Written answers

Thursday, 4 July 2024

Photo of Catherine ConnollyCatherine Connolly (Galway West, Independent)
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95. To ask the Minister for Finance further to Parliamentary Question No. 64 of 21 May 2024, the timeline for the NTMA to fully divest from all ISIF global portfolio investments in companies on the UN Human Rights Council database of business enterprises; the details of the risk analysis which led to the NTMA’s recent divestment from six such companies; and if he will make a statement on the matter. [28386/24]

Photo of Jack ChambersJack Chambers (Dublin West, Fianna Fail)
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The Ireland Strategic Investment Fund (ISIF) constructs its portfolio within the legislative framework set for it by the Oireachtas and will align it with any changes it makes. The Private Members Illegal Israeli Settlements Divestment Bill 2023 is currently making its way through the legislative process.

ISIF as part of the NTMA is engaged on an ongoing basis with the Department in support of the Department's inputs to that process.

For example, on the 20th of March 2024, the Director of the Ireland Strategic Investment Fund (ISIF) attended the Committee on Finance, Public Expenditure and Reform, and Taoiseach meeting on Pre-Committee Stage Scrutiny of the Illegal Israeli Settlements Divestment Bill 2023.

At that Committee meeting, the ISIF Director outlined that as at 31 December 2023 the ISIF’s direct investments in companies on the UN database totalled approximately €4.2 million in 11 companies. He also outlined that the ISIF’s indirect investments include 8 companies totalling approximately €9.4 million.

ISIF has since taken an investment decision 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.

I have been informed by ISIF that its risk management approach is multi-faceted and considers a variety of factors that impact on investment risk and reward. Given commercial sensitivities in respect of its investments, ISIF does not comment on individual investment decisions.

ISIF will continue to monitor its holdings to ensure that investments are within the ISIF’s risk profile and investment parameters.


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