Dáil Éireann Debate, Tuesday - 10 February 2015
243. Deputy Pearse Doherty asked the Minister for Finance the way the liquidation process of the Irish Bank Resolution Corporation has affected Ireland's debt to gross domestic profit ratio in general terms, and in figures, for 2013 and 2014; and a prediction for the effect in 2015. [6144/15]
View answerUnder ESA 2010, the Irish Bank Resolution Corporation (IBRC) was reclassified as being within general government as of July 2011 and its debt was consolidated into general government debt. This resulted in an increase of 12.2% to the general government debt to GDP ratio in 2011. The table below sets out the impact of the reclassification of IBRC on the general government debt to GPD ratio for the years 2011 - 2015.
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Impact of reclassification of IBRC on debt (% of GDP) |
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2011 |
2012 |
2013 |
2014f |
2015f |
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IBRC debt (% GDP) |
12.2% |
10.3% |
7.2% |
0.8% |
0.3% |
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Source: CSO, Department of Finance |
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Due to the liquidation process, the impact of IBRC on the general government debt to GDP ratio declines in the outer years, to a forecast of 0.3% of GDP in 2015.
