Vol. 545 No. 2
104 Mr. Durkan asked the Minister for Finance the extent by which the national debt has been reduced in 2001; the extent to which he expects a further reduction to take place in 2002; and if he will make a statement on the matter. [30192/01]
The assignment of the NET debt to the Minister for Finance this year served to increase the debt by about 241 million (£190 million) from its level at the end of 2000 of 36.511 million (£28.755 million). Over the course of the year, foreign exchange movements and discounts and premia on debt issuance and cancellation have reduced the debt by 16 million (£12.6 million). The remainder of the change in the national debt between the end of 2000 and the end of 2001 will be principally dependent on the 2001 Exchequer balance. Changes in the national debt in 2002 will likewise primarily be attributable to the 2002 Exchequer balance. The White Paper on receipts and expenditure for 2002 will be published on Saturday 1 December, and will contain a revised forecast of the Exchequer balance for 2001, as well as a projection for 2002.
A more meaningful comparator of sovereign indebtedness, however, is the general Government debt to GDP ratio. Most recent published figures show that at the end of 2000, this ratio stood at 38.6%, the second lowest in the EU. The projection for 2001, which was prepared in August, forecast a further reduction to 34.2%. In the light of economic developments since then, this figure will be revised upward. The revised figure will be published with the budget.
