Sinéad Gibney (Dublin Rathdown, Social Democrats)
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50. To ask the Minister for Finance if Irish sovereign wealth and investment funds will divest their holdings in Israel, the illegally occupied territories in Palestine and the Golan Heights, in light of his statement on the matter in February 2025; and if he will make a statement on the matter. [33155/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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In responding I am taking it that the Deputy is referring to the Ireland Strategic Investment Fund (ISIF), the Future Ireland Fund and the Infrastructure Climate and Nature Fund.

Ireland’s position on the illegality of Israeli settlements in the occupied Palestinian territory informs our engagement with the State of Israel across a range of bilateral issues.

The Government is opposed to Israeli settlements, which are contrary to international law, and are damaging to the prospects of peace. In accordance with international law, Ireland distinguishes between the territory of the State of Israel and the territories occupied since 1967 and ensures that any bilateral agreements with Israel do not apply to the occupied territories.

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 Israel, Palestine nor the Golan Heights as of 31st December 2024.

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, NDP Delivery and Reform in determining and reviewing ISIF’s investment strategy.

In support of its commercial mandate, ISIF has complete independence in implementing its investment strategy under the NTMA Acts under an Investment Committee reporting to the NTMA’s Board.

ISIF has, to date, completed several divestment programmes and excluded investments from the Fund. Exclusion is used on a limited basis, reflecting exclusions mandated by legislation including the Fossil Fuel Divestment Act 2018 and the Cluster Munitions and Anti-Personnel Mines Act 2008.

ISIF also makes exclusions on sustainable investment grounds using ISIF’s Exclusion Decision Making Framework.

ISIF divested from six companies, all of which are on the UN Database, with a total value at the time of the divestment decision 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.

At the time, ISIF determined that the risk profile of these investments was no longer within ISIF’s investment parameters, and the commercial objectives of these investments could be achieved via other investments.

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

ISIF publishes a detailed list of individual investments in its portfolio each year in the NTMA annual report. The 2023 annual report is the most recent list of individual investments that has been published, detailing the position at end 2023.

Sinéad Gibney (Dublin Rathdown, Social Democrats)
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51. To ask the Minister for Finance if his Department will direct the Ireland strategic investment fund to disperse its current holdings in Israeli sovereign debt; and if he will make a statement on the matter. [33156/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Ireland Strategic Investment Fund (ISIF) holds a variety of Sovereign Bonds and details of all ISIF’s holdings as at 31 December 2023 are available in the most recent NTMA Annual Report.

ISIF’s holdings are classified by country (in line with industry standard) as per the Annual Report.

ISIF’s holdings of Israeli sovereign debt as per the 2023 Annual Report total €2.62 million as part of its global portfolio. The ISIF holds these bonds as part of a passive, global fixed income portfolio.

ISIF constructs its portfolio within the legislative framework set for it by the Oireachtas and aligns it with any legislative changes the Oireachtas makes. ISIF has, to date, completed several divestment programmes and excluded investments from the Fund. 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 including the Fossil Fuel Divestment Act 2018 and the Cluster Munitions and Anti-Personnel Mines Act 2008.

There are also exclusions carried out by ISIF on sustainable investment grounds using ISIF’s Exclusion Decision Making Framework.