Details of an independent audit to be undertaken into providing a clear picture of Irelandâ€™s national debt were unveiled in Dublin today. Areas of specific reference will be to determine to whom the debt is owed, when it was incurred, how much of it is senior, guaranteed and subordinated debt, and when repayment is due to each creditor.
The Audit will follow similar processes undertaken in Greece and other deeply indebted countries.Â It will be led by Dr Sheila Killian, Head of Department and Senior Lecturer in Accounting and Finance at the University of Limerick and supported by the UNITE trade union, Afri, Eurodad member Debt and Development Coalition Ireland as well as other trade unions and civil society groups.
Focusing particularly on the private bank debt subsumed into public responsibility, the independent audit will seek to support people in Ireland in a real understanding of the levels of Irelandâ€™s debt and its implications. It will be carried out over theÂ comingÂ months with preliminary findings published in June and made freely available.
The audit was launched only two days before a global gathering of civil society organizations in Athens this weekend, supporting a call for a debt audit commission in Greece.
â€œThe first exercise of debt management is to determine who you owe,Â how much you oweÂ and how the debt came about,â€ said UNITE Irish Regional Secretary Jimmy Kelly.Â â€œThree years after the Irish government bought a â€˜pig in a pokeâ€™ proffered by senior bankers, all of whom are now gone with massive pay offs, we still do not know to whom we owe this debt.Â Irish civil society deserves better and we are tired of waiting for those who should have undertaken this audit. Everyone who is being forced to pay for the mistakes of a small elite will at least know who is being funded by their pay cuts, tax increases and austerity.â€
â€œThe independent audit will support people in Ireland to form an opinion on where the responsibilities lie with regard to the Irish debt crisis,â€ said Andy Storey, Chairman of AFRI and politics lecturer in UCD. â€œIt will provide valuable lessons that will guide debt justice campaigning in the future and be shared with civil societies of indebted countries around the world.â€
â€œDebt audits can be a powerful tool to support civil society around the world access information on the debts of their countries in order to judge for themselves whether the debts should be paid, and the implications of any payment or non-payment decisions. This is an approach which is gaining international currency at governmental and citizenry levels. For example a governmental supported debt audit has been implemented in Ecuador, and parliamentary audit initiatives are being planned in Bolivia, Brazil and in the Philippines resulting from citizen pressure for debt justice.â€ added Nessa NÃ Chasaide of Debt and Development Coalition Ireland.
Â Further information:
Jimmy Kelly, UNITE Regional Secretary (087) 900 3217
Rob Hartnett, UNITE (Ireland) Press Office (086) 3851955
Andy Storey (Afri) 087 654387