Ruth Coppinger (Dublin West, Solidarity)
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37. To ask the Minister for Finance if he will consider reviewing and amending the Ireland Strategic Investment Fund for companies that operate in illegal Israeli settlements. [21413/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Ireland Strategic Investment Fund portfolio is constructed within the legislative framework set for it by the Oireachtas. The National Treasury Management Agency (Amendment) Act 2014, (“The Act”) sets out ISIF’s mandate with regard to the investment of the assets of the Fund other than directed investments. Under the Act the Agency has responsibility for determining, monitoring and keeping under review an investment strategy for the Fund (other than directed investments) in accordance with the investment policy for the Fund.

Under the Act, the NTMA, as controller and manager of the ISIF, is also required to consult with the Ministers for Finance and the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitisation in determining and reviewing ISIF’s investment strategy.

Following the development of its draft investment strategy and after consultation with Ministers, the NTMA adopted a Sustainability & Responsible Investment Strategy (S&RIS) in 2020 which was updated in 2023 and reflects a commitment to be a responsible investor as steward of public assets by protecting and enhancing both the long-term value of the ISIF and the reputation of NTMA in how it delivers its mandate, as manager and controller of the ISIF.

In this context ISIF operates an exclusion policy which is consistent with its statutory mandate, as amended from time to time. Exclusion is used on a limited basis, reflecting exclusions mandated by legislation (such as the Fossil Fuel Divestment Act 2018 or the Cluster Munitions and Anti-Personnel Mines Act 2008) and, inter alia, exclusions on a non-statutory basis on sustainable investment grounds including Tobacco and Nuclear Weapons.

In April 2024 ISIF took an investment decision to divest from six companies, all of which are on 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, with a total value at the time of the divestment decision 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.