Keith Swanick (Fianna Fail) | Oireachtas source

I thank the Minister of State, Deputy Stanton, for coming to the House to discuss the investment of taxpayers' money in the tobacco industry by two publicly funded organisations under the remit of the Department of Justice and Equality, namely the Charities Regulatory Authority and the Courts Service.In response to a parliamentary question submitted by Deputy Jack Chambers, the Minister confirmed that the common investment fund, CIF, holds a small proportion of tobacco-related stocks as part of a dividend reinvestment scheme that affords charities the choice of receiving dividend income in cash or reinvesting it back into the fund. According to the Minister's response, the Courts Service also invests in a small proportion of tobacco stocks on a passive basis.

Following the recent commercial decision by the Ireland Strategic Investment Fund, ISIF, to exit from its legacy tobacco investments, it is now, more than ever, untenable for a Department or Government agency to have investments in this industry. The Minister for Finance, Deputy Noonan, the Minister for Health, Deputy Harris and the Minister of State at the Department of Health, Deputy Corcoran Kennedy, have each acknowledged and shared my concerns regarding the investment of taxpayer's funds in the tobacco industry. It must not be forgotten that the companies in which the Department of Justice and Equality has investments are the same companies that threatened to sue the former Minister for Health and current Fine Gael Senator James Reilly and his successor, Deputy Leo Varadkar, for doing their job with regard to cigarette packaging and advertising.

In response to Deputy Jack Chambers, the Minister acknowledged that no guidelines are in place in her Department regarding such investments. The Minister further acknowledged that she was not aware of all of the investments made by organisations that are in receipt of grant funding from her Department. There must be a commitment to divest from such investments and guidelines must be put in place to ensure that no future investments in tobacco stocks are made. These guidelines should be Department-wide and prohibit any investment in tobacco companies.