Let me begin by emphasising Ireland's absolute respect for international law. Our view is that this is at the core of our foreign policy. I emphasise our track record in what we have done and what we have called for on behalf of the people of Gaza. Let me make the Government's stance really clear. We condemn Israel’s illegal annexation of the occupied Palestinian territories and we condemn the catastrophic humanitarian situation arising from Israel’s war in Gaza. That is why we have taken an active role in the preparations and conduct of the forthcoming UN high-level conference on implementing the two-state solution. It is why we have pushed for action at an EU level. It is why we have welcomed the announcement that the EU will conduct a review of the association agreement with Israel. This is a step that Ireland and Spain first called for in February 2024. This is an important decision taken through diplomacy and taken in no small part, due to Ireland making the case for international law and our recognition of the suffering of the people of Gaza. In contrast to the interventions we have made in a collective way with many other countries, the Bill represents a unilateral effort to attempt to curtail the ability of Israel to raise financing on the international markets. Let me explain why the Bill does not do that and why the Government is opposing it. I want to note that the bonds being referred to are not listed on the Irish Stock Exchange. In fact, they are not listed on any EU stock exchange. They are targeted at retail investors who purchase the bonds through promoters based in London, Paris and Frankfurt. While Opposition Members made many general points, many of which I agree with, about the suffering, harm and awful violence being endured by the people of Gaza, the speeches were notably absent on detail regarding the Bill, which I will turn to now. On the point about detail and precision, it is important that we are precise in our language. Let us be clear on the role of the Central Bank. It does not sell or it does not oversee the sale of Israeli bonds. The Central Bank of Ireland does not sell these bonds. This evening, I have heard the Opposition refer to the Central Bank trading them, selling them, dealing them or bonds being sold through it. That does not happen. Its sole role is to assess the bond prospectus in front of it to ensure that it includes all the requirements it is meant to under the EU regulation in this area. Neither the issuer - in this case the State of Israel - or the financial products - in this case the Government bonds - become regulated or endorsed as a result of this assessment. They are the facts. I will move on to deal with some issues relating to the Bill. I will go through it section by section, which did not happen in any speech made here this evening. Section 4 sets out restrictive measures that may be taken. It is important to note that many sections will not prevent the Central Bank from carrying out its role under the prospectus regulation. Section 4(c) seeks to provide the means of restricting or prohibiting the Central Bank from fulfilling its obligations under the regulation. However, by seeking to permit the Central Bank to step outside the financial services legislation in the area, I am advised that these measures will be judged to be inconsistent with EU law and therefore subject to legal challenge. I hope the Dáil this evening can appreciate that any attempts by the Government to introduce measures outside the agreed legal framework in the area pose a significant policy risk.
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For the first time in the State, what this Bill aims to do is to introduce a national sanctions regime. Let us step back and acknowledge the huge suffering that is the cause of this debate but let us look also at how Irish diplomacy has worked. How it has worked is that the sanctions that we have implemented have been ones that have been negotiated, agreed and introduced at EU and UN level.
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They are an important tool to promote the objective of the EU's Common Foreign and Security Policy. Sanctions are stronger and more effective when done collectively. Rather than be seen to do something, it is far better-----
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-----to ensure the outcome is effective. Furthermore, the clear advice that has been provided to me is that it is not about hiding behind the law, it is as a government and a Member of Parliament, being subject to the law.
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The article is very clear that the Bill conflicts with Article 215 of the Treaty of the European Union, which is intended to preclude individual member states from issuing their own restrictive measures, which could undermine the integrity of how the EU conducts its external affairs policies. The reason for that, again, is that the EU has shown its ability to make progress when it acts in a collective way. Statements that have been made by Deputy Doherty in particular, indicate that the Bill, which I am going through-----
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-----and which did not happen in the earlier statements from Sinn Féin-----
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-----is intended to prevent the sale of Israeli bonds throughout the European Union. However, we cannot promote or even propose national legislation that prohibits the sale of something at EU level. Any actions taken by Ireland must recognise the distinction between policy areas at a national level and those at an EU level.
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Even if this Bill were to be enacted, Israeli bonds-----
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-----would still be available to retail investors across the EU and further afield. Let me repeat that: even if this Bill were to be enacted, Israeli bonds would still be available to retail investors across the EU and further afield.
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The Government does not support enacting legislation that is ineffective.
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Finally, the advice I have received on the Private Members' motion is that for the reasons I have outlined, it is in conflict with the treaties of the European Union and our obligations as a member state.
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It does not materially impact-----
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-----on the ability of Israel to raise money by selling bonds.
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If our goal is to uphold the rule of international law then we must be sure not to violate it.
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Let me conclude on this point.
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What we have done as a Government-----
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-----is made very clear our condemnation of what is happening to the people of-----
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We have been at the forefront of the diplomatic activity within the EU to do this. We have also been to the fore in going to the International Criminal Court, our support for UNRWA-----
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-----and by making the case for change with regard to the EU-Israel trade agreement.
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The images that I know are a reality for so many-----
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-----are being used shamefully here to make political points.
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What they cannot do is afford a distraction from the detail of a Bill that is not able to deliver on the claims that have been made about it. They are asking the Dáil to support a measure that we as a Government believe and have been advised is ineffective.
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Tomorrow will mark the anniversary of Ireland's recognition of the State of Palestine.
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It will mark a further year in which the Government has taken the steps it can to aid the people of Gaza.
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What I will not do is make-----
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-----a commitment here this evening on legislation, which I believe will not work, is not consistent with our law and will not help the people of Gaza.
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That is an appalling allegation to make.
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That is an appalling allegation.
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You did.
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That is not what the others said.
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