Latest news with #ISIF
The Journal
18-07-2025
- Business
- The Journal
Irish sovereign wealth fund stops investing in two more companies linked to Israeli settlements
IRELAND'S SOVEREIGN WEALTH fund has quietly divested shareholdings worth over €1 million from two accommodation companies linked to activities in occupied Palestinian territory. However, the fund has also seen the value of its direct shareholdings in four other companies linked to illegal Israeli settlements – Airbnb, Alstom, Booking Holdings and Motorola Solutions – increase from €2.1 million in 2023 to €5.3 million last year. The latest annual report from the National Treasury Management Agency shows that the Irish Strategic Investment Fund (ISIF) no longer invested in Expedia Group and Tripadvisor in 2024, as it did the previous year. The two companies are listed on a United Nations database that names businesses and parent companies that enable the continued existence of illegal Israeli settlements on Palestinian land. Both are US-owned accommodation booking platforms which The Journal Investigates found had featured dozens of listings based in settlements in the West Bank, parts of occupied East Jerusalem, and the Golan Heights. The NTMA's 2023 report showed that the ISIF's direct shareholdings in the two companies were worth over €1.3 million. Finance Minister Paschal Donohoe revealed in a Parliamentary Question response in April that the State also indirectly invested around €985,000 in Expedia Group the same year. The 2024 NTMA report shows the fund no longer directly invests in either Expedia Group or Tripadvisor, though it is not yet clear whether indirect investments in either company are held. Advertisement Last year, the government publicly announced that it had divested €2.95 million worth of shares from six other Israeli companies, whose names likewise do not feature in the 2024 NTMA report. They include five Israeli banks – Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank – and an Israeli chain store, Rami Levi CN Stores. The NTMA report also showed that the State continued to directly invest in four companies that are named on the UN watchlist in 2024, increasing the value of its shares in each of them compared to 2023. They include accommodation platform Airbnb, whose listings also include properties that are based in settlements in the West Bank, occupied East Jerusalem and the Golan Heights. Last year, the value of the ISIF's direct shares in the company were worth €440,000, up from €310,000 in 2023. Airbnb has previously said it donates all profits from listings in the occupied West Bank to 'non-profit organisations dedicated to humanitarian aid that serve people in different parts of the world'. The ISIF also continued to invest in French rail multinational Alstom, whose subsidiary Bombardier Transportation supplied vehicles on the Tel Aviv to Jerusalem train line, which passes through parts of the occupied West Bank . Direct holdings in the company rose to €1.53 million in 2024, an increase on the €210,000 shareholding it held in 2023. A spokesperson for Alstom told previously The Journal that the company does not have any activity within or related to occupied Palestinian territories, and that the company has requested removal from the UN database when it is next updated. Meanwhile, the ISIF retained shares in another accommodation company, Booking Holdings, in 2024. Related Reads Irish sovereign wealth fund pumped millions into companies contracted by Israel Defence Forces Who are the 8 companies that Ireland invests in that have links to illegal Israeli settlements? The company is named on the UN list because lists hundreds of rooms for hotels and guesthouses in settlements in the West Bank, the Golan Heights and East Jerusalem. The ISIF's direct shares in the company were worth €1.04 million last year, up from €920,000 in 2023. And direct shareholdings in Motorola Solutions Inc, whose Israeli subsidiary has been criticised by the United Nations and human rights groups for its treatment of Palestinians in illegal settlements, also rose last year. The ISIF's direct holding in the company rose to €2.35 million in 2024, an increase on the €700,000 worth of direct investments it held in the company 2023. The nature of the fund's investments previously made headlines this week when it emerged that the ISIF also held €3.6 million in Israeli state bonds. Social Democrats deputy leader Cian O'Callaghan claimed it was 'utterly outrageous' that the fund held the bonds and it was claimed the investment was being used to help Israel's 'genocidal campaign' in Gaza. Paschal Donohoe subsequently confirmed that the ISIF had since divested itself of all Israeli bonds in the last number of weeks. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
The Journal
16-07-2025
- Business
- The Journal
Taoiseach says €3.6 million investment in Israel is 'not going to fund any war'
TAOISEACH MICHEÁL MARTIN has said a €3.6 million investment in Israel is 'not going to fund any war' in response to claims that Ireland was funding a genocide in Gaza. The Fianna Fáil leader said the Government has no role in directing how public money should be invested and said it was not true to say Irish funds invested in Israel meant Ireland was funding a genocide in Gaza. Finance Minister Paschal Donohoe confirmed in the Dáil last night that the Irish Strategic Investment Fund (ISIF) had divested itself of all Israeli bonds in the last number of weeks. During Leaders' Questions this afternoon, Social Democrats deputy leader Cian O'Callaghan raised the matter during Leaders' Questions this afternoon. He told the Dáil that at the end of 2023, the ISIF held €2.62 million in Israeli sovereign debt. By the end of 2024, that had increased to €3.62 million. 'This wasn't a mistake or some kind of oversight. Someone made a deliberate decision to increase the level of public money spent on Israeli war bonds, and the Israeli government have not hidden what those bonds are for,' O'Callaghan said. 