Pearse Doherty (Donegal, Sinn Fein)
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1. To ask the Minister for Finance to outline Ireland’s role in facilitating the sale of Israeli war bonds across the EU; and if he will make a statement on the matter. [28803/25]

Pearse Doherty (Donegal, Sinn Fein)
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Last night, the Government shamefully voted against legislation brought forward by me and Deputy Mary Lou McDonald that would end the practice of the sale of Israeli war bonds being facilitated by the Irish Central Bank. I would like the Minister to take the opportunity to outline to the Irish people the role Ireland has in facilitating the sale of these bonds. For example, what would it mean if the Central Bank did not approve the prospectus relating to such bonds, which, in reality, are not war bonds? A genocide is happening in which, unfortunately, Ireland is now complicit by facilitating the sale of these war bonds.

Paschal Donohoe (Dublin Central, Fine Gael)
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As I already outlined in the House earlier this week, the Central Bank does not sell or oversee the sale of Israeli bonds. It is important to be clear as to the role of the Central Bank because it has been misrepresented repeatedly. To be clear again, the Central Bank's role under EU legislation is to assess the bond prospectus to ensure that it includes all the disclosure requirements of the EU prospectus regulation. Neither the issuer - in this case the State of Israel - nor the financial products become regulated or endorsed as a result of the assessment.

The Central Bank is designated as the Irish competent authority for the approval of securities prospectuses under the relevant regulation. As the competent authority, the Central Bank is responsible for assessing whether a prospectus has been drawn up in compliance with the disclosure requirements of the regulation. Once the bank is satisfied that the issuer has disclosed the required information, in the required manner as set out in the regulation so that investors can make an informed investment decision, there is no discretion and it must approve it. It is important to reiterate that by approving a prospectus, it does not endorse the issuer or the securities.

The Central Bank has been clear that it can only refuse the approval of a prospectus once it has the legal basis to do so. The Governor of the Central Bank in his correspondence to the Joint Oireachtas Committee on finance, public expenditure and reform and the Department of the Taoiseach set out this view. The Government's position on this matter has been clear and I have set it out to the House during the week.

Pearse Doherty (Donegal, Sinn Fein)
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That is not true. The Minister said there is no discretion for the Central Bank when the information in the prospectus is accurate and it must approve it. That is not the case. What the Minister failed to admit is the Governor of the Central Bank said that there are three ways it can not approve it - one, the information is insufficient in the prospectus; two, the existence of EU sanctions prohibiting the provision of services or assistance in connection with the issuing of securities by the Israeli; or, three, national restrictive measures to the same effect. That is what we are dealing with.

The Minister can dance around these words all he wants. For example, he said, "they are not regulated.". Nobody is suggesting these war bonds or genocide bonds are regulated. Nobody is suggesting it is the Central Bank or the Governor who is selling them. It is the State of Israel that is selling them but it cannot sell them without being facilitated by the Irish Central Bank. When the Irish Central Bank approved the prospectus, it approved the prospectus because the Minister's Government will not provide restrictive measures. Those bonds are then not only sold here but throughout Europe. It is shameful what the Minister, Deputy Donohoe's Government has done and even at this stage, he should revisit this issue.

Paschal Donohoe (Dublin Central, Fine Gael)
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I am glad Deputy Doherty has restated his view because it is important to be precise about the role of the Central Bank. The Deputy's exact words on this issue, which he has just restated, were that the bonds are being sold through the Irish Central Bank. They were his words in this debate on Tuesday night. The leader of Sinn Féin went on to say that we are allowing the Irish Central Bank to trade in Israeli war bonds. The Deputy knows that is not the truth. The Deputy knows that is not the case. The Central Bank of Ireland is neither selling nor trading in these bonds. I invite the Deputy to now correct the record because what he has done is state something that is not the case. His words were very clear. He said that the bonds are being sold through the Irish Central Bank. They were his words. The words of Deputy Mary Lou McDonald were that the Irish Central Bank is trading in bonds. They are his words and I invite him to correct the record.

Pearse Doherty (Donegal, Sinn Fein)
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The Minister's response is pathetic. The facts are - and he knows it - the Central Bank has facilitated the sale of Israeli war bonds. That is a fact. Nobody in this House disputes that. The fact is the Governor said that to stop that, he needs national restrictive measures. The fact is the Minister's Government will not do it. Maybe he had another call with an Israeli minister to assure him that legislation would not go through also. Does the Minister remember that call he denied ever happened but it appeared in leaked information from the ministry in Israel? The fact is these war bonds are being sold. The fact is that if it was not for the Central Bank, they would not be able to be sold, not only in Ireland but in other countries throughout Europe. That is a fact. The fact is his Government is allowing that to happen.

It is not a minor issue. It is not an issue about words. It is the fact that genocide is happening right before our eyes and the Minister and his Government have made a decision to not intervene in areas where they can intervene and where we have the powers under EU law to issue measures, using the policy exemption, to make sure the free trade of capital can be restricted at a national level.

Paschal Donohoe (Dublin Central, Fine Gael)
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The Deputy did not respond to my point.

Pearse Doherty (Donegal, Sinn Fein)
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I did.

Paschal Donohoe (Dublin Central, Fine Gael)
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I laid out very clearly his words. Very interestingly, when Deputy Martin Kenny stood up, he said "we are not suggesting that they are being sold by the Irish Central Bank".

Pearse Doherty (Donegal, Sinn Fein)
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I said that earlier.

Paschal Donohoe (Dublin Central, Fine Gael)
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He said "we are not suggesting any of that.".

Pearse Doherty (Donegal, Sinn Fein)
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I said that earlier.

Paschal Donohoe (Dublin Central, Fine Gael)
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In the Deputy's contribution on Tuesday night, both Deputy Doherty and the leader of Sinn Féin referred to the bonds being sold through the Central Bank of Ireland, which is not the case, and he referred to the Central Bank of Ireland trading in bonds, which is not the case. It is so important, as I attempt to continue to-----

Pearse Doherty (Donegal, Sinn Fein)
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To defend the fact we are funding genocide.

Paschal Donohoe (Dublin Central, Fine Gael)
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-----recognise the suffering of the people of Gaza and the many practical steps the Government of Ireland is taking to aid them, to give them support-----

Pearse Doherty (Donegal, Sinn Fein)
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Pathetic.

Paschal Donohoe (Dublin Central, Fine Gael)
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-----that we also deal in the truth. In relation to the final allegation that was made by Deputy Doherty, let me again state to the House that no such call was received by me. I have made that very clear. I find it very interesting that the Deputy is more willing to accept the word of the department of finance of Israel than me.

Pearse Doherty (Donegal, Sinn Fein)
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I would love to know the Minister's motivation for allowing or for supporting the funding of genocide. That was the issue.