The National Treasury Management Agency (NTMA) is to divest from Ireland Strategic Investment Fund (ISIF) investments in six Israeli companies linked to activities in the Occupied Palestinian Territory.
The NTMA controls and manages ISIF on behalf of the State.
The decision relates to shareholdings with a total value of €2.95m in six companies – Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank and Rami Levi CN Stores.
The Minister for Finance said ISIF has 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.
Michael McGrath said the decision will be implemented as soon as possible over the coming weeks.
“I am advised ISIF will keep under review the alignment of relevant investments within its investment parameters and commercial objectives,” he said in a statement.
“While recognising the independence of ISIF in the management of the investment portfolio, I believe this is the correct investment decision in respect of the assets it manages on behalf of the State,” he added.
