Taoiseach says €3.6 million investment in Israel is 'not going to fund any war'
The Fianna Fáil leader said the Government has no role in directing how public money should be invested and said it was not true to say Irish funds invested in Israel meant Ireland was funding a genocide in Gaza.
Finance Minister Paschal Donohoe confirmed in the Dáil last night that the Irish Strategic Investment Fund (ISIF) had divested itself of all Israeli bonds in the last number of weeks.
During Leaders' Questions this afternoon, Social Democrats deputy leader Cian O'Callaghan raised the matter during Leaders' Questions this afternoon.
He told the Dáil that at the end of 2023, the ISIF held €2.62 million in Israeli sovereign debt. By the end of 2024, that had increased to €3.62 million.
'This wasn't a mistake or some kind of oversight. Someone made a deliberate decision to increase the level of public money spent on Israeli war bonds, and the Israeli government have not hidden what those bonds are for,' O'Callaghan said.
'These bonds are clearly being used to help finance their genocidal campaign. Taoiseach, this is utterly outrageous.'
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The Dublin Bay North TD also said it was 'shameful' that nearly €8 million of Irish public money was invested, directly or indirectly, in companies operating in occupied territories while the Government is trying to pass the Occupied Territories Bill, which would ban the trade of goods with Israeli settlements in the same occupied territories.
Ireland directly invested in 11 companies with ties to settlements in occupied Palestinian territories, with the State's divestment from six of these companies in April 2024 bringing this number to five.
But through involvements in those five companies, the ISIF may still be investing millions in businesses with links to settlements that are considered illegal under international law.
The Journal Investigates
recently reported on who these companies are
and why they are linked to settler activity in occupied Palestine territory.
Govt 'not involved in investment decisions'
Martin said he would 'follow through' on the issue raised with him today, but pushed back against the suggestion that Ireland was funding a genocide.
I take strong exception to your assertion that the Irish Government is funding genocide. It most certainly is not and never has.
'You know the Government does not get involved in investment decisions by any fund that is established, you know that is the case.'
He said Ireland was opposed to the war in Gaza and listed Ireland's position on matters relating to Gaza: that Ireland was the only country that has moved to pass legislation banning goods coming from the illegally occupied Palestinian territories and had pushed for the suspension of the EU-Israel Association Agreement.
He said Ireland had intervened in South Africa's genocide case against Israel at the International Court of Justice (ICJ), and also sponsored UN resolutions in respect of decisions at the court.
O'Callaghan said the Government gives the ISIF 'its strategic direction', and should direct it not to invest money in companies that contravene international law in the West Bank.
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'There are much better places that our money should be spent: in affordable housing, in healthcare and disability services. Not a cent should be invested in companies operating in occupied Palestinian territories, in the West Bank.'
Martin said: 'The ISIF have confirmed that at the end of 2024 it had held €3.6 million in Israeli sovereign debt.
'That's not going to fund any war, deputy. So let's have a sense of perspective. You can argue it's not right, I take that point.
'But you said we funded genocide. That is an outrageous, exaggerated assertion. You lack credibility in putting a point like that, but you do it for political gain only.'
He said ISIF held €5.2 million in Egyptian sovereign debt and €2.3 million in Jordanian sovereign debt, and added: 'I wouldn't approve of some of this either.'
He called on O'Callaghan to withdraw the claim that Ireland was funding genocide.
With reporting from Press Association
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