Paschal Donohoe (Dublin Central, Fine Gael)

The Ireland Strategic Investment Fund is a €16.6 billion fund comprising a discretionary portfolio of €8.9 billion and a directed portfolio of €7.7 billion based on its annual report. It has complete independence in implementing its investment strategy under the NTMA Acts under an investment committee reporting to the NTMA's board.

At the end of 2024, ISIF held, both directly and indirectly, €7.76 million in six companies listed on the UN database, which is 0.16% of its global portfolio. Direct investments by the Ireland Strategic Investment Fund in companies on the UN database were approximately €5.6 million in four companies, and indirect investments were €2.16 million and included five companies.

ISIF divested from six companies in 2024, with a total value of approximately €2.95 million across that year. The six companies were Bank Hapoalim, 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 that time, ISIF determined that the risk of these investments was no longer appropriate.

Given the scale of the portfolio ISIF manages and how much of our money it is responsible for, it is important to recognise the independence of the NTMA board and the decisions it makes. Divestments have already taken place, and ISIF will determine the correct investments in a way that is consistent with its independence and mandate.

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