Dáil Éireann debate -
Tuesday, 10 Dec 1991

Vol. 414 No. 4

Written Answers. - National Debt Breakdown.

Alan M. Dukes

Question:

58 Mr. Dukes asked the Minister for Finance if he will outline (a) the total national debt, (b) its foreign component, (c) its dollar component, (d) its Deutsche Mark component, (e) its sterling component and (f) the component in other currencies of the national debt at 31 December each year since 1972.

Minister for Finance (Mr. B. Ahern)

Table I sets out the level of the national debt broken down between its domestic and foreign currency components for the years in question. Table II gives the currency breakdown of the foreign currency denominated debt as requested by the Deputy.

Table I

National Debt

	Domestic	Foreign	Total
Year ended	£m	£m	£m
31 March
1972	1,143	108	1,251
1973	1,295	126	1,421
1974	1,455	167	1,622
1/4/74-31/12/74	1,646	312	1,958
31 December
1975(a)	2,177	471	2,648
1975(b)	2,177	567	2,744
1976	2,572	1,040	3,612
1977	3,190	1,039	4,229
1978	4,103	1,064	5,167
1979	4,998	1,542	6,540
1980	5,689	2,207	7,896
1981	6,401	3,794	10,195
1982 old basis	7,527	5,290	12,817
1982 new basis(c)	6,421	5,248	11,669
1983	7,493	6,899	14,392
1984	8,911	7,910	16,821
1985	10,388	8,114	18,502
1986	12,391	9,220	21,611
1987	14,001	9,693	23,694
1988	15,113	9,498	24,611
1989	15,705	9,123	24,828
1990	16,255	8,862	25,117

(a)The statistics were compiled as of the year ending 31 March up to 31 March 1974.

(b)Up to 31 December 1974, foreign currency debt is valued at the exchange rates applied when the debt was drawn down. For comparison purposes this method of valuation is also given for the foreign currency debt outstanding at 31 December 1975.

(c)From 31 December 1975, the foreign currency debt is valued at the relevant end year exchange rates.

Table II

Foreign Debt Breakdown

	Dollar Component	Deutsche Mark Component	Sterling Component	“Other” Component	Foreign Debt Total
Year(a)	£m	£m	£m	£m	£m
31 March
1972	48.9	27.6	31	—	107.5
1973	47.8	48.6	30	—	126.4
1974	48.5	46.9	29	43	167.4
1/4/74-31/12/74	129.9	45.3	28.5	108.2	311.9
31 December
1975(b)	251.7	52.2	27.5	139.9	471.3
1975(c)	295.3	80.9	27.5	162.9	566.6
1976	569.9	176.5	26.5	266.6	1,039.5
1977	560.6	175.4	43.8	258.7	1,038.5
1978	552.2	196.7	32.8	282.1	1,063.8
1979	592.8	636.2	29.2	284.2	1,542.4
1980	580.5	1,075.3	44.1	506.9	2,206.8
1981	1,172.8	1,752.9	119.5	748.7	3,793.9
1982 old basis(d)	1,674.3	2,383	264.5	968.2	5,290.0
1982 new basis	1,674.3	2,383	264.5	926.2	5,248.0
1983	2,701.3	2,422.5	306.8	1,468.8	6,899.4
1984	3,050.5	2,335	803.5	1,720.8	7,909.8
1985	2,454.9	2,493.5	815	2,350.4	8,113.8
1986	2,634.1	2,667.9	469	3,449	9,220.0
1987	2,217.0	2,747	462	4,267	9,693.0
1988	1,768.0	2,916	359	4,455	9,498.0
1989	1,644	3,383	127	3,969	9,123.0
1990	1,661	3,184	134	3,883	8,862.0

(a)The statistics were compiled as of the year ending 31 March up to 31 March 1974.

(b)Up to 31 December 1974, foreign currency debt is valued at the exchange rates applied when the debt was drawn down. For comparison purposes this method of valuation is also given for the foreign currency debt outstanding at 31 December 1975.

(c)From 31 December 1975, the foreign currency debt is valued at the relevant end year exchange rates.

(d)TheFinance Accounts 1987 included certain changes made in calculating the national debt. These changes arose from the elimination of circular transfers resulting from the enactment of the Local Loans Fund, (Amendment) Act, 1987 and the incorporation, as a credit in the national debt statement of liquid assets which were previously shown in the statement of capital assets in the Finance Accounts. The national debt figures back to 1982 have been revised to take account of these changes. For years prior to 1982, the figures have not been adjusted for these changes.