'ISIF has determined that the risk profile of these investments is no longer within its investment parameters,' Minister for Finance Michael McGrath said. Photograph: Dara Mac Dónaill
The State-owned Ireland Strategic Investment Fund will divest itself of shareholdings in a number of Israeli companies that have activities in the Occupied Palestinian Territories, citing the “risk profile” of the investments which are valued at just under €3 million. The fund, which is operated by the National Treasury Management Agency , will also review other investments in the region to ensure they align with the fund’s investment parameters and objectives, Minister for Finance Michael McGrath said on Friday.
The decision relates to ISIF’s investments in six companies that have activities in the Occupied Territories: Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank and Rami Levi CN Stores. “I have been advised by the NTMA that it has decided to divest from certain ISIF global portfolio investments in companies that have certain activities in the Occupied Palestinian Territory,” Minister McGrath said in a statement. “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.
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