Dáil Éireann debate -
Tuesday, 30 Mar 1993

Vol. 428 No. 5

Written Answers. - National Debt.

Colm M. Hilliard

Question:

66 Mr. Hilliard asked the Minister for Finance the reason the national debt was increased as a result of the ten per cent devaluation; the total of the national debt at the end of each financial year for the past five years; the total amount of mortgage repayment on the national debt at the present time; and the extra mortgage repayment as a result of this devaluation.

Minister for Finance (Mr. B. Ahern)

The national debt is valued in Irish pounds but part of the debt is denominated in foreign currencies. The Irish punt value of this part of the debt was increased as a result of the devaluation and the national debt increased accordingly.

The end-year national debt figures for each of the last five years is as follows:— 1988, £24,611 million; 1989, £24,828 million; 1990, £25,083 million; 1991, 25,391 million; 1992, 26, 345 million (provisional outturn).

It is assumed that the reference by the Deputy to mortgage repayment on the national debt relates to interest payments on the national debt. Expenditure by the Exchequer in 1993 on interest on the national debt is estimated at £2,260 million. This estimate includes £52 million in respect of the additional cost in 1993 arising from the devaluation.