Dáil Éireann Debate, Tuesday - 21 April 2026
322. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he will ensure the Irish Strategic Investment Fund is fully divested from all companies, directly and indirectly, involved in illegally occupied Palestinian territories; and if he will make a statement on the matter. [26780/26]
Amharc ar fhreagraI take it that the Deputy is referring to the UN Human Rights Council database (the UN Database) identifying businesses involved in specific activities in the Occupied Palestinian Territories which was first issued in 2020, updated in June 2023 and most recently updated in September 2025 as mandated by the UN Human Rights Council.
The 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.
In 2024 ISIF took 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 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.
The NTMA also divested from directly held Sovereign bond holdings within the Global Portfolio across Egypt, Israel, and Jordan in July 2025.
It is important to state the companies concerned are ones that operate all over the world. ISIF's investment in them represents a very small proportion of its overall investments.
It is also true to say that divestment from these companies does not mean that they would stop maintaining their presence in the OPT.
As well as the divestments I have outlined already, ISIF has, to date, also 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 and, inter alia, exclusions on sustainable investment grounds including Tobacco and Nuclear Weapons.
Legislation underpinning ISIF, 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.
