Pearse Doherty (Donegal, Sinn Fein)

The Ireland Strategic Investment Fund is a €16.6 billion fund comprising the discretionary portfolio of €8.9 billion and the directed portfolio of €7.7 billion based on the 2024 annual report. 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.

ISIF has complete independence in implementing its investment strategy. At year-end 2024, ISIF held €3.6 million in Israeli sovereign debt. ISIF monitors all of its holdings within its investment portfolio to ensure alignment with its risk profile and investment parameters.

As regards the divestment, I would say, as I have previously, that geopolitical tensions have been rising across the Middle East, posing an increased risk to assets with economic exposure to the region. ISIF's view is that following the escalation of the Israel-Iran conflict in June 2025, the current situation carries materially greater risk. I am advised that given this, ISIF determined that a risk profile of a number of sovereign bond holdings in the region was no longer within its investment parameters. Following this determination, ISIF sold its holdings of sovereign debt issued by Jordan, Egypt and Israel.

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