London, Jerusalem, and Oslo: In a study that might lead to divestitures of up to $500 million, the ethics inspector for Norway’s $1.9 trillion wealth fund is examining Israeli banks’ practice of guaranteeing Israeli settlers’ housebuilding obligations in the occupied West Bank.
However, the Fund’s investments in lodging websites like Airbnb that provide rents in the Jewish settlements have not drawn criticism from the Council on Ethics, a public organisation established by the Ministry of Finance. The organisation verifies that companies in the portfolio of the biggest wealth fund in the world adhere to moral standards established by the Norwegian government.
Svein Richard Brandtzaeg, the head of the Council, stated in a May 22 interview with Reuters that the council was looking into how Israeli banks provide guarantees that safeguard Israeli settlers’ funds if the firm constructing their home in the West Bank fails.
But this is what we can see so far,” he added, adding that other methods are also being examined. “That is what has been extensively documented.” He refused to estimate the duration of the review.
According to the most recent statistics, the fund had over 5 billion crowns ($500 million) in shares in the five biggest Israeli bankers at the end of 2024, up 62 percent in a year, though Brandtzaeg did not name the banks.
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