Dáil Éireann Debate, Thursday - 25 June 2026
47. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he will take action to ensure the NTMA divest from all ISIF global portfolio investments in companies on the UN Human Rights Council database of business enterprises; and if he will make a statement on the matter. [48193/26]
Amharc ar fhreagraIn replying to the Deputy’s question, I want to restate the Government's clear opposition to illegal Israeli settlements, which are contrary to international law and damaging to the pursuit of peace in the Middle East.
Ireland has demonstrated its support of the Palestinian people and taken practical steps at national, EU and international levels. On 13 January, Minister McEntee announced that Ireland will provide €42 million in assistance to the people of Palestine in 2026, including €20 million in core funding to support the work of UNRWA in providing vital services to Palestinian refugees in Gaza and the West Bank, and across the region. Ireland has provided over €122 million in support to the people of Palestine since January 2023. This includes €68 million to UNRWA of which €10 million was provided in January 2026.
The Deputy is referring to the established UN Human Rights Council Database (the UN Database) identifying businesses involved in specific activities which was first issued in 2020, updated in June 2023 and most recently updated to include 158 companies in September 2025 as mandated by the UN Human Rights Council.
It is important to say 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.
I met with the NTMA earlier this year and was assured that ISIF will continue to monitor its holdings to ensure that investments remain aligned with its risk profile and investment parameters. ISIF does not comment on individual investments.
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.
ISIF has already 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 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.
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.
Unfortunately, divestment from these companies does not mean that they would stop deriving income from activities in the OPT.
The NTMA also divested from directly held Sovereign bond holdings within the Global Portfolio across Egypt, Israel, and Jordan in July 2025.
As I have outlined already, 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 and, inter alia, exclusions on sustainable investment grounds including Tobacco and Nuclear Weapons.
ISIF will continue to monitor its holdings to ensure that investments remain aligned with its risk profile and investment parameters.
A list of ISIF investments at the end of 2024 is available in the NTMA Annual Report for 2024. The position at end 2025 will be published in the 2025 Annual Report due in the coming weeks.
