State fund to divest from six Israeli companies
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Ireland’s sovereign development fund is to divest from investments of around €3 million in six Israeli companies, including five banks, which do business in the occupied Palestinian territories.
The National Treasury Management Agency (NTMA) has said the Ireland Strategic Investment Fund (ISIF) will end its investment in Bank Hapoalim BM, Bank Leumi-le Israel BM, Israel Discount Bank, Mizrahi Tefahot Bank Ltd, First International Bank and Rami Levi CN Stores.
Finance minister Michael McGrath 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.
“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.
“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.”
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