Ireland is to pull its investment in six Israeli companies operating in the Occupied Palestinian Territory.

The Ireland Strategic Investment Fund (ISIF) has shares worth €2.95m in the six companies.

The sovereign investment fund is managed by the National Treasury Management Agency (NTMA) and holds investments worth around €15 billion - €5.2 billion of which is invested in its ‘Global Portfolio’.

In a statement this morning, Finance Minister Michael McGrath said he had been informed of the decision to divest from certain companies operating in the Occupied Territories.

Occupied Territories

He said the fund had decided 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,” he said.

Minister McGrath said ISIF is keeping its other investments under review.

“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,” he said.

"Just the beginning"

Meanwhile, the Labour leader Ivana Bacik said the divestment should be “just the beginning”.

“Labour has been steadfast in its call for Government to cease investment and trade in the Occupied Territories altogether,” she said.

“The scale of destruction witnessed by the people of Gaza is nothing short of horrific.

“The case for an immediate ceasefire in Gaza becomes even more compelling each day, as the death toll mounts. We are bearing witness to awful devastation, unleashed by the Israeli Government upon this civilian population trapped in a small, besieged enclave.”

Gaza

Deputy Bacik said the Irish people are “clear in their condemnation of the destruction of human life in Gaza”.

“When faced with such brutal violence on such a scale, silence is not an option,” she said.

“Labour stands in solidarity with the people of Gaza and calls for an immediate cessation of hostilities.

“We welcome any efforts by Government to recognise the State of Palestine and urge them to prioritise diplomatic solutions to end the conflict.”

The six Israeli companies Ireland is divesting from includes some of the country’s largest banks.

• Bank Hapoalim BM
• Bank Leumi-le Israel BM
• Israel Discount Bank
• Mizrahi Tefahot Bank Ltd
• First International Bank
• Rami Levi CN Stores