Paul Murphy: Calls for Ban on Israeli War Bonds Amid Genocide Claims

Thanks, Chair. The Taoiseach was very exercised on Tuesday by the suggestion that the Irish State is complicit in genocide. One of the ways that we are complicit in genocide is by the authorisation by the Irish Central Bank of Israeli war bonds for sale in the European Union. So far, despite all of the evidence that these are used to fund the genocide, the Governor of the Central Bank has refused to act. If that 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? I am sorry. Thank you very much, Deputy. In relation to 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 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. The EU 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 documentation on the grounds of completeness, consistency and its 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, whereas has a legal basis to do so, and where documentation meets the standard 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 perspective of the Israeli bond programme. Finally, I do not intend to introduce legislation that forbids the Central Bank of Ireland to fulfil its regulatory duties. Thanks. This is also group, isn't it? I'll go first. So, yeah, shameful Minister, you say you're not complicit, and yet you're saying you're going to do nothing about it. The Irish Central Bank facilitates, allows Israeli war bonds used to commit this genocide to be sold in the European Union. You repeat the excuses of the Governor of the Central Bank, that our only framework is to check whether the Prospectus meets the standards of completeness, comprehensibility and consistency. But, in fact, it doesn't do that. The bond prospectus withholds ethical and risk-related information. It does not mention the genocide charge at the ICJ. It doesn't mention Israel's profiting from weaponry that is field-tested in Gaza. It is not comprehensive, complete or consistent. But then, after backing up the Central Bank's excuse for doing nothing about it, you say you're not going to do anything about it. Legally, you can do something about it. Do you really think it is okay for the Irish Central Bank to facilitate the sale of these bonds? About three billion or so have been sold since the 7th of October. These are used to buy white phosphorus, used to buy bonds, used to kill the 45,000-plus people, about 20,000 children in Gaza. I absolutely refuse the allegations and language that the deputies are using here today. This government could not be clearer in our condemnation of the behaviour of the loss of life that has taken place in Gaza and the untold suffering that those people have endured. We have made that case very prominently within the European Union 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 they must operate, and they must operate within that legal framework. Because that legal framework and how they discharge their duties is fundamental to the work that they do, and in turn to how our economy operates and how they regulate activity here within Ireland and here in Europe. I have outlined to the House here today what are the legal mandates that the Central Bank should fulfil – you are already aware of it – and the views 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 that we have made available to those who are suffering in Gaza and in the Middle East. I do not accept the language that you have reused in relation to the Central Bank. I have laid out their role here very clearly to the Dáil here this morning. Thanks, but it is not a question of language, Minister. You might find it offensive to be said that you are complicit in genocide, but it is the truth. You say you condemn what is happening in Israel. Yes, good, but then the Central Bank is allowing this to happen, is helping it to be financed. That is a fact. You can see the way that these bonds are advertised online as facilitating their war in Gaza, but then you are saying this is fine. Even if what you are saying is correct in terms of the legal framework of the Central Bank, you can change that legal framework. You have not made the case that you legally cannot. Let me quote advice from the OPLA. This opinion concludes that a PMB can provide for restricted access to its financial services on the basis of public policy grounds that are rooted in 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. You have a legal obligation to do everything you can to stop the genocide, and you're not currently doing it. So let me return in a moment to deal with the substantive issue that has been raised by Deputy O'Callaghan. But before I do so, let me go back to you, Deputy Murphy. At a time in which 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, for somebody who claims to be part of a movement that is about tolerance and inclusivity, there are few figures who serve that agenda less than you. Your language is consistently poisonous, your language consistently looks to demonise those who are acting in good faith. You in turn, in your own way, are a contribution to the decay of standards and how we can engage with each other and debate issues in a way that is respectful. Every time you contribute on such a matter, you do it in a way that seeks to demonise an opponent or deny good faith. That is your contribution and I'm responding back to charges that you laid against me that I am compelled to respond back to. In relation to the substantive issue and the issue that has been raised here today, I repeat again the clear view of the government in relation to 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 in EU law and they discharge 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 allows him to affect the discharge of those duties. That is the matter of law as laid out and how the central bank discharges their duties is so important to our economy and to the financial markets they regulate in turn for the benefit and stability of our economy. So why won't you change the law? We don't want to be... Go raibh maibh maibh. Move on please. We will call on Deputy Catherine Callahan.