Dáil Éireann Debate, Wednesday - 17 September 2014
180. Deputy Maureen O'Sullivan asked the Minister for Finance the reason Ireland voted against UN Resolution, Item 14 A/68/L.57/Rev.1, toward the establishment of a multilateral legal framework for sovereign debt restructuring processes; and if he will make a statement on the matter. [34804/14]
View answerIreland recognises the importance of an appropriate international agreement regarding sovereign debt restructuring due to its significant economic, social and financial implications.
In common with other EU Member States, Ireland was unable to support the recent UN resolution on a multilateral legal framework for sovereign debt restructuring, and this position was based on shared concerns regarding the substance of the resolution and the process followed in proposing it, particularly with respect to the pace at which this complex proposal was launched, the timing of the proposal at the end of a session of the General Assembly, and the pre-determined outcome which it prescribed.
Together with many other UN member states Ireland is actively engaged in ongoing processes that address, and seek to identify solutions to, the issue of sovereign debt restructuring. Ireland considers that the work being undertaken in other fora such as the IMF and the upcoming third International Conference on Financing for Development in 2015 offer more appropriate and established means to progress dialogue on the matter.
Ireland has always had concern for developing countries experiencing debt problems. In this regard, Ireland continues to support processes aimed at resolving these problems through progressing dialogue, in the most appropriate forum and using the most appropriate and effective mechanisms, to best support these countries.
I would like to draw the Deputy's attention to the statement made on behalf of the European Union to the General Assembly of the United Nations in this matter, which is available at http://eu-un.europa.eu/articles/en/article_15455_en.htm.