'These bonds are clearly being used to help finance their genocidal campaign. Taoiseach, this is utterly outrageous.' Advertisement The Dublin Bay North TD also said it was 'shameful' that nearly €8 million of Irish public money was invested, directly or indirectly, in companies operating in occupied territories while the Government is trying to pass the Occupied Territories Bill, which would ban the trade of goods with Israeli settlements in the same occupied territories. Ireland directly invested in 11 companies with ties to settlements in occupied Palestinian territories, with the State's divestment from six of these companies in April 2024 bringing this number to five. But through involvements in those five companies, the ISIF may still be investing millions in businesses with links to settlements that are considered illegal under international law. The Journal Investigates recently reported on who these companies are and why they are linked to settler activity in occupied Palestine territory. Govt 'not involved in investment decisions' Martin said he would 'follow through' on the issue raised with him today, but pushed back against the suggestion that Ireland was funding a genocide. I take strong exception to your assertion that the Irish Government is funding genocide. It most certainly is not and never has. 'You know the Government does not get involved in investment decisions by any fund that is established, you know that is the case.' He said Ireland was opposed to the war in Gaza and listed Ireland's position on matters relating to Gaza: that Ireland was the only country that has moved to pass legislation banning goods coming from the illegally occupied Palestinian territories and had pushed for the suspension of the EU-Israel Association Agreement. He said Ireland had intervened in South Africa's genocide case against Israel at the International Court of Justice (ICJ), and also sponsored UN resolutions in respect of decisions at the court. O'Callaghan said the Government gives the ISIF 'its strategic direction', and should direct it not to invest money in companies that contravene international law in the West Bank. Read Next Related Reads Fine Gael TD criticises Alan Shatter for comparing Occupied Territories Bill to Father Ted sketch Micheál Martin likens Israel's plans for 'humanitarian city' in Gaza to a 'concentration camp' 'There are much better places that our money should be spent: in affordable housing, in healthcare and disability services. Not a cent should be invested in companies operating in occupied Palestinian territories, in the West Bank.' Martin said: 'The ISIF have confirmed that at the end of 2024 it had held €3.6 million in Israeli sovereign debt. 'That's not going to fund any war, deputy. So let's have a sense of perspective. You can argue it's not right, I take that point. 'But you said we funded genocide. That is an outrageous, exaggerated assertion. You lack credibility in putting a point like that, but you do it for political gain only.' He said ISIF held €5.2 million in Egyptian sovereign debt and €2.3 million in Jordanian sovereign debt, and added: 'I wouldn't approve of some of this either.' He called on O'Callaghan to withdraw the claim that Ireland was funding genocide. With reporting from Press Association Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
16-07-2025
- Business
- RTÉ News
Opposition claims Government funding 'Israel's genocide in Gaza'
TDs have clashed over opposition claims Government is funding "Israel's genocide in Gaza", after it emerged the State's investment body only divested itself of millions of euro in Israeli bonds in recent weeks. Social Democrats TD Cian O'Callaghan made the allegation and told Taoiseach Micheál Martin "you owe the Irish people an explanation" during the latest Dáil leaders questions debate today - with the Taoiseach responding by saying the claim is "an outrageous allegation". Yesterday evening, Minister for Finance Paschal Donohoe told the Dáil that the Ireland Strategic Investment Fund held €3.6m in Israeli bonds at the end of 2024 and divested itself of the funding in recent weeks. Amid criticism from a number of parties last night, Minister Donohoe had said the board of ISIF is independent of Government when it comes to investment decisions. Raising the issue during leaders questions, Deputy O'Callaghan said at the end of 2023 ISIF had €2.26m in Israeli bonds, a figure that rose to €3.6m by the end of 2024 and was only divested in recent weeks. Deputy O'Callaghan asked, "why was money used to fund Israel's genocide in Gaza" and said "you owe the Irish people an explanation", before adding "there is no denying or hiding it". The Social Democrats TD said what happened is "not oversight" and that "someone made a deliberate decision to increase spending on Israeli war bonds", saying in his view "it is utterly outrageous" and that "I'm sure many people learning about this will feel sickened". Responding to the comments, Mr Martin told Deputy O'Callaghan the Irish Government is entirely "opposed" to the violence in Gaza and said TDs should not be "twisting" what is happening. The Taoiseach said, "you know Government does not get involved in any investments" and that Ireland has been thanked for its role in trying to end the violence in Gaza. Asked by Deputy O'Callaghan "when were Israeli bonds sold, on what date", who added that ISIF "is funded by the people" and as such in his view needs to "ensure not a cent of Irish money goes into these companies", Mr Martin responded by saying the previous investments were "not going to fund any war". The Taoiseach again confirmed that "at the end of 2024" ISIF had €3.6m in Israeli bonds and repeated his position that the money has not "funded genocide", saying "that is an outrageous allegation". He said ISIF also had investments in other countries at the same time, including €2.3m in "Jordanian sovereign debt", and called on Deputy O'Callaghan "to withdraw any assertion" Ireland is "funding genocide" in Gaza.
