Latest news with #NTMA
The Journal
6 days ago
- Business
- The Journal
Irish sovereign wealth fund stops investing in two more companies linked to Israeli settlements
IRELAND'S SOVEREIGN WEALTH fund has quietly divested shareholdings worth over €1 million from two accommodation companies linked to activities in occupied Palestinian territory. However, the fund has also seen the value of its direct shareholdings in four other companies linked to illegal Israeli settlements – Airbnb, Alstom, Booking Holdings and Motorola Solutions – increase from €2.1 million in 2023 to €5.3 million last year. The latest annual report from the National Treasury Management Agency shows that the Irish Strategic Investment Fund (ISIF) no longer invested in Expedia Group and Tripadvisor in 2024, as it did the previous year. The two companies are listed on a United Nations database that names businesses and parent companies that enable the continued existence of illegal Israeli settlements on Palestinian land. Both are US-owned accommodation booking platforms which The Journal Investigates found had featured dozens of listings based in settlements in the West Bank, parts of occupied East Jerusalem, and the Golan Heights. The NTMA's 2023 report showed that the ISIF's direct shareholdings in the two companies were worth over €1.3 million. Finance Minister Paschal Donohoe revealed in a Parliamentary Question response in April that the State also indirectly invested around €985,000 in Expedia Group the same year. The 2024 NTMA report shows the fund no longer directly invests in either Expedia Group or Tripadvisor, though it is not yet clear whether indirect investments in either company are held. Advertisement Last year, the government publicly announced that it had divested €2.95 million worth of shares from six other Israeli companies, whose names likewise do not feature in the 2024 NTMA report. They include five Israeli banks – Bank Hapoalim BM; Bank Leumi-le Israel BM; Israel Discount Bank; Mizrahi Tefahot Bank Ltd; First International Bank – and an Israeli chain store, Rami Levi CN Stores. The NTMA report also showed that the State continued to directly invest in four companies that are named on the UN watchlist in 2024, increasing the value of its shares in each of them compared to 2023. They include accommodation platform Airbnb, whose listings also include properties that are based in settlements in the West Bank, occupied East Jerusalem and the Golan Heights. Last year, the value of the ISIF's direct shares in the company were worth €440,000, up from €310,000 in 2023. Airbnb has previously said it donates all profits from listings in the occupied West Bank to 'non-profit organisations dedicated to humanitarian aid that serve people in different parts of the world'. The ISIF also continued to invest in French rail multinational Alstom, whose subsidiary Bombardier Transportation supplied vehicles on the Tel Aviv to Jerusalem train line, which passes through parts of the occupied West Bank . Direct holdings in the company rose to €1.53 million in 2024, an increase on the €210,000 shareholding it held in 2023. A spokesperson for Alstom told previously The Journal that the company does not have any activity within or related to occupied Palestinian territories, and that the company has requested removal from the UN database when it is next updated. Meanwhile, the ISIF retained shares in another accommodation company, Booking Holdings, in 2024. Related Reads Irish sovereign wealth fund pumped millions into companies contracted by Israel Defence Forces Who are the 8 companies that Ireland invests in that have links to illegal Israeli settlements? The company is named on the UN list because lists hundreds of rooms for hotels and guesthouses in settlements in the West Bank, the Golan Heights and East Jerusalem. The ISIF's direct shares in the company were worth €1.04 million last year, up from €920,000 in 2023. And direct shareholdings in Motorola Solutions Inc, whose Israeli subsidiary has been criticised by the United Nations and human rights groups for its treatment of Palestinians in illegal settlements, also rose last year. The ISIF's direct holding in the company rose to €2.35 million in 2024, an increase on the €700,000 worth of direct investments it held in the company 2023. The nature of the fund's investments previously made headlines this week when it emerged that the ISIF also held €3.6 million in Israeli state bonds. Social Democrats deputy leader Cian O'Callaghan claimed it was 'utterly outrageous' that the fund held the bonds and it was claimed the investment was being used to help Israel's 'genocidal campaign' in Gaza. Paschal Donohoe subsequently confirmed that the ISIF had since divested itself of all Israeli bonds in the last number of weeks. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Post
6 days ago
