The data requested by the Deputy for the period 2007-2015 is set out in the table. The current forecast horizon is out to 2015 and so forecasts post 2015 are not available at present. The 2012-2015 forecasts are taken from the Stability Programme Update published last April. I would also like to make the Deputy aware that my Department is currently updating its macroeconomic and fiscal forecasts and these figures will be published in mid-October. The Deputy might like to know that the data for Net Debt Service up to 2010 are contained in my Department’s Budgetary & Economic Statistics publication, the most recent edition of which was published in September 2011. The September 2011 and earlier editions of the BES are available on my Department’s website. I would also like to make the Deputy aware that my department will be publishing the 2012 BES within the next few days. The Net Debt Service figure for 2011 is taken from the accounts of the NTMA.
The figures for interest payments on the Promissory Notes are not accounted for as part of national debt servicing and are therefore shown separately in the table.
The figures supplied in the table indicate that the annual cost of servicing the National Debt is expected to continue to rise in the coming years as a result of the Debt increasing. This underlines how important it is that we continue to close the gap that still exists between our expenditures and our revenues through budgetary consolidation measures if we are to return the public finances to a sustainable position and protect future investment and growth.
|
Year End
|
Net Debt Service*
|
Accrued Interest on
Promissory Note Payments**
|
|
|
€ billions
|
€ billions
|
|
2007
|
2.14
|
0.00
|
|
2008
|
2.10
|
0.00
|
|
2009
|
3.21
|
0.00
|
|
2010
|
4.24
|
0.56
|
|
2011
|
5.38
|
0.01
|
|
2012 Forecast
|
6.96
|
0.01
|
|
2013 Forecast
|
7.80
|
1.90
|
|
2014 Forecast
|
8.45
|
1.79
|
|
2015 Forecast
|
8.90
|
1.68
|
* Net Debt Service encompasses debt interest, sinking fund & debt management expenses, as well as changes in assets of the Capital Services Redemption Accounts.
** Refers to accrued interest on EBS & IBRC Promissory Note.
