First, are you talking about funds that invest only in Irish stocks, or funds held in an Irish brokerage that invest in worldwide stocks? (I'd be much more enthusiastic about the latter.)
Second, what are the terms of that CD? If you could get something with a variety of maturity dates (or which would still get pro-rated interest if you withdrew it early), that would be ideal because you could get your 5.05% interest in the interim while you dollar-cost-averaged into the market.