- Business
- Irish Post
Nearly a third of Irish companies have paid a cyber ransom, a new report shows
RECENT research shows a sharp rise in the frequency and financial toll of cyberattacks targeting businesses across Ireland. A new study conducted by technology consultancy Expleo surveyed 200 business and IT makers from Irish firms with over 250 employees. Nearly 30% of large enterprises were forced to pay at least one cyber ransom in the past year, with the average payment reaching €683,000. A fifth of companies now reserve an average of €2.7 million in anticipation of future cyberattacks—evidence that for many, ransomware is no longer a threat but a certainty. Cybercriminals are increasingly turning to targeted techniques such as "whaling"—a form of phishing that focuses on high-ranking executives like CEOs and CFOs. Half of the organisations surveyed reported a successful breach through this method in the past year, while a staggering 85% said they had encountered at least one attempt. AI attacks are also becoming more common. Forty-one percent of large businesses experienced an attack in the last 12 months. Despite this, only 30% of businesses are increasing their cybersecurity investments, while 22% say their technologies are outdated and 17% say they are underinvesting altogether. According to Expleo's Business Transformation Index 2025, 24% of enterprise leaders expect to fall victim to a cyberattack within the next year. Many now view cybercrime as an unavoidable cost of doing business. Phil Codd, managing director of Expleo Ireland, emphasised the gravity of the situation: 'Ransom demands are no longer just a threat—they are now a mainstay of cybersecurity strategies for organisations. Whether it's an AI attack or not, cybercrime, at its core, is about people—and there is a real-life fallout from every attack.' The consequences are not just financial. Research by Gallagher Insurance found that among Irish companies that experienced cyberattacks over the past five years, 88% reported financial losses and operational disruptions. Additional consequences included intellectual property theft (26%), supply chain interruptions (23%), and reputational damage (23%). Another growing concern is state-sponsored cyberterrorism. Nearly two-thirds (63%) of Irish business leaders say it now poses a greater threat than it did a year ago. The National Treasury Management Agency (NTMA), which oversees the €17 billion Ireland Strategic Investment Fund (ISIF), recently fell victim to a phishing scam. A fraudulent payment request—disguised to resemble a legitimate one—led to the loss of €5 million. The breach led to a review of the NTMA's security protocols. While awareness of cyber threats is high—over 90% of Irish business leaders expressed concern about rising cybercrime—preparedness remains a worry. The disconnect between risk perception and investment is especially alarming in the face of rapidly advancing attack vectors. Cybersecurity experts warn that organisations must move from reactive to proactive strategies. This includes modernising outdated systems, training staff to recognise suspicious tactics and pouring more resources into cyber defence. See More: Cyber Attack, Cyber Crime, Expleo, ISIF, NTMA
Irish Times
7 days ago
- Business
- Irish Times
More than 270 NTMA staff given performance-related bonuses last year
The State's debt management agency, the National Treasury Management Agency (NTMA), is generally considered as one of the best remunerated in the public sector. The agency's annual report for last year, which was launched by the Minister for Finance Paschal Donohoe on Monday, shows that there were 214 staff earning €100,000 or more, in what are described as short -term benefits. The report says the agency's remuneration model is based on 'confidential, individually negotiated employment contracts, with competitive, market-aligned remuneration'. 'The typical remuneration package comprises a fixed base salary, pension entitlement and provision for discretionary performance-related pay. In a limited number of cases, other allowances or benefits are paid.' READ MORE The report reveals that more than 270 personnel received bonuses under the agency's performance-related pay scheme. 'The NTMA made performance-related payments to 271 employees in 2025 in respect of 2024. These payments, in aggregate, totalled €2,584,729. 'The highest individual payment was €30,000; the lowest individual payment was €1,000.' The report reveals details on the planned wind down of the National Asset Management Agency (Nama) which operates under the protection of the NTMA. It reveals that as part of this process, some 75 staff will be placed on 'garden leave' of up to six months. Nama commenced its final voluntary redundancy scheme (VRS) in 2024 and this will cover about these 75 employees assigned to the agency.
