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A SINN FÉIN bill that sought to stop the Irish Central Bank facilitating the sale of Israeli “war bonds” across the EU has been defeated in the Dáil.
The Restrictive Financial Measures (State of Israel) Bill 2025 was voted down by 87 votes to 75.
There were shouts of “shame” after Ceann Comhairle Verona Murphy read the result of the vote. Opposition politicians also held up signs with the words “Stop funding genocide” and “Ban Israeli bonds”.
Independent TD Barry Heneghan, who is part of Michael Lowry’s Regional Independent group, voted against the Government on the bill.
In a statement to The Journal, he said he was voting for the bill “because Ireland shouldn’t facilitate the sale of bonds that help fund the devastation in Gaza”.
“This is about standing up for international law and basic human rights. I’m fully committed to the Programme for Government, but as an Independent TD, I reserve the right to act on matters of conscience,” Heneghan said.
“The situation is urgent, and Ireland must show leadership.
Gillian Toole, another Independent TD who supports the Government, also voted in favour of the bill.
The Government blocked the bill, despite a legal opinion from the Oireachtas Office of Parliamentary Legal Advisers, seen by The Journal, which says the legislation would be constitutional.
Minister for Finance Paschal Donohoe told the Dáil last night that the bill was “unworkable” and would not materially impact on the ability of Israel to raise money by selling bonds.
Had it passed, the Sinn Féin bill would have given the Finance Minister the power to stop the Irish Central Bank from facilitating the sale of Israeli government bonds across the EU.
The Government has come under pressure to introduce legislation of this kind in response to Israel’s actions in Gaza and the West Bank.
Since 7 October 2023, Israeli government bonds have been used to fund the State’s war against Hamas, leading some to dub them “Israeli war bonds”.
The Irish Central Bank has a special role in facilitating their sale in the EU.
To be sold in the EU, bonds from non-EU countries must have their bond prospectus (a legal document setting out details of the bond) approved by the Central Bank of a country that is in the EU.
Before Brexit, the UK carried out this work for Israel. After they left the EU, Israel chose Ireland to be its ‘home country’ for this purpose, meaning the Irish Central Bank is responsible for approving its bond prospectus.
Pro-Palestinian campaigners and most Opposition political parties in Ireland argue that by carrying out this work, Ireland is facilitating Israel’s actions in Gaza.
Their argument is that the Central Bank is allowing Israel to raise money for its war effort by enabling the sale of bonds through approving the country’s bond prospectus.
Shame on Fianna Fáil + Fine Gael! They have just voted down Sinn Féin’s Bill to stop the Irish Central Bank facilitating the sale of Israeli war bonds.
— Mary Lou McDonald (@MaryLouMcDonald) May 28, 2025
These bonds pay for the weapons used to slaughter men, women and children in their tens of thousands.
This flies in the face… pic.twitter.com/ywKxa6DvN7
Reacting to the vote, Sinn Féin leader Mary Lou McDonald said the Israeli bonds “pay for the weapons used to slaughter men, women and children in their tens of thousands”.
“This flies in the face of ordinary Irish people who stand for an end to the genocide, for an end to the occupation, for a free Palestine,” she said.
John Brady said the result of the vote marked “a shameful moment in Irish history”, while Denise Mitchell said Fianna Fáil and Fine Gael “should hang their heads in shame tonight”.
Solidarity TD Ruth Coppinger said she advocated for the opposition members to hold the signs “given the urgency of the situation in Palestine and to send a message to parliaments worldwide”.
Meanwhile, 100% Redress party TD Charles Ward said the opposition parties “are now working together to table a joint motion as the next step”.
A debate on the bill in the Dáil last night was interrupted by protesters in the public gallery, leading to proceedings being suspending for five minutes.
Protesters held up a banner in the visitor’s gallery which said ‘Sanction Israel’ before they were removed.
Protesters have also demonstrated outside the Central Bank and called for legislation that would give Ireland the power to refuse the sale of Israeli “war bonds” over human rights concerns.
Speaking during Leaders’ Questions today, McDonald said Irish people may be “horrified” to learn of the Central Bank’s role in approving the bonds.
“Israel doesn’t hide the purpose of these bonds,” she said. “They emphasise ‘the crucial role of Israel bonds during a time of conflict and war’. Israel openly invites people to invest in genocide.”
She accused Paschal Donohoe of giving “water-weak, mealy-mouthed and baseless excuses” for opposing the legislation.
The Taoiseach accused Sinn Féin of trying to drive a wedge between the Government and the Irish public over what is happening in Gaza.
Micheál Martin also told the Dáil that Israel is committing genocide in Gaza, in his strongest condemnation of Israel’s actions to date.
With reporting from Jane Matthews
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