Maureen O'Sullivan (Dublin Central, Independent)
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347. To ask the Minister for Foreign Affairs and Trade the reason for Ireland not participating in the ongoing United Nations Conference on Debt Restructuring; and if he will make a statement on the matter. [16532/15]

Charles Flanagan (Laois-Offaly, Fine Gael)
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Ireland, in common with all other EU Member States, was unable to support the UN General Assembly Resolution last September 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 establishment of an ad hoc committee to elaborate a binding debt resolution mechanism.At the time of the vote, the EU explained that it had made extensive efforts and engaged in the process in good faith and reiterated the considerations outlined at the outset of negotiations, as follows: “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.

The ad-hoc committee should reflect the recent and ongoing work on sovereign debt restructuring undertaken in the IMF, subject to the previous considerations, and should take place in close coordination with and with technical support from the Fund. Discussions should also make reference to the work in other fora on these issues, such as the Paris Club, which has a history of discussing sovereign debt restructuring issues.”

In the event, the resolution continued to propose the elaboration of a new legal framework. In these circumstances, the agreed EU position is that 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. We consider that the work being undertaken at other levels, including in the IMF and at the Third International Conference on Financing for Development to be held in Addis Ababa in July, offer more appropriate and established means for meaningful dialogue on the matter. Ireland will play our full role in working for the success of the international Financing for Development Conference in Addis, which is central to the ongoing negotiations on a new framework for global development to follow on from the Millennium Development Goals. These major international negotiations at the UN are being co-chaired by Ireland and Kenya.

Ireland continues to support processes aimed at resolving global debt issues through dialogue, in the most appropriate forum and using the most appropriate and effective mechanisms to support the countries most seriously affected.