Debt and Development Coalition Ireland

PARLIAMENTARIANS' DECLARATION

Parliamentarian Declaration- ask your TDs and MEPs To Lift the Lid on Illegitimate debts

How? By getting them to sign up and support the INTERNATIONAL call for more just financial relationships between rich and poor countries.

SOME OF THE ROOT CAUSES OF THE CURRENT DEBT CRISIS

The history of the sovereign debt crisis since the 1980s has shown that loans have often been extended to impoverished nations with insufficient regard for democracy or citizens' welfare. In many cases, loans were used to buy political support, to fund non-viable projects, or given on unfair terms and conditions. Loans have been stolen and misused on a large scale, and parliamentary and citizen consultation in loan decisions has been non-existent or marginal. These loans have been detrimental to the development of debtor countries and the debts, which have resulted, have commonly been described as "illegitimate" debts. However repayments continue to be demanded by creditors.

Why must the poor 'carry the can' for bad loans/debts?

For any failed loan, and any breach of international lending standards, there is a shared responsibility between both parties to the contract. However, the reality is that under the current system, all claims on sovereign states are considered valid and the debtor must assume responsibility for the loan while the lender does not share any part of the risk. This in effect gives the lenders a 'get out' clause. Those who were involved in illegal or questionable loan deals in the past have in most cases not had to suffer the consequences. It has sometimes encouraged reckless behaviour by creditors because they are almost always guaranteed to recover their credits. This in turn has led to an erosion of honest debtor-creditor relationships. But most importantly, it is unacceptable because it puts a disproportionate part of the burden onto the shoulders of the citizens of indebted countries.

Can our TDs and MEPs contribute to restoring the balance for an international just lending/borrowing relationship? Yes, because as elected representatives of the people who ultimately suffer the consequences of failed lending policies, it is our joint responsibility to ensure that all loans reflect the aspirations of the citizens of debtor countries. This is why this declaration calls for further concrete steps to establish the legitimacy of individual sovereign loan agreements and institute principles of shared responsibility in international sovereign lending. Putting pressure on political leaders works! For example, in October 2006, the Norwegian government cancelled the debts of five countries admitting major creditor failures and shared responsibility for the debts, which ensued. This shows that it is possible for creditors to acknowledge co-responsibility.

