TDs have come into conflict over claims from the opposition that the Government is “funding Israel’s genocide in Gaza”, following the revelation that the State’s investment body only recently sold off millions of euro in Israeli bonds, reports RTE.
Social Democrats TD Cian O’Callaghan made the accusation during today’s Dáil leaders’ questions, telling Taoiseach Micheál Martin “you owe the Irish people an explanation” — to which the Taoiseach replied that the charge is “an outrageous allegation”.
On Tuesday evening, Minister for Finance Paschal Donohoe informed the Dáil that the Ireland Strategic Investment Fund (ISIF) held €3.6 million in Israeli bonds by the end of 2024, but divested the investment in recent weeks, reports RTE.
Facing criticism from multiple parties that evening, Minister Donohoe clarified that ISIF’s board operates independently from Government when making investment choices.
Bringing up the matter during leaders’ questions, Deputy O’Callaghan pointed out that ISIF had €2.26 million in Israeli bonds at the close of 2023, which grew to €3.6 million by the end of 2024, only being sold off recently, reports RTE.
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Deputy O’Callaghan questioned, “why was money used to fund Israel’s genocide in Gaza” and insisted “you owe the Irish people an explanation”, further stating “there is no denying or hiding it”.
The Social Democrats TD said the situation was “not oversight” and claimed “someone made a deliberate decision to increase spending on Israeli war bonds”, arguing that “it is utterly outrageous” and adding “I’m sure many people learning about this will feel sickened”, reports RTE.
In reply, Mr Martin told Deputy O’Callaghan that the Irish Government is firmly “opposed” to the violence in Gaza, and warned that TDs should not be “twisting” the facts.
The Taoiseach stated, “you know Government does not get involved in any investments” and noted that Ireland has received thanks for its peace efforts related to the conflict in Gaza, reports RTE.
When Deputy O’Callaghan pressed with, “when were Israeli bonds sold, on what date”, and pointed out that ISIF “is funded by the people” and therefore should “ensure not a cent of Irish money goes into these companies”, Mr Martin reiterated that the investments made were “not going to fund any war”, reports RTE.
He reaffirmed that “at the end of 2024” ISIF held €3.6 million in Israeli bonds and again called the genocide claim “an outrageous allegation”, denying that the funds “funded genocide”.
The Taoiseach added that ISIF also held other international investments during that period, including €2.3 million in “Jordanian sovereign debt”, and urged Deputy O’Callaghan “to withdraw any assertion” that Ireland is “funding genocide” in Gaza, reports RTE.
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