Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The Ireland Strategic Investment Fund is a €15 billion fund comprising the discretionary portfolio of €8.4 billion and the directed portfolio of €6.2 billion. It has a double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.

According to the most recent NTMA annual report, from inception to the end of 2023, ISIF generated an annualised investment return of 3.1%, or more than €2.3 billion, in investment returns across its portfolio, affecting and supporting 42,454 jobs in the economy. ISIF has complete independence in implementing its investment strategy under the NTMA Acts under an investment committee reporting to the NTMA’s board.

The UN maintains a database of businesses involved in certain specific activities relating to settlements in the occupied Palestinian territories. It was developed in 2020 with an update in 2023.

At the end of 2023, direct investments by the Ireland Strategic Investment Fund in companies on the UN database were approximately €4.2 million in 11 companies and its indirect investments were €9.4 million and included eight companies. ISIF divested from six of these companies, with a total value of approximately €2.95 million, across 2024. The six companies were Bank Hapoalim BM, Bank Leumi Le-Israel BM, Israel Discount Bank Limited, Mizrahi-Tefahot Bank Limited, First International Bank of Israel Limited and Rami Levi Chain Stores Limited. At the time, ISIF determined that the risk profile of these investments was no longer within its investment parameters. The level of holdings at the end of December regarding companies on the UN list was €4.2 million in 11 companies.

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