Dáil Éireann Debate, Wednesday - 22 April 2015
60. Deputy Eric Byrne asked the Minister for Finance if legislation will be introduced to tackle and prevent vulture funds from claiming more than other lenders in the case of sovereign debt crises; and if he will make a statement on the matter. [15901/15]
View answerThere are no proposals to legislate the actions of so called "vulture funds" in the case of sovereign debt crises. Ireland along with all Eurozone members now includes Collective Action Clauses (CAC) in the sovereign bonds it issues. Such clauses provide for a standardised mechanism for the renegotiation of the debt instruments in certain circumstances. The clauses are designed to deal with default in a structured fashion and prevent minority investors "holding out" for a better pay-out than the majority.
