Keith Swanick (Fianna Fail) | Oireachtas source

This morning, the Minister of State at the Department of Justice and Equality, Deputy Stanton, was present for a Commencement debate, which I initiated, regarding bodies under the Department's remit and their investments in the tobacco industry. In response to a parliamentary question submitted by Deputy Jack Chambers, the Tánaiste confirmed that the common investment fund holds a small proportion of tobacco-related stocks as part of a dividend reinvestment scheme that affords charities the choice of receiving investment income in cash by reinvesting it in the fund. She also confirmed that the Courts Service invests in a small proportion of tobacco stocks on a passive basis. In light of the decision made by the Ireland Strategic Investment Fund, ISIF, shortly before Christmas to exit from its legacy tobacco investments, it is imperative that we have a full divestment of all taxpayer moneys from tobacco companies. It frustrates me somewhat to have to bring such a Commencement debate before this House. It is worth remembering that tobacco use in Ireland is a leading cause of preventable deaths, with approximately 6,000 deaths each year from the direct effects of tobacco. As well as the human and personal tragedies of each death, tobacco is the cause of an enormous drain on our health system. The direct cost, an estimated €500 million per year, does not include lost productivity from ill-health and other huge drains on our public services. There are approximately 31,000 admissions each year that are directly related to tobacco illnesses. Each admission costs €5,400, which equates to a staggering €164 million per year. The ISIF decision came as a result of pressure from within this House and from my party colleagues in Dáil Éireann. It is a welcome decision and one which is entirely in line with the tobacco-free Ireland plan, which was launched by Senator Reilly when he was Minister for Health. While I acknowledge the small nature of these investments, I also acknowledge the monumental efforts made by Members of this Parliament in combating the negative effects of tobacco use in this country. It beggar's belief that we would have a Government Department with financial interests in any major tobacco corporation. I intend to continue to pursue this issue and to bring a motion of resolution before the Seanad seeking a full divestment and the implementation of guidelines to ensure no further investment in tobacco by a Government Department or any body under its remit.