Irish Times
14-07-2025
- Business
- Irish Times
The Irish Times view on the State's national debt: essential to recognise the risks
The National Treasury Management Agency (NTMA) has been the subject of some unfortunate headlines in recent days, following the payment of some €5 million to a bogus account from one of its subsidiaries, the Irish Strategic Investment Fund. It goes without saying that the decisions and systems which allowed this to happen must be investigated and all efforts made to get the money back. There is a message here, too, for the public about the increasing sophistication of financial scams. The revelation came as the NTMA published its 2024 annual report and its headline results for the first half of this year. Here, the news is broadly positive. While Ireland's national debt is still high in cash terms – at around €218 billion at the end of last year – it has fallen as a share of national income. Also, the cost of servicing the debt remains at a relatively modest €3.2 billion each year and is unlikely to increase much in the near future. This reflects a limited amount of fund-raising by the State in recent years due to the strong state of the public finances and also the fact that much of the debt is locked in for a significant period of time at fixed interest rates. So far in 2025, the NTMA has issued €5.25 billion in new borrowings – up to recently the running total at this stage of the year would typically have been twice that amount. The NTMA deserves credit for its management of the national finances and particularly for locking in as much as possible of State borrowings during the period of exceptionally low international interest rates. READ MORE It also has €30 billion in cash reserves to call on, enough to act as a safeguard if trouble hits. This cash could help the State through a temporary period of difficulties. However, as we saw after 2008, structural changes in the public finances –in particular permanent alterations in tax trends – still require money to be found elsewhere. Here, the obvious risk for Ireland is a fall-off in corporate tax revenues. The strength of the public finances and the cash pile in the NTMA coffers give Ireland time to reduce its exposure to this risk. But it does not remove it.
Irish Examiner
14-07-2025
- Business
- Irish Examiner
NTMA benchmark bond issuance totalled €6bn in 2024
The National Treasury Management Agency's (NTMA) benchmark bond issuance in 2024 totalled €6bn, with the average annual bond issuance from 2022 to 2024 being less than €7bn. Publishing its mid-year review and annual report, the agency said the €7bn compares with an annual average of almost €20bn for the period 2019 to 2021. The bond issuance in 2024 was at a weighted average yield of 2.7% and a weighted average maturity of 11.6 years. Despite higher marginal funding costs in recent years, Ireland's debt interest bill has remained stable, standing at €3.2bn in 2024, almost 60% below its 2013 peak. Limited issuance in recent years, coupled with the fact that almost all of Ireland's existing debt is at fixed interest rates, means the interest bill is likely to remain relatively stable in the near term, the NTMA said. The agency reported a total of €30bn in cash and liquid assets at its half-year point, which reduces the requirement for borrowing in the coming years. So far in 2025, the NTMA has issued €5.25bn in benchmark bonds, including a new 30-year bond maturing in 2055. The weighted average yield of issuance was 3.07% with a weighted average maturity of 21.9 years. ISIF The Irish Strategic Investment Fund (ISIF), which is managed by the NTMA, recently marked 10 years since its establishment, having generated €2.9bn of accumulated returns since inception to end-2024, an annualised return of 3.4% per annum. The fund made 35 investments totalling over €1.6bn in 2024, bringing total ISIF commitments to €8.8bn across 248 investments and €12.6bn of co-investment commitments since inception, a co-investment multiple of 1.4 times. So far in 2025, ISIF has closed a further €800m in investments across its key themes of climate, scaling indigenous businesses, housing and enabling investments and food and agriculture. Meanwhile, the Future Ireland Fund and the Infrastructure, Climate and Nature Fund, which was established in July 2024, had combined assets of approximately €10.5bn at year-end, following initial contributions from the National Surplus. Following the recent receipt of further Exchequer contributions, the combined assets of the Funds are now approximately €13.5bn, and are expected to be over €16bn by end-2025. 'Ireland is well-positioned against the backdrop of uncertain markets," said chief executive of the NTMA, Frank O'Connor. "There is a strong market awareness of the buffers we have in place through our Funding and Debt Management strategy – the strength of our public finances, coupled with the long weighted average maturity of our debt, means we expect to have relatively low borrowing requirements in the short to medium term. "We are also benefiting from locking in the low interest rates in previous years, with the debt interest cost in 2024 of €3.2bn being almost 60% less than its peak over a decade ago. The interest bill is likely to remain relatively stable over the next few years." Phishing attack Mr O'Connor also said the state investment agency will review its security protocols after losing €5m in a phishing attack. The scam was discovered last week after staff at the €17bn Ireland Strategic Investment Fund (ISIF), a sovereign development fund that the agency also runs, expressed concern about a payment made to what they thought was an investee company. Instead, it was found that they had received a fraudulent payment request from a third party designed to look like a legitimate request from the existing investee company at the time of an expected drawdown of funds, Mr O'Connor said at a conference on Monday.
