Written answers
Tuesday, 16 April 2024
Department of Finance
Middle East
Matt Carthy (Cavan-Monaghan, Sinn Fein)
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215. To ask the Minister for Finance the basis upon which he chose to divest from some but not other companies which operate within illegal Israeli settlements in the occupied Palestinian territories; and if he will make a statement on the matter. [16058/24]
Michael McGrath (Cork South Central, Fianna Fail)
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The Ireland Strategic Investment Fund (ISIF) as part of the National Treasury Management Agency (NTMA) has statutory independence in the management of its investment portfolio.
On Thursday, 4th April I was advised by the NTMA that it has decided to divest from certain ISIF global portfolio investments in companies that have certain activities in the Occupied Palestinian Territory.
ISIF is to divest from six of these companies with a total value of approximately €2.95m. The six companies are Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank Ltd; Mizrahi Tefahot Bank Ltd; First International Bank Ltd and Rami Levi Chain Stores Ltd.
ISIF has determined that the risk profile of these investments is no longer within its investment parameters and that the commercial objectives of these investments can be achieved via other investments.
The decision will be implemented as soon as possible over the coming weeks.
I am advised ISIF will keep under review the alignment of relevant investments within its investment parameters and commercial objectives.
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