2026-02-10

162. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he will ensure the Ireland Strategic Investment Fund, ISIF, 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. [10053/26]

The Ireland Strategic Investment Fund, ISIF, still has investments in companies operating in the illegally occupied Palestinian territories. Over €6 million of our money remained invested in six companies identified on the UN database at the end of 2024. This is an arm of our State actively profiting from companies working on illegally occupied land. Will the Tánaiste ensure that the ISIF fully divests from companies operating in illegally occupied Palestinian territories?

I thank Deputy O'Callaghan for the question. In replying I want to restate the Government's clear opposition, which is also the clear opposition of this House, to 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’s financial support to the people in Palestine since January 2023 will amount to €144 million by the end of this year, following a recent announcement of additional funding made by the Minister for foreign affairs, Deputy McEntee. The Deputy refers to the ISIF and to the UN Human Rights Council database, which identifies businesses involved in specific activities in the occupied Palestinian territories. This UN database was first issued in 2020, updated in June 2023 and most recently updated in September 2025. It is important to say from the outset that ISIF has complete independence in implementing its investment strategy under the law of the land, namely, the National Treasury Management Agency Acts, through an investment committee that reports to the NTMA's board. However, 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 €2.95 million. The six companies are known and I am happy to provide them to the Deputy but in the interests of time, I will not name them now. 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 in question operate all over the world and ISIF's investment in them represents a very small proportion of its overall investments. This is, truthfully, some of the challenge. These are companies that are global and that operate right throughout the world. Unfortunately it is also true to say that divestment from these companies does not mean that they would stop maintaining their presence in the occupied Palestinian territories. As I have outlined already, ISIF has, to date, completed several divestment programmes and has also 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, among others.

The issue here is that there should not be a single cent of Irish public money invested in companies operating illegally in the occupied territories of Palestine. I do not believe there is any public support for our money being used in that way. What is clearly needed is an absolutely full divestment by the ISIF - which invests public money - from companies operating in the occupied territories. I am calling for full divestment. Will the Tánaiste also call for that? Will he call for a full divestment by the ISIF from any companies operating illegally in the occupied territories in breach of international law? Will he join me in calling for that?

I have a specific legal role and responsibility. The NTMA, and the ISIF in particular, has complete independence in implementing its investment strategy under the NTMA Act and I am respectful of that. However, I did recently meet with officials from the NTMA and I was assured that ISIF will continue to monitor its holdings. It does not comment on individual investments but I have outlined the views that I know are shared in this House. I will make two points to the Deputy on this. The first is that it is my understanding that ISIF exposure to companies involved in specified activities in the occupied Palestinian territories, as listed on the UN database, account for about 0.16% of its global portfolio. The fund has taken a number of decisions already to divest. The second point, and this is just a statement of the obvious, is that we are operating in a world where these are such large, global companies that have vast presences across the world. They may have a very small presence in a territory that we believe is absolutely illegally occupied but they are massive, global companies and that is a complicating factor. The independence of the NTMA and the ISIF has to be respected. I met with them recently and conveyed my views in relation to this. It represents only 0.16% of its global portfolio.

I am not clear whether the Tánaiste is actually justifying the current situation. Is he justifying it or making excuses for it? Not a single cent of our money should be invested in companies operating in illegally occupied territories in Palestine. The Tánaiste knows this and I know this. The public do not want their money invested there. I am making an easy ask to the Tánaiste. I am not asking him to direct the strategic investment fund. I understand that, because of its independence, he cannot do so. However, he can publicly give his view and call on it to divest fully. There is nothing in law to stop him doing that. The Tánaiste is able to give his opinion on that and call for it. I ask him to make a stand now and call on the fund to divest in full from any companies in breach of international law in the Palestinian territories. Will the Tánaiste join me in making that call?

I do not in any way doubt the Deputy's bona fides and I fully respect his sincerity. I do not believe that I can go further than I have. I have made it clear that the ISIF has already taken a number of decisions to divest from companies and directly from sovereign bond holdings. It continues to monitor this. The fund's level of exposure in this area is 0.16% and has been declining. The fund continues to keep this under review. I want to see a situation where we do not have occupied Palestinian territories but where we have a two-state solution. That is the position of the Irish Government.