TDs have clashed over opposition claims the Government is funding "Israel's genocide in Gaza", after it emerged the State's investment body only divested itself of millions of euro in Israeli bonds in recent weeks.
Social Democrats TD Cian O'Callaghan made the allegation and told Taoiseach Micheál Martin "you owe the Irish people an explanation" during the latest Dáil leaders questions debate today - with the Taoiseach responding by saying the claim is "an outrageous allegation".
Yesterday evening, Minister for Finance Paschal Donohoe told the Dáil that the Ireland Strategic Investment Fund held €3.6m in Israeli bonds at the end of 2024 and divested itself of the funding in recent weeks.
Amid criticism from a number of parties last night, Minister Donohoe had said the board of ISIF is independent of Government when it comes to investment decisions.
Raising the issue during leaders questions, Deputy O’Callaghan said at the end of 2023 ISIF had €2.26m in Israeli bonds, a figure that rose to €3.6m by the end of 2024 and was only divested in recent weeks.
Deputy O’Callaghan asked, "why was money used to fund Israel's genocide in Gaza" and said "you owe the Irish people an explanation", before adding "there is no denying or hiding it".
The Social Democrats TD said what happened is "not oversight" and that "someone made a deliberate decision to increase spending on Israeli war bonds", saying in his view "it is utterly outrageous" and that "I'm sure many people learning about this will feel sickened".
Responding to the comments, Mr Martin told Deputy O’Callaghan the Irish Government is entirely "opposed" to the violence in Gaza and said TDs should not be "twisting" what is happening.
The Taoiseach said, "you know Government does not get involved in any investments" and that Ireland has been thanked for its role in trying to end the violence in Gaza.
Asked by Deputy O’Callaghan "when were Israeli bonds sold, on what date", who added that ISIF "is funded by the people" and as such in his view needs to "ensure not a cent of Irish money goes into these companies", Mr Martin responded by saying the previous investments were "not going to fund any war".
The Taoiseach again confirmed that "at the end of 2024" ISIF had €3.6m in Israeli bonds and repeated his position that the money has not "funded genocide", saying "that is an outrageous allegation".
He said ISIF also had investments in other countries at the same time, including €2.3m in "Jordanian sovereign debt", and called on Deputy O’Callaghan "to withdraw any assertion" Ireland is "funding genocide" in Gaza.
