Sinéad Gibney (Dublin Rathdown, Social Democrats)
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68. To ask the Minister for Finance whether Irish sovereign wealth and investment funds have investments in illegally occupied territories in Palestine and the Golan Heights; and if he will make a statement on the matter. [3900/25]

Sinéad Gibney (Dublin Rathdown, Social Democrats)
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69. To ask the Minister for Finance whether Irish sovereign wealth and investment funds have investments in Israel; and if he will make a statement on the matter. [3901/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 68 and 69 together.

I am answering these questions on the basis that the Deputy is referring to the possibility of direct investments in Israel, the Occupied Palestinian Territories and the Golan Heights by the three funds managed by the NTMA i.e. ISIF, the Future Ireland Fund and the Infrastructure Climate and Nature Fund.

In respect of ISIF’s geographic categorisation of investments, ISIF’s holdings are classified by country (in line with industry standard) as per the Annual Report.

I can say that in respect of Israel, ISIF’s holdings as outlined in the NTMA’s most recent Annual Report at 31 December 2023, are €1.96 million in quoted equity investments in 9 Israeli companies and €2.62m in 9 holdings of Israeli sovereign debt.

The UN maintains a database of business enterprises involved in certain specified activities relating to settlements in the Occupied Palestinian Territories. Businesses in the Golan Heights do not fall within the scope of the current UN Database. At the end of 2023, ISIF’s direct investments in companies on the UN database totalled approximately €4.2 million in 11 companies. ISIF’s indirect investments included 8 companies totalling approximately €9.4 million.

As announced by the NTMA in April 2024, ISIF has divested from six companies on the UN Database in which it had investments with a total value of approximately €2.95m. The six companies were 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.

For completeness, I should say that the Deputy will be aware of engagement in the previous Dáil on the Private Members Illegal Israeli Settlements Divestment Bill, 2023. This Bill proposed the use of the UN Human Rights Council Database of companies referenced in UN Human Rights Council Resolution 31/36, produced by the UN Human Rights Council on 12 February 2020 as a basis for divestment by ISIF.

ISIF’s modest holdings of Israeli sovereign debt as per the 2023 Annual Report total €2.62 million as part of its global portfolio is wholly consistent with Ireland’s policy of differentiation between the state of Israel and the territories occupied since 1967.

The Future Ireland Fund and the Infrastructure Climate and Nature Fund were statutorily established in July 2024 and currently operate under an interim investment strategy. The investment strategy for both funds reflects a low risk appetite permitting only highly rated liquid sovereign and quasi sovereign bonds. Neither the Future Ireland Fund nor the Infrastructure Climate and Nature Fund have any investments in Palestine nor the Golan Heights as of 31st December 2024.