Maureen O'Sullivan (Dublin Central, Independent)
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16. To ask the Minister for Foreign Affairs and Trade if he will support Ireland's engagement and participation in the first session of the UN debt resolution mechanism ad hoc committee, which Ireland voted against, due to take place in February; and if he will make a statement on the matter. [4707/15]

Seán Sherlock (Cork East, Labour)
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Ireland, in common with all other EU Member States, was unable to support the UN General Assembly resolution on the modalities for the implementation of General Assembly Resolution 68/304 on the establishment of a multilateral legal framework for sovereign debt restructuring processes. The main focus of the resolution was the setting up of an ad hoccommittee to elaborate a binding debt resolution mechanism.At the time of the vote, the EU explained that:

“The ad-hoc committee must be limited to the elaboration of a non-binding 'set of principles' which builds upon a market-based voluntary contractual approach to sovereign debt restructuring and aims at furthering its implementation and use. Neither the EU nor Member States will participate in discussions aiming at the establishment of a binding multilateral legal framework for sovereign debt restructuring processes.”