Finian McGrath (Dublin North Central, Independent)
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113. To ask the Minister for Foreign Affairs and Trade his views on correspondence (details supplied) regarding debt justice at the United Nations; and if he will make a statement on the matter. [16977/15]

Terence Flanagan (Dublin North East, Independent)
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114. To ask the Minister for Foreign Affairs and Trade if he will be attending a meeting (details supplied); and if he will make a statement on the matter. [16981/15]

Charles Flanagan (Laois-Offaly, Fine Gael)
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I propose to take Questions Nos. 113 and 114 together.

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 set out the position agreed by all Member States, explaining that it had made extensive efforts and engaged in the process in good faith. The EU 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, which takes place at official level.

Ireland together with our EU partners and 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, offers more appropriate and established means for meaningful dialogue on the matter. We will play our full role in working for the success of the 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.