The Ireland Strategic Investment Fund (ISIF) will divest itself from six Israeli organizations because of their activities in the West Bank. This is according to a statement issued by Ireland’s Finance Minister Michael McGrath.
The divestment decision relates to shareholdings with a total value of €2.95 million ($.2 million) in the following six Israeli companies: Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank and Rami Levi CN Stores.
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Interestingly, the move is being made over Israel’s policies in the West Bank and not due to the ongoing war in Gaza. Ireland’s Prime Minister Leo Varadkar recently called on the American government to push for an immediate ceasefire in Gaza. He also stated that a “two state solution was the best way to secure lasting peace and security.”
And just a few weeks ago the Republic of Ireland said t will intervene in the case against Israel under the Genocide Convention at the International Court of Justice (ICJ). Ireland’s Deputy Prime Minister and Minister for Foreign Affairs Micheál Martin issued a statement saying, “The situation could not be more stark; half the population of Gaza face imminent famine and 100% of the population face acute food insecurity,” and that “Ireland will be intervening.”
On the divestments, Michael McGrath said, “I have been advised by the National Treasury Management Agency (NTMA) that it has decided to divest from certain ISIF global portfolio investments in companies that have certain activities in the Occupied Palestinian Territory.”
ISIF sad that it determined that the risk profile of these investments is “no longer within its investment parameters and that the commercial objectives of these investments can be achieved via other investments” and that the decision will be implemented “as soon as possible over the coming weeks.”
The National Treasury Management Agency (NTMA) controls and manages the Ireland Strategic Investment Fund (ISIF) on behalf of the State.
The ISIF is comprised of the Discretionary Portfolio and the Directed Portfolio. The Ireland Strategic Investment Fund is a Sovereign Investment Fund with a mandate to invest on a commercial basis to support economic activity and employment in Ireland.
