Dáil Éireann Debate, Tuesday - 7 October 2014
200. Deputy Maureen O'Sullivan asked the Minister for Finance further to Parliamentary Question No. 180 of 17 September 2014, if he will provide details on the substantive reasons for the decision; and the policy, strategy and ideological considerations that informed this decision. [38259/14]
View answerAs the Deputy is aware, Ireland voted against the recent UN Resolution towards a multilateral convention to establish a legal regulatory framework for sovereign debt restructuring processes. As I have indicated in previous replies on this issue, while Ireland recognises the significant economic, social and financial implications associated with sovereign debt restructuring, it was unable to support the resolution due to a number of concerns which it shared with other EU member states, both those who abstained and those who voted against. Foremost in that regard was the view that the resolution involved a complex proposal which had been presented with great haste, with a pre-determined outcome and without sufficient time for proper consideration by member states. These concerns informed Ireland's position and are set out in detail in the statement made on behalf of the European Union in the matter and which is available at http://eu-un.europa.eu/articles/en/article_15455_en.htm
Like many other UN member states, Ireland is actively engaged in ongoing discussions that address, and seek to identify solutions to, the issue of sovereign debt restructuring including the external debt situation of developing countries. In the case of the UN, Ireland's representation is a matter in the first instance for my colleague, the Minister for Foreign Affairs and Trade. While the views of my Department are sought on relevant proposals, the Deputy will appreciate that the day-to-day negotiation and co-ordination of Ireland's policy positions at the UN is outside the remit of my Department.
