Pearse Doherty
Question:59. Deputy Pearse Doherty asked the Minister for Finance the Exchequer borrowing level per year for the next three years and the promissory note-banking component of this borrowing. [4564/13]
View answerWednesday, 30 January 2013
Questions (59, 62)
Pearse Doherty
Question:62. Deputy Pearse Doherty asked the Minister for Finance the amount of interest that will be paid this year to service debt and the component of this interest that is bank related debt. [4580/13]
View answerWritten answers
I propose to take Questions Nos. 59 and 62 together.
State support for the banking sector to end-2012 has amounted to approximately €64 billion gross, which includes Exchequer payments, Promissory Note payments in respect of IBRC and EBS, as well as additional funding from the NPRF. The Deputy should be aware that the Exchequer is funded by tax and non-tax revenue and borrowings. No specific tranches of borrowing were undertaken solely for the purpose of recapitalising the banking sector. Therefore, it is not possible to accurately quantify that part of the debt servicing bill that relates to the borrowing undertaken to recapitalise the banks. Budget 2013, published last December, estimated that National debt cash interest expenditure would amount to approximately €7.2 billion in 2013.
With regard to the amount of Exchequer borrowing over the period 2013-2015, Budget 2013 provides the most recent estimates for the Exchequer Borrowing Requirement. It forecasts that the Exchequer Borrowing Requirement in 2013, 2014 and 2015 would be approximately €15.4 billion, €11.5 billion and €7.6 billion respectively. Separately, Promissory Note payments from the Exchequer of €3.1 billion which is comprised of capital and interest payments are profiled for years 2013, 2014 and 2015.