Written answers
Thursday, 26 February 2015
Department of Foreign Affairs and Trade
UN Committees
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.”As the resolution did not limit the scope of the ad hoc committee, the EU position is that in these circumstances we will not be participating in the work of the committee.
Ireland, together with our EU colleagues, and with many other UN member States, is actively engaged in ongoing processes to address the issue of sovereign debt restructuring. Ireland considers that the work being undertaken at other levels, including in the IMF and at the International Conference on Financing for Development in Addis Ababa in July, offers more appropriate and established means for dialogue on the matter. Ireland will play our full role in working for the success of the crucially important Addis meeting, which is central to the negotiations on the Post-2015 Development Agenda. These major UN negotiations are being co-chaired by Ireland and Kenya.
Ireland continues to support processes aimed at resolving global debt issues through dialogue, using the most appropriate and effective mechanisms to support the countries most seriously affected.
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