FINANCE MINISTER MICHAEL McGrath is to bring a proposal to government on how to deal with the €4.2 million of Irish taxpayers money that is invested in companies operating in illegal Israeli settlements in occupied Palestine.

Speaking in the Dáil this morning, the minister said his department has been working with the Ireland Strategic Investment Fund (ISIF) “on the most appropriate way to address the issues”. 

The minister said he has written to the CEO of the The National Treasury Management Agency (NTMA) and to the chair of the Foreign Affairs and Defence Committee to seek their views.

“This process will allow the government to determine what is the most appropriate approach to adopt in this matter. I am aware that this is a difficult situation to resolve and it does require time and some careful consideration to get it right,” he added. 

Sinn Féin’s Illegal Israeli Settlements Divestment Bill 2023, which calls for Ireland to divest its investment from companies based in the occupied territories, was also raised in the Dáil today. 

The bill is designed to compel the ISIF to divest itself of holdings in companies listed on a UN database of businesses operating within illegal Israeli settlements in occupied Palestinian territories. 

The Bill has been delayed by the government for nine months with a timed amendment mechanism to allow the government carry out a review of the legislation.

The UN has since updated the list of companies, removing some that have ceased activities in the illegal settlements and added names of businesses that have commenced operations within settlements.  

McGrath said the delayed approach “has provided some space to consider the intent of the Bill and I am working through the issues that arise with the legal advisors with the NTMA and ISIF. I do intend to discuss this matter with government very shortly”.

Doherty said the “lack of urgency” shown by government is “startling”, and questioned why there is still no plan from government. 

The minister said it is important the Irish government takes a comprehensive approach to examining this issue.

“The UN themselves acknowledged that the list that they published is not complete. It’s not exhaustive,” he said.