Keith Swanick (Fianna Fail) | Oireachtas source

I again bring to the attention of the House the National Treasury Management Agency, NTMA, and the strategic investment fund equity holding in tobacco companies. Last week in the House, the Minister of State, Deputy Eoghan Murphy, confirmed to me that the NTMA and the Ireland Strategic Investment Fund, ISIF, have equity holdings in three separate tobacco companies. I acknowledge that all of us want to see the NTMA generate a significant income for the taxpayer through prudent and strategic investments, and I understand the ISIF has a mandate to make investments on a commercial basis. However, I ask that the interests in tobacco companies be brought to an end given that tobacco is the leading cause of preventable death in this country, accounting for 6,000 deaths per year, and that there are 31,000 admissions, costing €5,400 per admission, as a result of direct cigarette-related illnesses.

I have written to both the Minister for Finance, Deputy Noonan, and the Minister for Public Expenditure and Reform, Deputy Donohoe, asking them to pursue the divestment of those legacy investments. If that approach is not sufficiently strong, I will raise this matter with other Oireachtas colleagues, including each Senator here, with a view to seeking to include the publication of draft legislation, which would make such investments illegal.

A target date was set by Senator Reilly when he was Minister for Health for Ireland to be tobacco free by 2025. It is an ambitious target but one which could be achieved readily by the commitment that taxpayers' money will no longer feature in investments in tobacco giants. It is wholly hypocritical that this country is attempting to be tobacco free by 2025 yet tobacco companies do not feature on the excluded investment categories of the NTMA. It is also hypocritical that these same tobacco companies are suing the State and issued proceedings against the then Minister, Senator Reilly. That should be brought to an end as a matter of priority.