Source: The Canadian Press

Canada has been has been involved in efforts to resolve the Irish government’s debt crisis and there’s been progress towards an orderly resolution, Finance Minister Jim Flaherty said Friday.

Flaherty said he has been concerned for some time about certain European banking situations, including in Ireland, where the government has had to bail out three of its six banks.

He said Canadian officials have been involved through the International Monetary Fund, the G7 and in bilateral discussions with other financial ministers.

“Things are progressing in an orderly way and that is what is important,” the finance minister told reporters as he launched his annual pre-budget consultation process.

“Canadians can be reassured that there is an orderliness to this. That is important so we don’t have financial sector disruptions.”

Flaherty made the comments as Irish, European and IMF officials were negotiating terms of a massive credit line for Ireland. There are reports the discussions could last into December.

Flaherty didn’t disclose Canada’s position on how to resolve the issues.

“I’ve had a number of discussions with my Irish counterparts and our director at the IMF, which is Tom Hockin, has also been engaged actively in discussions,” he said.

“We had discussions as well when we were in Seoul last week with other European finance ministers and other finance ministers in the G7 because we are all concerned that this matter be dealt with in an expeditious way, to avoid consequential problems.”

“And it is being dealt with in an expeditious way.”

Flaherty was meeting with reporters in Toronto as he began the annual consultation process ahead of the next federal budget.