Latest news with #IrelandStrategicInvestmentFund
RTÉ News
5 days ago
- Business
- RTÉ News
ISIF diviested all Israeli bonds in past weeks, Dáil told
The Ireland Strategic Investment Fund (ISIF) has divested itself of all Israeli bonds in the past number of weeks, Minister for Finance Paschal Donohoe has told the Dáil. He said the board of ISIF was independent of Government when it came to investment decisions. He was replying to the Sinn Féin Spokesperson on Finance Pearse Doherty, who said it was shocking and disgraceful that ISIF had held Israeli bonds "when genocide was taking place last year". The Donegal TD said Israel did not hide what its bonds were on sale for - supporting its war in Gaza - and both ISIF and the Government knew that, he added. He asserted that Mr Donohoe could not wash his hands of responsibility given he was the Minister for Finance and ISIF reported to his department. Mr Doherty accused the Government of being complicit in Israeli genocide, a charge Minister Donohoe flatly rejected. ISIF is managed and controlled by the National Treasury Management Agency and describes itself as "a sovereign development fund with a unique mandate to invest on a commercial basis to support economic activity and employment in Ireland".
Irish Times
6 days ago
- Business
- Irish Times
NTMA ‘will look hard' at its systems and protocols after €5m fraud
The National Treasury Management Agency (NTMA) has said it will have to 'look hard' at its systems and protocols after it was discovered in recent days a €5 million fraud had been perpetrated against it . NTMA chief executive Frank O'Connor on Monday said the payment was made to a third party at a time when there was a financial drawdown or capital call anticipated, involving one investee company of the Ireland Strategic Investment Fund. There had previously been a legitimate payment to the company. Speaking at the unveiling of the NTMA's annual report for 2024, he said the €5 million fraud was 'an extremely serious matter' for the agency. READ MORE He said there was no suggestion that there had been an IT breach or any threat to the IT systems in the NTMA. Mr O'Connor said when the issue was discovered, the NTMA immediately made a report to the Garda, the Department of Finance and other relevant authorities. 'It won't surprise you that our immediate focus is on recovery and investigating the matter fully', he said. Mr O'Connor said that having approved an investment, there could be several capital calls or drawdowns of money. 'We will have to look hard at our systems and our own protocols to ensure was there anything we could have spotted (or) any shortcomings and the investigation will (look) at that,' he said. Mr O'Connor said a capital call was not just a phone call. He said it involved a process that would have to be engaged in and that would lead to the withdrawal of funds. He said there was no suggestion that the fraud could have been perpetrated on the basis of inside information. 'Obviously a fraudulent actor may have gathered enough (information) outside of the NTMA that may have led to it. I can't really get into any more detail at this stage and obviously we will investigate the matter fully.' Minister for Finance Paschal Donohoe backed management at the NTMA. He said the €5 million fraud was 'regrettable, but extremely rare'. 'In my many years of engagement with the National Treasury Management Agency, I have seen at the first hand how seriously they take all matters with regard to security, and the ongoing and huge efforts that are made to protect the money of the taxpayer of Ireland,' he said. 'I have seen at first hand the investments and care they make to protect their systems and to protect the money of our country. I know that every effort will be made to investigate, to review and to follow up on all of the circumstances around this incident.'
RTÉ News
6 days ago
- Business
- RTÉ News
Donohoe backs NTMA management after €5m fraud incident
The Minister for Finance Paschal Donohoe has backed the management of the National Treasury Management Agency after it was subject to a €5m fraud. The NTMA's Ireland Strategic Investment Fund made the payment in what is termed a cash call to a third party which pretended to be an investee company which had previously received a legitimate payment. The NTMA is the body responsible for Ireland's national debt. At a press conference today, Minister Donohoe said the fraudulent payment "was regrettable and extremely rare." He added he had seen at first hand how the NTMA protects the taxpayers' money and "every effort" would be made to investigate the issue. It is understood that the payment was made to a third party which pretended to be a fund which had previously received a payment from the NTMA. The fraudulent payment was made last week and staff at the organisation reported the issue to Gardaí when they became aware of the matter. The CEO of the NTMA, Frank O'Connor, said the "immediate focus was on recovery" of the money. "We will have a hard look at our own systems," he said. He added that there was no suggestion of an IT breach on the side of the NTMA or any threat to the IT systems of the NTMA. Meanwhile, the NTMA said today it had sold off Israeli, Egyptian and Jordanian sovereign bonds due to "geopolitical uncertainty". The organisation previously had a holding of €2.6m in Israeli bonds in 2023. The NTMA issued its annual report today and said Ireland borrowed money at an average interest rate of 2.7% last year. It said despite higher marginal funding costs over recent years, the country's annual interest bill remained stable at €3.2 billion last year, almost 60% below its peak in 2013 after the financial crisis. The agency said the interest bill is likely to remain stable in the near term as almost all of Ireland's existing debt is at fixed rates. The net debt, when cash on deposit and liquid assets, are is taken into account, now stands at €157 billion. The NTMA said its funding strategy meant that it had over €30 billion in cash and liquid assets which reduces its requirement for borrowing in the coming years. The NTMA's Ireland Strategic Investment Fund made 35 investments last year worth €1.6 billion. The Minister for Finance said the NTMA continued to build up cash balances at a time when Ireland could face volatility caused by US tariffs.
