Michael Moynihan (Cork North West, Fianna Fail)
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49. To ask the Minister for Finance his views on the introduction of legislation in all EU member states to prevent vulture funds from claiming more than other lenders in the case of a sovereign debt crisis; and if he will make a statement on the matter. [40503/14]

Michael Noonan (Limerick City, Fine Gael)
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There have been recent discussions at the IMF on sovereign debt restructuring but there are no proposals at an EU level to legislate regarding 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 in the sovereign bonds it issues. Such clauses provide for a standardised mechanism for the renegotiation of the debt instruments in certain circumstances.