since 2023 to support programmes in Gaza. The Government is also pushing ahead with legislation to prohibit imports from illegal settlements in the Occupied Territories in accordance with the commitment in the programme for Government. What is needed now more than ever is urgency on the international stage and a unified approach with a single goal of ending disproportionate suffering. While we hold Israel to account in this House, we must also voice our unreserved condemnation of the role of Hamas in forcing this suffering on the people of Gaza, despite the excessive and disproportionate means of the retaliation the Israeli State has embarked on. We have also condemned the taking of hostages, which is totally unacceptable. I again repeat Ireland's call for the immediate and unconditional release of all remaining hostages. It is clear that Hamas has brought only death, destruction and suffering to its own people and to Israel. The Government acknowledges, through our countermotion, that we are united in our disgust at the report by the United Nations of 54,600 people having been killed in Gaza since October 2023, more than 23,000 of whom are women and children. Additionally, we are gravely concerned at the latest assessment by the IPC global hunger monitor that the entire population of Gaza is facing insecurity, with 500,000 people facing starvation.
As this House is aware, Ireland is a committed advocate of multilateral action. Ireland implements EU and UN sanctions. When we address complex international issues, it is stressed that measures to be introduced must be negotiated, agreed and introduced at EU and UN level for them to have real credibility and real impact.
The collective power of the UN is best placed to promote the objectives of the bloc's foreign and security policy and to bring about a change of the policy of behaviour of the subject of the measure. Any attempt to act unilaterally could undermine the unified approach that we are beginning to see form at EU level. We cannot seek to uphold international law by breaking EU law. Ireland is a strong voice in Europe on this matter and we have galvanised support among several member states thanks to our leadership and our action, and we need the support of more member states. A unified approach towards the situation in Gaza is the most viable approach. Just as we have a unified approach towards Russia's aggression and destruction in Ukraine, Europe must have the same view and response when it comes to Israeli action in Gaza. Ireland and indeed the world have been found wanting in this area when it comes to the unified approach. This is largely due to the historical reasons of what has been afflicted on the Jewish people in the past, but I feel that is totally wrong and no justification for the lack of action on behalf of some member states.
Not one Deputy or Minister in this House is more horrified than another about the situation in Gaza. Motions like this from the Opposition, while well-meaning, can help sow division when solidarity is needed more than ever in this House. The work of our diplomats in Europe and the United Nations is valued and delicate. We must ensure that their work is allowed to progress unobstructed, and that Ireland continues to build a consensus that can have a lasting impact. Some in the Opposition will measure the success of this motion in media clippings and social media posts tomorrow. Let me be very clear that the Government measures success in this regard very differently, and our work will continue with the utmost resolve to work towards what needs to be done.
We have been building support with international leaders consistently, adding signatures and condemning Israeli action, building alignments towards a unified approach. I fully accept that is not happening near fast enough in comparison to what is happening on the ground in Gaza, but our commitment and our belief in moving the dial is steadfast. Ireland must prioritise co-ordinated action through mechanisms of the EU and the UN to ensure that any measures taken are robust and internationally respected. Sanctions are stronger and more effective when done at unilateral level. Ireland continues to support the review of the EU-Israel association agreement and welcomed the EU decision last month. We were one of the first of two countries to call for that back in February 2024. We intervened in South Africa’s International Court of Justice case against Israel on the Genocide Convention, and we recognise Palestine as a sovereign and independent state.
The Minister, Deputy Donohoe, already outlined, but I feel it must be reiterated, that the role of the Central Bank has been misrepresented by some in opposition who are sowing division. Some are using this appalling human suffering, unfortunately, for political gain domestically. We should be clear on what the role of the Central Bank is: it is an independent, non-political financial regulator that works under the auspices of law and, in this particular case, with regard to the approval of the Israeli prospectus documentation under EU law. To be clear to the House, the Central Bank does not issue, sell, trade, list or oversee Israeli bonds. Under the EU prospectus regulation, a prospectus must be created, approved and published when securities are to be offered to the public or admitted to trading on a regulated market in the EU. In the case of Israel, a non-EU trade country, it chose the Irish Central Bank to approve its prospectus post-Brexit, and the bank is obliged under EU law to approve it once it is satisfied that it meets the conditions laid out by the regulations. These conditions concern completeness, consistency, comprehensibility and legality. The Central Bank is not endorsing these bonds.
The proposed motion would seek to initiate legislation to stop the Central Bank from fulfilling its obligation under EU law, which the Government has previously been advised would breach our obligation as a member of European Union and leave the State open to legal proceedings. I reiterate that this would ultimately be a case of breaking one law to enforce another law and we do not believe it would work.
I firmly believe that when the House speaks, we should do so as a unified voice. Ireland has led in this issue, and we have brought others along. As I said, in February 2024 we were one of only two countries that signed the formal letter seeking a review of the EU-Israeli association. Now, the majority of Europe is singing from the same hymn sheet, and we need to make sure that we have a fully unified approach. Ireland is using all the tools it has at its disposal - political, legal, diplomatic and humanitarian - in response to this dreadful conflict. It is not in the interest of the innocent people of Gaza to take unilateral action by disregarding EU laws to change a domestic law that would ultimately not achieve its goals of stopping the approval of a Israeli bonds in the EU. It is for these reasons the Government moved the countermotion.
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