Matt Carthy (Cavan-Monaghan, Sinn Fein)
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9. To ask the Minister for Finance the current total number and value of State investments in companies which derive profit from their activities in illegal Israeli settlements; the total number of such investments; his views on whether such investments help entrench and sustain Israel’s illegal occupation; his further views on whether such investments run contrary to rulings of the International Court of Justice; and the amount of profit Ireland derived from such investments since 2022, by company, by year and in tabular form. [4903/25]

Pa Daly (Kerry, Sinn Fein)
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14. To ask the Minister for Finance if he will consider reviewing and amending the Ireland Strategic Investment Fund for companies that operate in illegal Israeli settlements. [5223/25]

Pearse Doherty (Donegal, Sinn Fein)
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This is an issue we have raised on numerous occasions. My colleague has legislation before the House that has, unfortunately, been blocked by Fianna Fáil and Fine Gael in the face of a genocide. The question asks for the current total number and value of State investments in companies that derive profit from their activities in illegal Israeli settlements, the total number of such investments, the Minister's view on whether such investments help entrench and sustain Israel’s illegal occupation and run contrary to rulings of the International Court of Justice and the amount of profit Ireland derived from such investments since 2022, by company, by year and in tabular form.

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 9 and 14 together.

As Deputies are aware, the UN maintains a database of businesses involved in certain specified activities relating to settlements in the occupied Palestinian territories, OPT. At the end of 2023, direct investments by the Ireland Strategic Investment Fund, ISIF, in companies on the UN database was approximately €4.2 million in 11 companies. ISIF’s indirect investments included eight companies, totalling approximately €9.4 million. ISIF divested from six of these companies with a total value of approximately €2.95 million in 2024. The six companies were Bank Hapoalim BM, Bank Leumi-le Israel BM, Israel Discount Bank Limited, Mizrahi Tefahot Bank Limited, First International Bank Limited and Rami Levi Chain Stores Limited.

ISIF continues to monitor its holdings to ensure that investments are within ISIF’s risk profile and investment parameters. Given commercial sensitivities, ISIF does not comment on individual investment decisions. ISIF publishes information on the overall return of its global portfolio as part of the National Treasury Management Agency's, NTMA, annual report but does not publish a breakdown of returns by each individual investment.

The amount of investment by ISIF in the companies on the UN list is small compared with the market capitalisation of many of these companies. It is also small - if not very small - relative to the size of the Irish economy. It is not clear as to the level of income such companies derive from activities in the occupied territories. It is not certain that these investments, therefore, in themselves represent a significant contributory factor in maintaining Israel’s presence in the occupied Palestinian territories.

The issue of whether investments by ISIF in particular companies which, as part of their business model, have some activity in the occupied Palestinian territories runs contrary to the rulings of the International Court of Justice would need further consideration. I understand that discussion is ongoing at EU level on a legal analysis of the advisory opinion from the court.

The National Treasury Management Agency (Amendment) Act 2014 sets out ISIF’s mandate with regard to the investment of the fund. Under the amendment Act, the agency has responsibility for determining, monitoring and keeping under review an investment strategy for the fund in accordance with the investment policy for the fund.

On the issue of amending the fund, ISIF has a policy of limited disinvestment. For example, the Fossil Fuel Divestment Act 2018 provides for the divestment by ISIF from certain fossil fuel undertakings. This builds on ISIF’s existing investment exclusionary strategy in respect of cluster munitions and anti-personnel mines, coal production and processing and tobacco manufacturing.

Pa Daly (Kerry, Sinn Fein)
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I note the Minister said that ISIF considers a variety of factors. I presume genocide, killing civilians and facilitating illegal settlements are included in that. I acknowledge that there has been some divestment from illegally occupied Palestinian areas and the Golan Heights but this is not the entire story. It is important to realise that it had been reported that ISIF still had a €1.3 million shareholding in the Israel Defense Forces-linked Palantir Technologies we heard about last December. The Israel Defense Forces, IDF, have used Palantir-supplied technology to target civilians in Gaza after a deal with the US company was announced in January 2025. There is also €1.1 million worth of shares in a controversial Israeli tech firm that partners with Israeli arms manufacturers and is run by former IDF intelligence officers who have faced demands to stop doing business in Russia.

