Dáil Éireann Debate, Thursday - 31 January 2013
73. Deputy Michael McGrath asked the Minister for Finance if he will set out in tabular form the current composition of the general Government debt in terms of Exchequer debt, borrowings under the EU / IMF programme, promissory notes, retail debt and other forms; the term to maturity and average interest rate on each component; and if he will make a statement on the matter. [4981/13]
View answerThe most recent calculation of Ireland’s general government debt is for the end of the third quarter of 2012 when stock of debt stood at EUR 191 billion. Details of the composition of this debt, its maturity and average interest rate are set out in the table below.
General Government Debt as at end September 2012
|
Instrument |
Outstanding |
Average residual Maturity |
Average Interest rate |
|
€bn |
Years |
% |
|
|
Government Bonds |
89 |
5.9 |
4.83 |
|
EU-IMF Programme |
54 |
9.2 |
3.32 |
|
State Savings |
15 |
* |
3.04 |
|
Promissory note (IBRC) |
25 |
18.2 |
8.20** |
|
Short term debt |
5 |
0.27 (100 days) |
1.44*** |
|
Other general government debt |
3 |
**** |
**** |
|
Total general government debt |
191 |
- |
- |
Source NTMA, CSO
* The State Savings products offered to personal savers include overnight demand and 30 day notice Deposit accounts and savings products with maturities from 3 to 10 years. These balances generally have a very high re-investment rate.
** The post interest holiday interest rate on the IBRC promissory notes is 8.2%. It is worth noting that this interest is paid to a fully State-owned bank so it does not leave the system.
*** A recent auction of short term Treasury Bills in January 2013 by the NTMA raised funds at a yield of 0.20%. The table shows the average original maturity from issue date for short term debt.
**** The balance of €3 billion of general government debt includes debt of Local Authorities, the Housing Finance Agency, non-commercial semi-state bodies, voluntary hospitals, the HSE, small savings accruals and the outstanding EBS promissory note of EUR 227 million.
