Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context

119. To ask the Minister for Finance to outline the State's investment through the Ireland Strategic Investment Fund in companies operating in the illegal Israeli settlements; and if he will make a statement on the matter. [39431/25]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context

The Ireland Strategic Investment Fund (ISIF) is a €16.6 billion fund comprising the discretionary portfolio of €8.9 billion and the directed portfolio of €7.7 billion based on the 2024 Annual Report. It has a double bottom line mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.

ISIF has complete independence in implementing its investment strategy under the NTMA Acts under an investment committee reporting to the NTMA’s board.

At year-end 2024, ISIF held both directly and indirectly €7.76 million in six companies listed on the UN Database – 0.16% of the Global Portfolio. Direct investments by the Ireland Strategic Investment Fund in companies on the UN database were approximately €5.6 million in 4 companies and its indirect investments were €2.16 million and included 5 companies.

ISIF divested from six companies in 2024, with a total value of approximately €2.95 million, across 2024. The six companies were Bank Hapoalim BM, Bank Leumi Le-Israel BM, Israel Discount Bank Limited, Mizrahi-Tefahot Bank Limited, First International Bank of Israel Limited and Rami Levi Chain Stores Limited. At the time, ISIF determined that the risk profile of these investments was no longer within its investment parameters.

Given the scale of the portfolio ISIF manages and how much it manages overall, it is important to respect and support the independence of the NTMA Board and the decisions it makes.

Divestments have already taken place and ISIF will determine the correct investments in a way that is consistent with its independence and mandate.