The Government has been content to allow IDF cargo planes to fly through Irish sovereign airspace. One junior Minister in the previous Government had cause to meet Israelis and instead of being reprimanded, was promoted. It seems the Government is prepared to pay lip service to the Palestinian people but is not really prepared to shout "Stop". Is the Government looking at divesting from all of these funds or does the Minister consider the matter complete?

Paschal Donohoe (Dublin Central, Fine Gael)
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I disagree strongly with the Deputy's overall analysis regarding the Government's stance on the people of Palestine. From the decision we made regarding the recognition of the Palestinian state, one supported by the entire Dáil, to the ongoing funding we have provided through multilateral and international organisations to support those people, who have seen such harm and loss of life in recent months, our stance is very clear and is understood and valued by those who represent the people of Palestine at a political level.

Regarding the Deputy's point about divestment, if I look at the value of the shares held directly and indirectly by ISIF, it is not clear that they play any role in supporting the occupation of Palestinian territories. The Deputy referred to the fact that there has been much legal analysis and debate about this. I will consider the content of that advice in the coming weeks, particularly the legal assessment about the impact of the decision of the International Court of Justice on these kinds of matters.

Pa Daly (Kerry, Sinn Fein)
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It seems that some of the direct investments that were mentioned, which are controlled by ISIF, are not pooled investments. They are in banks such as Bank Leumi-le Israel BM, which is one of the largest banks in Israel. For decades, this bank has facilitated the expansion of illegal settlements. It granted a loan for a construction project in the Palestinian village of Azzun and bankrolled five illegal settlements. I note from the programme for Government that the Government has committed to progressing the Control of Economic Activity (Occupied Territories) Bill but what is progressing is kicking the can further down the road. This is what it seems like to many people. The Government seems to be dragging its feet and watering down its commitment.

It seems to me it is not being strong enough. It is not shouting "Stop" and saying that we will not invest in anything that has any risk of further displacing or killing people, including the weakest and most vulnerable civilians. The ceasefire in Gaza is in danger because Israel has violated it several times. We need to be stronger, to shout that we will not tolerate this anymore and completely divest from anything that is displacing people.

Pearse Doherty (Donegal, Sinn Fein)
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My colleague, Deputy Daly, has outlined clearly and in detail the activities of some of these companies in which Ireland is investing. I will put the issue to the Minister again. We have raised it numerous times during meetings of the finance committee where we have tried to pursue the legislation. What the Minister has told the House is that millions of euro of taxpayers' money are invested in companies that derive their profits from the illegal Israeli settlements. That is repugnant to hundreds of thousands of people who cannot stop it. The only person who can stop it is the Minister. The idea that their taxpayers' money, which they pay when they have finished their week on the shop floor, is being invested, no matter how big or small the investments - and millions are being invested - in companies that are operating in illegal Israeli settlements is repugnant and should stop today. That is what this is all about. It is not about asking whether €4 million is going to have a big impact or not. It should not be happening at all. It should be stopped immediately. It should have been stopped ages ago but it really needs to stop now. I am asking the Minister to engage with the Ireland Strategic Investment Fund, ISIF, to ensure that we divest from those investments without delay.

Conor McGuinness (Waterford, Sinn Fein)
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Hear, hear.

Paschal Donohoe (Dublin Central, Fine Gael)
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It is important to acknowledge that the overall size of the Israeli economy is €500 billion. That is how big that economy is. ISIF is enormous, and many different investments are taking place across the world. We have already seen ISIF divest from companies within Israel. As I said in response to the House earlier, it is not clear to me, given the scale of the investment that ISIF has, both directly and indirectly, that it is in any way playing a role-----

Pearse Doherty (Donegal, Sinn Fein)
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The State is making profit from illegal settlements.

Paschal Donohoe (Dublin Central, Fine Gael)
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-----in funding the kinds of activities and the approach that this Government has been clear in condemning. I have said to the House that I am aware of all of the legal debate that has taken place about the Sinn Féin Bill and the issues that have been raised. I am, of course, going to consider the issue further.