RTÉ News
15-07-2025
- Business
- RTÉ News
ISIF diviested all Israeli bonds in past weeks, Dáil told
The Ireland Strategic Investment Fund (ISIF) has divested itself of all Israeli bonds in the past number of weeks, Minister for Finance Paschal Donohoe has told the Dáil. He said the board of ISIF was independent of Government when it came to investment decisions. He was replying to the Sinn Féin Spokesperson on Finance Pearse Doherty, who said it was shocking and disgraceful that ISIF had held Israeli bonds "when genocide was taking place last year". The Donegal TD said Israel did not hide what its bonds were on sale for - supporting its war in Gaza - and both ISIF and the Government knew that, he added. He asserted that Mr Donohoe could not wash his hands of responsibility given he was the Minister for Finance and ISIF reported to his department. Mr Doherty accused the Government of being complicit in Israeli genocide, a charge Minister Donohoe flatly rejected. ISIF is managed and controlled by the National Treasury Management Agency and describes itself as "a sovereign development fund with a unique mandate to invest on a commercial basis to support economic activity and employment in Ireland".
Irish Examiner
14-07-2025
- Business
- Irish Examiner
NTMA benchmark bond issuance totalled €6bn in 2024
The National Treasury Management Agency's (NTMA) benchmark bond issuance in 2024 totalled €6bn, with the average annual bond issuance from 2022 to 2024 being less than €7bn. Publishing its mid-year review and annual report, the agency said the €7bn compares with an annual average of almost €20bn for the period 2019 to 2021. The bond issuance in 2024 was at a weighted average yield of 2.7% and a weighted average maturity of 11.6 years. Despite higher marginal funding costs in recent years, Ireland's debt interest bill has remained stable, standing at €3.2bn in 2024, almost 60% below its 2013 peak. Limited issuance in recent years, coupled with the fact that almost all of Ireland's existing debt is at fixed interest rates, means the interest bill is likely to remain relatively stable in the near term, the NTMA said. The agency reported a total of €30bn in cash and liquid assets at its half-year point, which reduces the requirement for borrowing in the coming years. So far in 2025, the NTMA has issued €5.25bn in benchmark bonds, including a new 30-year bond maturing in 2055. The weighted average yield of issuance was 3.07% with a weighted average maturity of 21.9 years. ISIF The Irish Strategic Investment Fund (ISIF), which is managed by the NTMA, recently marked 10 years since its establishment, having generated €2.9bn of accumulated returns since inception to end-2024, an annualised return of 3.4% per annum. The fund made 35 investments totalling over €1.6bn in 2024, bringing total ISIF commitments to €8.8bn across 248 investments and €12.6bn of co-investment commitments since inception, a co-investment multiple of 1.4 times. So far in 2025, ISIF has closed a further €800m in investments across its key themes of climate, scaling indigenous businesses, housing and enabling investments and food and agriculture. Meanwhile, the Future Ireland Fund and the Infrastructure, Climate and Nature Fund, which was established in July 2024, had combined assets of approximately €10.5bn at year-end, following initial contributions from the National Surplus. Following the recent receipt of further Exchequer contributions, the combined assets of the Funds are now approximately €13.5bn, and are expected to be over €16bn by end-2025. 'Ireland is well-positioned against the backdrop of uncertain markets," said chief executive of the NTMA, Frank O'Connor. "There is a strong market awareness of the buffers we have in place through our Funding and Debt Management strategy – the strength of our public finances, coupled with the long weighted average maturity of our debt, means we expect to have relatively low borrowing requirements in the short to medium term. "We are also benefiting from locking in the low interest rates in previous years, with the debt interest cost in 2024 of €3.2bn being almost 60% less than its peak over a decade ago. The interest bill is likely to remain relatively stable over the next few years." Phishing attack Mr O'Connor also said the state investment agency will review its security protocols after losing €5m in a phishing attack. The scam was discovered last week after staff at the €17bn Ireland Strategic Investment Fund (ISIF), a sovereign development fund that the agency also runs, expressed concern about a payment made to what they thought was an investee company. Instead, it was found that they had received a fraudulent payment request from a third party designed to look like a legitimate request from the existing investee company at the time of an expected drawdown of funds, Mr O'Connor said at a conference on Monday.
