Press Release

Minister Marcella Corcoran Kennedy welcomes tobacco divestment by ISIF

Minister Marcella Corcoran Kennedy, TD, Minister of State for Health Promotion, welcomes the announcement by the Minister for Finance that Ireland Strategic Investment Fund (ISIF) has completed the sale of its remaining investments in tobacco manufacturing.

“This is in keeping with Ireland’s obligations under the WHO Framework Convention on Tobacco Control (WHO FCTC), which I was happy to bring to the attention of the Minister for Finance when I became aware of the review of the ISIF’s investment strategy,” the Minister said.

The WHO FCTC encourages Government institutions and their bodies not to have any financial interest in the tobacco industry. Tobacco use is the leading cause of preventable death in Ireland. Each year, approximately 6,000 people die as a direct result of diseases caused by tobacco use. The greatest burden of disease, disability and premature death falls on the most disadvantaged groups in society. It has been estimated that the expenditure attributable to the effects of smoking in the health care system is in excess of €500m, which includes hospital, primary care and domiciliary care costs to the State.

Ireland has a significant international reputation as a tobacco control leader over the past number of years. We are currently ranked 2nd out of 34 European Countries in relation to tobacco control.

Minister Corcoran Kennedy has reiterated, “I am committed to making Ireland tobacco-free by 2025 and I see this initiative as a further step in the de-normalisation of tobacco use in our society”.