Vol. 405 No. 3
76 Mr. Taylor asked the Minister for Finance if the Government have received a request for compensation for the loss of interest on the £168 million owed to a company (details supplied) by the Iraqi Government; the response, if any, the Government have given to the request; and if he will make a statement on the matter.
96 Mr. Taylor asked the Minister for Finance if the Government are concerned about the moneys due to Ireland and Irish companies by Iraq; if he will outline the representations, if any, he has made to the Iraqi leader, giving details of same; the response, if any, he has received; and if he will also outline the further action, if any, it is proposed to take in the matter.
I propose to take Questions Nos. 76 and 96 together.
The Government are most concerned about payments due from Iraq and will continue to insist that debts must be paid. No formal representations have been made to the Iraqi authorities since the beginning of the Gulf crisis and, following the outbreak of war, it is not feasible to pursue the matter at this time. I would remind the Deputy that similar delays in payments are being experienced by companies in other countries who did business with Iraq in recent years. Last August the Iraqi authorities proposed discussions in Baghdad with creditor countries and offered to trade oil for debts. This offer was not accepted as it would be contrary to the terms of Resolution No. 661 of the United Nations Security Council. The Irish Government reserve all their rights as well as those of their nationals and private companies to use all available legal means to recover debts owing by Iraq.
A request was made last autumn by a group of banks for compensation for loss of interest on moneys owed to a company by the Iraqi Government. This request was turned down and there has been no further approach from the group in question.
