Dáil Éireann Debate, Tuesday - 22 September 2015
367. Deputy Paul Murphy asked the Minister for Finance the annual amounts spent on servicing the national debt since 2008, including a breakdown of interest and principal; and the projected spend annually from 2015 to 2020. [31632/15]
View answerThe NTMA advise that the annual cash cost of servicing the National Debt for each of the years 2008 to 2014 is as set out in Table 1 as follows. For those years, National Debt service expenditure comprised interest, a Sinking Fund payment as well debt management fees and expenses of the National Treasury Management Agency (NTMA).
The Deputy should note that this information is available in a number of published documents including the Annual Reports and Accounts of the NTMA as well as the Department of Finance's Budgetary and Economic Statistics publication.
Table 1: National Debt Service Expenditure 2008-2014
|
€ million |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
|
National Debt Service |
2,100 |
3,214 |
4,236 |
5,375 |
6,468 |
8,083 |
8,212 |
As noted above National Debt service cash expenditure in the years 2008 to 2014 included an annual Sinking Fund payment a technical charge on the Exchequer current account and credit to the capital account which had no impact on the overall Exchequer balance. The requirement to make an annual Sinking Fund payment was removed in the Finance Act 2014 and so no such payment is provided for in the National Debt Service expenditure projections for the years 2015 to 2020. This should be borne in mind when making year-on-year National Debt service expenditure comparisons.
The most recent forecasts of annual National Debt service cash expenditure for the period 2015 to 2020 are from the time of the April 2015 Stability Programme Update (SPU) and are set out in Table 2 as follows.
Table 2: National Debt Service Expenditure Projections 2015-2020
|
€ million |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
|
National Debt Service |
7,271 |
7,325 |
7,075 |
7,184 |
7,142 |
7,013 |
While principal debt repayments do not form part of National Debt service expenditure, Table 3 below sets out information in respect of the principal redemption amounts of Irish Government Fixed Rate Bonds on the date of maturity over the period 2008 to 2015. Government Bonds are the largest component of the National Debt.
Table 3: Irish Government Fixed Rate Bond Redemptions 2008 - 2015
|
€ million |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
|
Irish Government Fixed Rate Bond Maturities |
31 |
5,072 |
793 |
4,390 |
5,563 |
4,616 |
2,746 |
2,237 |
Table 4 as follows sets out the maturity profile of Irish Government Fixed Rate Bonds outstanding at the end of August 2015 for the period 2016 to 2020.
Table 4: Maturity profile of Irish Government Fixed Rate Bonds 2016-2012
|
€ million |
2016 |
2017 |
2018 |
2019 |
2020 |
|
Irish Government Fixed Rate Bond Maturities |
8,132 |
6,389 |
9,256 |
14,467 |
19,861 |
Note that the figures in the table are unaudited.
