The National Treasury Management Agency (NTMA) of Ireland has validated its withdrawal from investments in several firms with operations in the territories under Palestinian occupation. This divestment process pertains to stakes amounting to €2.95 million in entities including 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 stated on Friday that the NTMA had decided to disinvest from particular Ireland Strategic Investment Fund’s (ISIF) global portfolio investments. According to him, ISIF has reasoned that the risk profile of these investments no longer aligns with its investment parameters and such commercial objectives can be met via alternate investments.
The execution of this decision is anticipated to be completed as swiftly as possible in the forthcoming weeks. It has been informed that ISIF will continuously assess the alignment of necessary investments with its investment parameters and business goals.
McGrath, acknowledging ISIF’s autonomy in managing the investment portfolio, expressed his belief that this is the appropriate investment decision concerning the assets it looks after on behalf of the state.
The NTMA is a state-run entity with a commercial mandate to offer asset and liability management services to the government. The ISIF, steered and regulated by the NTMA, is a sovereign development fund with a mandate to invest commercially to foster economic activities and job creation within Ireland.