Dáil Éireann Debate, Tuesday - 28 July 2026
823. Deputy John Brady asked the Tánaiste and Minister for Finance to address ISIF's investment in companies on the UN's database of businesses operating in illegal Israeli settlements in occupied Palestinian territories; the ways the recent increase in investment can be explained; and if he will make a statement on the matter. [58962/26]
View answerThe Government has made it clear that it opposes illegal Israeli settlements, which are contrary to international law and damaging to the pursuit of peace in the Middle East. Ireland has not been found wanting in its support of the Palestinian people and has taken practical steps at national, EU and international levels. We have been a clear and leading voice on this. Ireland has provided significant financial support to the people in Palestine since January 2023.
It is important to say from the outset that ISIF, has complete independence in implementing its investment strategy under the NTMA Acts through an investment committee that reports to the NTMA's board.
ISIF has, to date, completed several divestment programmes and excluded investments from the Fund, consistent with legislative changes enacted by the Oireachtas. 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 and exclusions on sustainable investment grounds including tobacco, nuclear weapons and certain companies on the UN Database.
ISIF has taken an investment decision to divest from six companies, all of which remain on the updated UN Database, 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. Please see holdings at end 2025 as per the updated UN Database list below which ISIF continues to monitor.
It is important to state that the type of companies on the UN database where ISIF still has holdings are ones that operate all over the world and that ISIF's investment in them represents a very small proportion of its overall investments.
ISIF does not comment on individual investments, however a list of ISIF investments is available in the published NTMA Annual Report. ISIF will continue to monitor its holdings to ensure that investments remain aligned with its risk profile and investment parameters.
