Dáil Éireann Debate, Tuesday - 19 January 2010
271 Deputy Michael McGrath asked the Minister for Finance the details of the amount of borrowing expected to be undertaken by the National Treasury Management Agency during 2010 and the current spread, in terms of basis points, between Irish and German government bonds of different duration. [1313/10]
View answer272 Deputy Michael McGrath asked the Minister for Finance if he will provide a breakdown of the Irish national debt including the amounts owed attached to different debt instruments; the amount owed on bonds of varying durations and a breakdown of the debt which is the subject of a variable and fixed yield or rate of interest. [1315/10]
View answerI propose to take Questions Nos. 271 and 272 together.
The National Treasury Management Agency (NTMA) has advised that at end-2009 the national debt stood at €75.2 billion. Some €71.5 billion was outstanding in medium and long-term liabilities and €9.3 billion in retail saving scheme products. These amounts included a carryover of more than €5 billion in long-term funding available to finance the deficit in 2010.
The NTMA has announced that it plans to raise up to €20 billion in the bond market in 2010 — this is significantly less than the €35.4 billion raised in long-term funding in 2009. On 14 January last, the NTMA announced that it had raised €5 billion in a long-term syndicated bond issuance, this accounts for 25% of the funding programme for 2010.
The spread over Germany which Ireland pays on its bonds is usually measured in terms of the ten year bond. At end-2009 this spread narrowed to 1.45% compared to nearly 3% in March 2009. The NTMA advise that at close of business on Friday, 15 January, the spread on the ten year bond was 1.56%.
The NTMA advise that at end-2009 approximately 95% of the national debt was subject to fixed interest rates. The following table sets out the details in relation to the total medium and long-term debt that was outstanding at end-2009.
|
€m |
|
|
Irish Government Bonds |
|
|
4% Treasury Bond 2010 |
790 |
|
8.5% Cap Stock 2010 |
7 |
|
4% Treasury Bond 2011 |
4,690 |
|
3.9% Treasury Bond 2012 |
5,545 |
|
8.75% Cap Stock 2012 |
31 |
|
5% Treasury Bond 2013 |
6,030 |
|
4% Treasury Bond 2014 |
8,594 |
|
8.25% Treasury Bond 2015 |
7 |
|
4.6% Treasury Bond 2016 |
7,281 |
|
4.5% Treasury Bond 2018 |
7,506 |
|
4.4% Treasury Bond 2019 |
7,700 |
|
5.9% Treasury Bond 2019 |
6,802 |
|
4.5% Treasury Bond 2020 |
8,875 |
|
5.4% Treasury Bond 2025 |
7,000 |
|
Total Irish Government Bonds |
70,858 |
|
Medium/Long Term Loans/Swaps |
665 |
|
Other Medium/Long Term Debt |
5 |
|
Total Medium/Long Term Debt |
71,528 |
