Dáil Éireann Debate, Tuesday - 28 June 2016
79. Deputy Pearse Doherty asked the Minister for Finance the value of investments the Ireland Strategic Investment Fund has made in fossil fuel-related investments; and if he will make a statement on the matter. [17947/16]
View answerThe Ireland Strategic Investment Fund (ISIF) informs me that its exposure to fossil fuel companies is in its global portfolio. The global portfolio is a transition portfolio the purpose of which is to manage the legacy assets inherited from its predecessor fund, the National Pensions Reserve Fund (NPRF) as the Fund transitions fully into Irish assets. In keeping with the ISIF's mandate to hold or invest its assets (other than directed investments) on a commercial basis in a manner designed to support economic activity and employment in Ireland, these legacy investments are being sold by ISIF over time to fund Irish investment commitments as they arise.
In the absence of a globally accepted definition and list of fossil fuel companies, a company by company analysis of the Fund's entire holdings would be necessary to determine the full exposure. A preliminary and unaudited value of the Fund's investment in the Oil, Gas and Consumable Fuels industry group, as defined by the leading equity index provided by MSCI Inc, indicates exposure of approximately €79m of equity, representing 1% of the Fund's investments as of 31 December 2015. However, the Fund is currently undergoing a significant reshaping of its Global portfolio and current exposure is significantly reduced - estimated to be approximately €50m via both equity and fixed income exposures.
