NTMA to divest certain investments in Occupied Palestinian Territory

Minister for Finance Michael McGrath has welcomed a decision by the National Treasury Management Agency that would see a certain amount of Irish investments in the Occupied Palestinian Territory divested.

The divestment decision relates to shareholdings with a total value of €2.95m in the following six companies: Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank and Rami Levi CN Stores.

McGrath said, “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.”

Labour Ivana Bacik also welcomed the news, saying “the relentless violence and suffering endured by the people of Gaza demands urgent international attention. It is heartening to see the NTMA taking steps to divest from investments in companies operating in the occupied territories, but this is just the beginning.”

“Labour has been steadfast in its call for Government to cease investment and trade in the occupied territories altogether. 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.”

“Irish people are clear in their condemnation of the destruction of human life in Gaza. It is imperative that the Irish Government amplifies this voice on the international stage and works tirelessly to secure a ceasefire. While we commend the Government’s contribution to humanitarian efforts and ongoing support for UNWRA, more must be done to alleviate the suffering of the Palestinian people.”