Irish State has €9m invested in the tobacco industry

The Government was yesterday accused of double standards and ‘complete hypocrisy’ in its fight against tobacco after it emerged that the State has multimillion-euro investments in the tobacco industry.

Fianna Fáil Finance spokesman Michael McGrath made the charge after figures show that the State has €50m invested in so-called sin stocks, made up of shares in firms in the tobacco, defence, and alcohol industries.

In a written Dáil response to Mr McGrath, Finance Minister Michael Noonan confirmed that the State, through its Ireland Strategic Investment Fund, has €9.6m of investment in firms in the tobacco industry; €27.1m in firms in the alcohol industry; and €14.1m in companies in the aerospace and defence sub-industry.