The decision is based on a €2.95 million stake in six companies: Bank Hapoalim BM, Bank Leumi l Israel BM, Israel Discount Bank, Mizrahi Tefahot Bank, First International Bank and Rami Levy CN Stores. Applies to holdings.
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Irish Prime Minister Leo Varadkar speaks at the EPP Congress in Bucharest, Romania, March 7, 2024.AP)
The Irish government has withdrawn millions of euros in investments from several Israeli companies.
The Irish National Treasury Management Authority (NTMA) has announced that it has decided to sell approximately €3 million of the Irish Strategic Investment Fund’s (ISIF) global equity portfolio.
This decision applies to shareholdings of €2.95 million in six companies: Bank Hapoalim BM, Bank Leumi-le Israel BM, Israeldiscount Bank, Mizrahi Tefahot Bank Ltd, First International Bank, and Rami Levi CN Stores.
According to Irish Finance Minister Michael McGrath, this was the “right decision” as the “risk profile of these investments” is no longer within the scope of ISIF and the commercial objectives of these investments can be achieved through other investments. That’s what it means.
He announced that this decision will be implemented “as soon as possible” in the coming weeks and that ISIF will “continue to consider adjustments to related investments within investment parameters and commercial objectives.”
“While I recognize ISIF’s independence in managing its investment portfolio, I believe this is the correct investment decision when it comes to the assets it manages on behalf of the state.”
The NTMA manages the ISIF on behalf of the states, which includes both discretionary and directed portfolios.
The discretionary portfolio’s ‘double income’ mandate requires it to invest commercially in a way that promotes economic activity and employment in Ireland.
The primary objective of Global Investments is to provide liquidity for Irish portfolio investments and directed or anticipated withdrawals, and to generate appropriate risk-adjusted returns to support ISIF performance in a low-risk capacity. is.
ISIF’s total portfolio by the end of 2022 was EUR 15 billion, of which EUR 5.2 billion was invested in its global portfolio.
Spain and Ireland become Israel’s harshest critics after leaving the EU
Israeli Prime Minister Benjamin Netanyahu said the killing of seven World Central Kitchen workers in the Gaza Strip was a “tragic incident” and insisted that “this happens in times of war”, as did Spain’s Pedro Sanchez. This sparked further controversy around the world, including with the Prime Minister. He called the “supposed explanation” “totally unacceptable and inadequate.”
according to guardianSánchez said Spain will decide “what action to take against Prime Minister Netanyahu’s government” following Sánchez’s recent announcement that Spain would recognize a Palestinian state by July. He previously noted that he was waiting for an explanation regarding the killing.
Sanchez previously called the Palestinian death toll in the Gaza Strip “truly intolerable” and said “Israel’s” actions could not include “the deaths of innocent civilians, including thousands of children.” both of which infuriated Prime Minister Netanyahu. He added that he had “genuine doubts” about Israel’s compliance with international humanitarian law.
The Spanish Prime Minister claimed that “Israel”‘s actions could provoke a debate within the EU about “whether to continue this strategic relationship or not.”
Spain is not the only country speaking out. In Ireland, outgoing Prime Minister Leo Varadkar described the massacre as “almost retaliation” and Foreign Secretary Michael Martin said it was “disproportionate”.
talk to guardianA senior diplomatic source revealed that Spain and Ireland’s position on Palestine was now clearer than before, noting that each time they spoke, their voices encouraged other countries to join as well.
This comes after the leaders of Spain, Ireland, Slovenia, and Malta issued a joint statement on March 22 declaring that they “recognize the state of Palestine.”
