Cian O'Callaghan (Dublin Bay North, Social Democrats)
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104. To ask the Minister for Finance if he will ensure that the Irish Strategic Investment Fund is fully divested from all companies directly and indirectly involved in illegally occupied Palestinian territories; and if he will make a statement on the matter. [39362/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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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.

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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The Minister is saying ISIF is still investing in companies that are operating illegally in the occupied Palestinian territories. That is what he is telling us.

Today, the UN stated that the largest displacement of Palestinians in the occupied territories of the West Bank since 1967 is taking place now. That is how bad the situation is. It is not good enough to say ISIF operates independently. The Minister for Finance can set the strategic direction for ISIF. He should be telling ISIF that under no circumstances should our money, public money, be used to break international law by investing in companies operating in the occupied territories. I do not think there is any support for that in this country. People would be horrified to know their money is being used in this way. How long has the Minister been aware of these investments? Will he direct ISIF to stop them?

Paschal Donohoe (Dublin Central, Fine Gael)
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I have shared this information with the Dáil on a number of occasions since I was reappointed as Minister for Finance. I am absolutely aware of all the awful humanitarian catastrophe that is unfolding on the people of Gaza and the House is aware of the very strong diplomatic action that this State is taking with regard to it. On this particular issue, as I said, ISIF has divested from a number of companies that are active in that area. It is independent of me. I do not play a role in directing it with regard to individual transactions it makes. I know that the board of ISIF and the NTMA will be well aware of all the issues that are associated with some of these investments, which is why they have exited from a number of them.

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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It is not okay for the board to simply be aware of the issues. It is not okay for some divestments to take place while there are still investments in these companies that are operating in the occupied territories. This is with our money. Will the Minister direct ISIF to stop investing in companies that are breaking international law? That is what is happening. This is about a breach of international law plus, with a genocide taking place in Gaza, the message that sends to Israel with these companies that are still being invested in. In light of the genocide and the breach of international law, will the Minister direct ISIF to stop using our public money to invest in these companies? It is urgent.

Paschal Donohoe (Dublin Central, Fine Gael)
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Again, I condemn what is happening to the people of Gaza and the awful violence and trauma that is being inflicted on them. However, the Deputy referred to the importance of international law. I also have to adhere to domestic law and under domestic law, ISIF is independent of me. I can give it guidance, and strong guidance, in relation to its overall strategy, for which I have a statutory role, but I do not play a role in individual decisions it makes with regard to shares or bonds.

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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So it can ignore international law?

Paschal Donohoe (Dublin Central, Fine Gael)
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It is important that I do not play a role. This is an organisation that is responsible for €16.6 billion of our money. In order for that money to be looked after and managed in a way that is safe, it is very important that a Government does not play a role in directing it on individual transactions it makes.

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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It should do when it comes to international law.

Paschal Donohoe (Dublin Central, Fine Gael)
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I want to emphasise again my condemnation of all that is happening to the people of Gaza.

Pearse Doherty (Donegal, Sinn Fein)
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The Minister turns a blind eye, however, when he funds it. That is the reality, so it is not going to wash.