Dáil Éireann Debate, Thursday - 1 February 2024
89. Deputy Matt Carthy asked the Minister for Finance the total sum currently invested by the State in companies that derive profit from activities in illegal Israeli settlements, as defined by the database maintained by the United Nations Human Rights Council pursuant to Resolution 31/36; and if he will make a statement on the matter. [4529/24]
View answerTo our shame, the Irish State invests in companies that profit from illegal Israeli settlements. A Bill before this House, which has been postponed until later this month, would prevent that investment from taking place. Exactly how much is currently invested by the Irish State, on behalf of the people, in companies that have derived profits from illegal Israeli settlements?
I thank Deputy Carthy. The Ireland Strategic Investment Fund, ISIF, portfolio is constructed within the legislative framework set for it by the Oireachtas. ISIF endeavours to be a responsible investor, actively integrating environmental, social and governance, ESG, factors into its decision-making processes with a view to enhancing the overall outcomes for the fund and ultimately its beneficial owner.
In this context, ISIF operates an exclusion policy that is consistent with its statutory mandate, as amended from time to time. Exclusion is used on a limited basis, reflecting exclusions mandated by legislation such as the Fossil Fuel Divestment Act 2018 or the Cluster Munitions and Anti-Personnel Mines Act 2008 and, inter alia, exclusions on sustainable investment grounds including tobacco and nuclear weapons.
Information regarding the Ireland Strategic Investment Fund portfolio is available in the published NTMA annual report, the most recent of which is for 2022. As at year end 2022, ISIF had direct holdings, as defined by the updated UN database of 30 June 2023, of approximately €4.1 million in 11 companies. In publishing the update to the database, the UN noted that the update “encompasses re-assessment, on the basis of information available to the [Office of the High Commissioner for Human Rights], of the situation of these business entities in relation to their structure, ownership, and operations as relevant to their involvement in related listed activities from 1 August 2019 through 31 December 2022." It went on to state, "Accordingly, the update does not purport to provide a complete list of business enterprises engaged in certain activities in relation to Israeli settlement activity in the Occupied Palestinian Territory.” Thus, the UN list, while useful, cannot be considered fully comprehensive.
It is important to note the Government’s policy position with respect to Israel and the occupied territories. I will respond further to the Deputy in a moment.
The world, and especially Irish people, are horrified by what they have seen over the past 120 days or so, particularly in Gaza, where Israeli forces have deliberately murdered civilians and targeted civilian infrastructure, including every hospital in Gaza. They have deliberately attacked aid workers, deliberately attacked and killed journalists and forcibly displaced 2 million people. People are horrified, just as they were horrified by the actions of Hamas on 7 October.
The root of why this is happening is that Israel has been able to act with impunity. The source and cause of the conflict continues to be the Israeli occupation and annexation and the apartheid regime that is in place. Ireland is on record as saying we do not support any of that - in fact, we want a two-state solution - yet we are investing taxpayers' money in companies that are profiting from those illegal activities on the part of Israeli settlements. Will the Minister ensure that this year, every red cent of Irish taxpayers' money invested in companies benefiting and profiting from the occupation will be withdrawn?
The position of the Government is clear in respect of the awful events we are witnessing in the Middle East. There should be an immediate and full ceasefire. Hamas should release all the hostages and humanitarian aid should be allowed in to the people of Gaza immediately. That is the position of the Government and it is what we will continue to advocate for at all the international forums in which we participate.
The Sinn Féin Bill on this issue, as the Deputy will know, was subject to a timed amendment. Departmental officials have engaged with the foreign affairs committee, of which the Deputy is a member. In fact, they have appeared before the committee in respect of this issue. The committee's Chair has written to me recommending that the Bill be subject to further analysis by the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach. I am giving active consideration to the issues involved here and expect to come to a conclusion shortly, at which point I will make a recommendation to the Government.
This is critical and it should be seen very much as the first step in Ireland taking meaningful action that sends a clear message to the Israeli state and its supporters that we uphold international law and that we will not allow the State or any other entity to profit from breaches of international law.
The Minister stated, as has been mentioned a number of times, that the UN database is not comprehensive, meaning other companies that are profiting from illegal settlements' activities may not be included. Perhaps that is true, but one thing we know for sure is that the United Nations database includes companies that do derive profit from illegal settlements. It is bizarre to suggest, therefore, that we will not target these companies we know are engaged in or profiting from illegal activities just because there may be others. If the Garda were to take such an approach and say it would not investigate a crime just because somebody else might be getting away with the same crime, I think we would all agree that was ludicrous. Regardless of whether the Bill progresses, which I hope it does, will the Minister ensure that all State investments in companies that profit from illegal Israeli activities will be withdrawn?
It is important any Government response be carefully considered and comprehensive. The Deputy will acknowledge that since his party's legislation was brought forward, the UN has updated its list. I have been engaging directly with my officials and the Ireland Strategic Investment Fund, and we recognise the role we have to play on this issue. It is important we ensure that Government policy is reflected in the decisions that are made on the investment front. I am working through this and considering what the options are, and I expect to make a recommendation to the Government shortly.
