Mick Wallace (Wexford, Independent)
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291. To ask the Minister for Finance the measures he is taking to establish an ethical framework for the investment of State funds, in order to prevent public finances being invested in companies or bodies involved in the manufacture of weapons that contravene international human rights law, such as nuclear arms; and if he will make a statement on the matter. [18553/15]

Michael Noonan (Limerick City, Fine Gael)
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On the 22 December 2014, the National Pensions Reserve Fund transitioned to the Ireland Strategic Investment Fund (ISIF) which has a statutory mandate to invest on a commercial basis to support economic activity and employment in Ireland.  

The ISIF currently operates a Responsible Investment policy and is a committed signatory to the UN Principles for Responsible Investment, which focus on engagement and active ownership rather than exclusion.  Any exclusions from the Fund are mandated by legislation and in this regard the Cluster Munitions and Anti-Personnel Mines Act 2008 is the only relevant legislation. The ISIF has excluded 14 companies from the Fund to comply with this legislation, some of these companies are also alleged to be involved in the production of nuclear weapons. 

Given that the ISIF's mandate is focused on Ireland and the expected liquidation of global assets over the short to medium term, the establishment of a wider ethical investment framework beyond the cluster munitions legislation and the ISIF's responsible investment policy is not currently a priority.

The Strategic Banking Corporation of Ireland (SBCI) lends (via partner lenders) to Irish SMEs. The SBCI is excluded from financing activities forbidden by national or EU law.