Keith Swanick (Fianna Fail) | Oireachtas source

I recently read that, following a year-long campaign, Trinity College Dublin is set to divest the €6.1 million it has indirectly invested in fossil fuel companies. Fossil Free TCD has been lobbying and campaigning very diligently on this issue for many months, with the culmination this week of a commitment to divest. I believe the students should be applauded on their resilience and commitment to the cause. I know that Senator Ruane, when president of TCD Students' Union, campaigned and lobbied for the same result. Trinity also has endowments in various other sin stocks, such as arms and tobacco companies, which in recent years students have taken issue with. They feel that these investments contrast with the university's vision. I too feel that the investments made by the Ireland Strategic Investment Fund, ISIF, using taxpayers' money are out of line with the vision we have for a tobacco-free Ireland by 2025. This is an issue I have raised before and will continue to raise. In the words of Professor Luke Clancy, it is unconscionable.

Since I first brought this issue to the House on 19 October, 500 people will have died from smoking-related illnesses. If that does not portray the urgency of this issue, I have no idea what does. In response to a parliamentary question I submitted through Deputy Jack Chambers, the Minister for State, Deputy Marcella Corcoran Kennedy, said that she would, in consultation with her colleague, the Minister for Health, Deputy Harris, express concerns to the Minister for Finance about the appropriateness of these investments in tobacco companies in the context of the review of the investment strategy and exclusion policy. I have brought a Commencement debate to this House. I have written to the Ministers, Deputies Donohoe and Noonan, asking them to beseech the ISIF to divest immediately from these holdings and I have also written to the CEO of the National Treasury Management Agency, NTMA. To date, I have received no substantial response. I repeat that 500 people will have died from tobacco-related diseases in the last month.

Later today, I will meet representatives from ASH Ireland, the Irish Heart Foundation, the Irish Cancer Society, the Royal College of Surgeons in Ireland and the Royal College of Physicians of Ireland to seek joint collaboration to bring an end to this hypocrisy. I also have a motion before this House proposing that Seanad Éireann calls on the Minister for Finance to bring to an immediate end the investment of taxpayers' money by the NTMA and ISIF in the three separate tobacco companies in which they have equity holdings. Based on the lack of response and urgency from the Government, I have been consulting with a number of party colleagues and have legislation prepared which would prohibit the investment of any taxpayers' funds in tobacco companies and seek the immediate divestment of any funds currently invested. This legislation is currently with the Bills Office and I expect it to be published in the coming days. I put the Leader on notice that I will be calling for the support of my colleagues in this House to ensure this legislation is successful. I look forward to debating the public health (prohibition of tobacco investments) Bill 2016 in the near future.