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

773. To ask the Minister for Finance if additional Israeli bonds were purchased in 2024 or if the value of the ISIF holding of Israeli bonds increased in 2024 for a different reason such as currency fluctuations. [44376/25]

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

The NTMA has informed me that the increase in the value of the Ireland Strategic Investment Fund (ISIF)'s sovereign bonds from year end 2023 to 2024 is as a result of a macro decision by ISIF to increase overall investment in global bond indices (which are diversified across many countries) in 2024.

The relevant ISIF investment manager replicates the global bond indices and therefore the ISIF’s exposure to these bonds increased in line with its weight in the global index.

Given the recent escalating geopolitical tensions and conflict in the Middle East, I have been informed that ISIF determined that the risk profile of a number of sovereign bond holdings in the region are no longer within its investment parameters.

Following this determination, ISIF divested its holdings of sovereign debt issued by Egypt, Israel and Jordan and this divestment was completed by the 10th of July.