Irish Fund Divests €1M from Companies Tied to Israeli Settlements

URGENT UPDATE: The Irish Strategic Investment Fund (ISIF) has divested over €1 million from two U.S.-owned accommodation companies, Expedia Group and Tripadvisor, linked to Israeli settlements in occupied Palestinian territories. This significant move occurred in 2024, as revealed by the latest National Treasury Management Agency (NTMA) report.

This divestment underscores growing scrutiny over investments tied to activities that support illegal settlements, which have sparked international controversy and human rights concerns. The Irish government previously announced a €2.95 million divestment from six Israeli companies, making this latest action a continuation of its ethical investment strategy.

Officials confirmed that while direct investments in Expedia and Tripadvisor have ceased, the fund’s holdings in other companies linked to Israeli settlements have surged. The ISIF’s direct shareholdings in four other firms—including Airbnb, Alstom, Booking Holdings, and Motorola Solutions Inc—rose from €2.1 million in 2023 to €5.3 million in 2024, raising questions about the fund’s investment ethics.

Both Expedia and Tripadvisor have faced backlash for their roles in facilitating the existence of illegal settlements through their platforms, which list accommodations based in the West Bank and East Jerusalem. Last year, the ISIF held over €1.3 million in shares in these companies. The direct divestments from both platforms signal a shift in Ireland’s investment policies amid increasing pressure to align financial activities with human rights responsibilities.

Despite the recent divestment, the ISIF continues to invest in companies that are on the UN watchlist. Notably, the fund increased its holdings in Airbnb from €310,000 in 2023 to €440,000 in 2024. Airbnb has stated that it donates all profits from listings in the occupied West Bank to humanitarian organizations. Meanwhile, investments in Alstom have also risen significantly, with shareholdings jumping from €210,000 in 2023 to €1.53 million in 2024.

A spokesperson for Alstom claimed the company does not engage in activities related to the occupied Palestinian territories and has requested removal from the UN database. However, the ISIF’s continued investments in Booking Holdings and Motorola Solutions raise further concerns. Booking.com still lists numerous properties in settlements, while Motorola Solutions has faced criticism for its operations in the region.

The situation has provoked strong responses from political leaders. Cian O’Callaghan, deputy leader of the Social Democrats, labeled it “utterly outrageous” that the ISIF still held bonds from the Israeli government, which critics allege support military actions in Gaza. Following public outcry, Finance Minister Paschal Donohoe confirmed that the ISIF had divested from all Israeli state bonds in recent weeks.

As the Irish government reassesses its investment strategies, the implications of these decisions resonate deeply in both financial markets and global human rights discussions. Observers will be closely watching how this evolving landscape impacts Ireland’s international relations and ethical investment practices.

Stay tuned for more updates on this developing story.