General Government Debt grew from 25% of GDP in 2007 to 107% of GDP in 2011. The change in nominal terms over the entire period is EUR119m. The official measures of General Government Debt for 2007 to 2010 are given in the table below, along with an estimate for 2011. These are based on data published by the CSO, the NTMA and Department of Finance. The estimate for 2011 is based on the Budget 2012 forecast of debt of 2011 at 107% of GDP and is based on the latest Department of Finance, CSO and NTMA data.
Table General Government Debt 2007-2011 (EURbn)
|
|
2007
|
2008
|
2009
|
2010
|
2011
|
a
|
General governmentdebt
|
47.4
|
79.8
|
104.8
|
144.3
|
166.6
|
b
|
Change in gen gov debt
|
|
32.4
|
24.9
|
39.5
|
22.3
|
c
|
Change in cash balances
|
|
17.6
|
-0.2
|
-9.2*
|
-1.3
|
d
|
Net bank recapitalisation (direct from Exchequer)
|
|
0
|
4
|
0.7
|
6.6
|
e
|
Bank recapitalisation (promissory notes)
|
|
0
|
0
|
30.9
|
-2.5
|
f
|
Other net borrowing of General Govern [=b-(c+d+e)]
|
|
14.9
|
21.1
|
17.1
|
19.3
|
*In this table the change in cash balances in 2010 includes EUR3.6bn spent on the purchase of HFA commercial paper by the NTMA
Rounding may affect totals
The change in debt over the entire period can be broken down as follows:
(c) EUR7bn is due to a build-up of cash balances;
(d) EUR11bn is due to bank recapitalisation of certain banks;
(e) the obligation of the promissory notes (used for recapitalisation of Anglo Irish Bank, INBS and EBS) added EUR31bn to our debt in 2010, of which EUR3bn is paid off in 2011;
(f) other net borrowing including exchequer items, not already included in d and e, and payment for goods and services by other general government bodies added EUR73bn to the debt.
Please note that bank recapitalisations paid out of NPRF funds (amounting to EUR 20.7 billion over the period) does not add to General Government Debt, as no new liabilities are incurred.