Parliamentarian's Declaration
Signatories from Ireland - April 2008

Bernard Allen [TD], Fine Gael, Ireland
Barry Andrews [TD], Fianna Fail, Ireland
Gerry Adams [MLA], Sinn Fein, Northern Ireland
Martina Anderson [MLA], Sinn Fein, Northern Ireland
Johnny Brady [TD], Fianna Fail, Ireland
Bairbre de Brun [MEP], Sinn Fein, GUE/NGL, Northern Ireland
Francie Brolly [MLA], Sinn Fein, Northern Ireland
Micky Brady [MLA], Sinn Fein, Northern Ireland
Sean Barrett [TD], Fine Gael, Ireland
Cathal Boylan [MLA], Sinn Fein, Northern Ireland
Paul Butler [MLA], Sinn Fein, Northern Ireland
Catherine Byrne [TD], Fine Gael, Ireland
Willie Clarke [MLA], Sinn Fein, Northern Ireland
Michael Creed [TD], Fine Gael, Ireland
John Curran [TD], Fianna Fail, Ireland
Carál Ní Chuilín [MLA], Sinn Fein, Northern Ireland
Pat Doherty [MLA], Sinn Fein, Northern Ireland
Pearse Doherty [Senator], Sinn Fein, Ireland
Martin Ferris [TD], Sinn Fein, Ireland
Michelle Gildernew [MLA], Sinn Fein, Northern Ireland
Marian Harkin [MEP], Independent, ALDE, Ireland
Tom Hayes [TD], Fine Gael, Ireland
Marie F. Hoctor [TD], Fianna Fail, Ireland
Michael D. Higgins [TD], President Labour Party, Ireland
Jackie Healy-Rae [TD], Independent, Ireland
Gerry Kelly [MLA], Sinn Fein, Northern Ireland
Billy Kelleher [TD], Fianna Fail, Ireland
Ciaran Lynch[TD], Labour Party, Ireland
Kathleen Lynch [TD], Labour Party, Ireland
Arthur Morgan [TD], Sinn Fein, Ireland
Alex Maskey [MLA], Sinn Fein, Northern Ireland
Paul Maskey [MLA], Sinn Fein, Northern Ireland
Francie Molloy [MLA], Sinn Fein, Northern Ireland
Conor Murphy [MLA], Sinn Fein, Northern Ireland
Gay Mitchell [MEP], Fine Gael, EPP/ED, Ireland
Michael McGrath [TD], Fianna Fail, Ireland
Mattie McGrath [TD], Fianna Fail, Ireland
Finian McGrath [TD], Independent, Ireland
Mary Lou McDonald [MEP], Sinn Fein, GUE/NGL, Ireland
Fra McCann [MLA], Sinn Fein, Northern Ireland
Jennifer McCann [MLA], Sinn Fein, Northern Ireland
Gerry McHugh [MLA], SinnFein, Northern Ireland
Raymond McCarthy [MLA], SinnFein, Northern Ireland
Martin McGuinness [MLA], Sinn Fein, Northern Ireland
Barry McElduff [MLA], SinnFein, Northern Ireland
Claire McGill [MLA], SinnFein, Northern Ireland
Daithi McKay [MLA], Sinn Fein, Northern Ireland
Mitchell McLaughlin [MLA], Sinn Fein, Northern Ireland
Michael Noonan [TD], Fine Gael, Ireland
Caoimhghin O'Caolain [TD], Sinn Fein, Ireland
Aengus O'Snodaigh [TD], Sinn Fein, Ireland
Michelle O'Neill [MLA], Sinn Fein, Northern Ireland
John O'Dowd [MLA], Sinn Fein, Northern Ireland
Christy O'Sullivan [TD], Fianna Fail, Ireland
Jan O'Sullivan [TD], Labour Party, Ireland
Willie Penrose [TD], Labour Party, Ireland
Sue Ramsey [MLA], Sinn Fein, Northern Ireland
Caitríona Ruane [MLA], Sinn Fein, Northern Ireland
Prionsias DeRossa [MEP], Labour Party, PES, Ireland
Tom Sheahan [TD], Fine Gael, Ireland
Emmet Stagg [TD], Labour Party, Ireland
Sean Sherlock [TD], Labour Party, Ireland
Mary White [TD], Green Party, Ireland

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Action Alert:

While the Irish government does not lend directly to impoverished countries, we should still send a signal to rich and poor nations that Irish Parliamentarians support a more just global financial system. That is why we are calling on TDs and MEPs to sign the declaration in solidarity with other Parliamentarians throughout the world who are working for a global justice financial system. We call on you to ask your local TDs and your MEPs to sign and support the International Parliamentarian Declaration today.

Please return the signed Parliamentarian Declaration to the Debt Coalition office by post.
Download the form at the bottom of the page.

Parliamentarians’ Declaration
for Shared Responsibility in Sovereign Lending
(see: www.debtdeclaration.org)

Recognising that there have been abuses in international sovereign lending in the past;

Recognising that we, as elected representatives of the people, have a right and duty to scrutinise the sovereign lending and borrowing decisions of our countries;

We, the undersigned parliamentarians / legislators commit ourselves to:

Support further research into the concept of illegitimate debt as it relates to international sovereign lending in order to develop an international consensus around the issue;
Initiate and support parliamentary audits of existing claims and debts in our own countries, in order to distinguish between proper and improper lending and borrowing and to encourage responsible lending and borrowing procedures in the future;
Work to give greater legal force to the concept of illegitimacy in international sovereign lending; particularly by initiating and supporting legislation, motions or other parliamentary measures;
Support principles of shared responsibility in sovereign loan agreements;
Support far greater parliamentary participation in loan contraction processes to ensure judicious public scrutiny of the purpose, financial terms and conditions of loans.

Signature of Parliamentarian or Legislator: .......................................................

Parliament and affiliation: ..............................................................................

Download in Word Format here, get your TD to sign it!
Please return signed copies by fax or post to:

Debt and Development Coalition Ireland,
Unit F5,
Spade Enterprise Centre,
North King Street,
Dublin 7.

Tel: + 353 1 617483