Irish Times
06-05-2025
- Business
- Irish Times
State investment fund pledges support for green technology businesses
The State-owned Ireland Strategic Investment Fund (ISIF) is pledging more than €160 million to green technology businesses as it plans to double its support for climate action enterprises to €2 billion. The fund, which operates under the umbrella of the National Treasury Management Agenc y, aims to back the State's climate goals by investing in projects that cut greenhouse gas emissions, boost renewable energy and capture carbon from the atmosphere. Barry O'Halloran has the details. Some people argue that only a minority actually pays for it, so why the fuss? Others, such as former minister Alan Shatter, describe it as 'State-sanctioned graveside robbery of assets'. But whatever side you're on, there's no doubt that reducing a tax bill on your life's work is something most people would look to do. Fiona Reddan has some ideas on how to do this. Irish companies risk running foul of new EU legislation requiring them to make their websites, apps and digital services more accessible to people with disabilities . READ MORE The new rules comes into force on June 28th but a recent survey found that almost six in 10 businesses remain confused about what they have to do to be compliant with them, reports Dominic Coyle. Danish renewable energy company Orsted has started to build a 55MW solar farm just outside Cork City, with the project expected to generate enough electricity for 16,000 homes. 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 Construction of the solar farm, which is being constructed as part of a contract awarded as part of the fourth Renewable Electricity Support Scheme (RESS-4), sees Orsted's total solar energy commitment in Ireland grow to more than 700 megawatts (MW). Hugh Dooley reports. April's trade war threat spooked shoppers last month, but there are no indications yet that Irish people plan to rein in spending, a survey indicates. The news comes as a Government report shows that consumers were key to recovery from Covid-19 lockdowns, writes Barry O'Halloran The Irish services sector experienced subdued growth last month while the industry outlook is the weakest in more than four years, the latest AIB purchasing managers index (PMI) has revealed. In the aftermath of US tariffs policy announcements and volatility in the financial markets, the 12-month outlook was the weakest since October 2020 in the face of the uncertainty, reports Hugh Dooley. Dominic Coyle answers a question from a reader on whether having all of a couples' savings and national savings certificates in joint names is the best way of preparing for one partner dying before the other. The Louth-based medical technology company behind the National Cardiac Device Registry is targeting a UK expansion and is expecting to create 20 new jobs to support the ambitions. Heart Rhythm Ireland is rebranding as Heart Rhythm International (HRI) with the intention of developing business in the UK. Hugh Dooley reports. Novo Nordisk reports earnings on Wednesday, and for once, Wall Street isn't holding its breath. Once celebrated for routinely raising guidance, the Danish drugmaker is on the defensive, writes Proinsias O'Mahony in Stocktake., Northern Ireland needs an urgent increase in the number of higher education places it has if it is to stand any chance of closing the investment and productivity gaps with Britain or the Republic of Ireland over the next 25 years, writes Garrett Curran, chairs of the Queen's University Belfast foundation board and is a board member of Santander Asset Management, in our Common Ground series. Stay up to date with all our business news: sign up to our Business Today daily email news digest. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
06-05-2025
- Business
- Irish Times
State investor pledges more than €160m to climate businesses
The State-owned Ireland Strategic Investment Fund (Isif) is pledging more than €160 million to green technology businesses as it plans to double its support for climate action enterprises to €2 billion. The fund, which operates under the umbrella of the National Treasury Management Agency , aims to back the State's climate goals by investing in projects that cut greenhouse gas emissions, boost renewable energy and capture carbon from the atmosphere. The Isif said on Tuesday that it has earmarked €1 billion to back such projects in a second climate action fund, which it plans to allocate over the next four years. 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 It committed the €1 billion pledged in the first such fund two years ahead of schedule. The second venture will double the State investor's backing for climate-action oriented businesses to €2 billion. READ MORE The Isif has pledged €161 million from the second climate action programme across three specialist investment funds whose aim is to back businesses that develop technology that cuts carbon dioxide output and boosts green energy. Industries that it will support include renewable power, energy storage, sustainable fuel, green hydrogen, and carbon capture and storage. The Irish fund is committing €75 million to the Hitecvision New Energy Fund 2, which will back projects in Europe that involve renewable power, boosting electricity use and sustainable fuels, such as biomethane. It will advance €58 million to the L&G NTR Clean Power (Europe) Fund, which invests in green energy infrastructure intended to advance Europe's carbon reduction and energy security plans. L&G NTR Clean Power backs projects using established technology, including wind energy, solar power and energy storage. The Isif will pledge €28 million to AP Ventures Fund III, focused on developing green hydrogen and carbon capture technology. Minister for Finance Paschal Donohoe welcomed the news. 'Having exceeded its previous €1 billion climate investment programme target two years ahead of schedule, I strongly support [the] Isif's recently announced ambition to bring its total climate investments to €2 billion over the next four years,' he said. Ireland Strategic Investment Fund director Nick Ashmore noted that the announcement would get its new climate investment programme off to a strong start. [ State-owned Isif launches new energy transition fund with Schroders Greencoat Opens in new window ] 'Following the impact of our first programme, exceeding its target a full two years ahead of schedule, these three new investments give us good momentum to keep investing Isif capital to tackle the climate challenge with renewed urgency,' he added. Mr Ashmore also noted that the Isif was backing investors that would aid the Republic in meeting its climate goals and its bid to reach net zero. The Ireland Strategic Investment Fund completed investing its first €1 billion climate fund by the end of last year. It was originally intended to do this in 2026. The State established the Isif with cash left from the Republic's National Pension Reserve Fund, most of which was committed to bailing out Irish banks in 2010 after a property investment bubble burst, propelling the country into recession. Key areas on which it focuses include climate action, housing and investments that aid Irish businesses to grow.
