Dáil Éireann Debate, Tuesday - 21 March 2017
174. Deputy Dara Calleary asked the Minister for Finance the status of the State's national debt in tabular form; the interest rate and redemption date on each component of the national debt; and if he will make a statement on the matter. [12794/17]
View answerThe National Debt is the net debt incurred by the Exchequer after taking account of cash balances and other financial assets. Gross National Debt is the principal component of General Government Debt.
Details of the provisional and unaudited composition of Gross National Debt, its residual maturity and average interest rates as at end-2016 are set out in the following table.
|
Gross National Debt as at end December 2016 |
|||
|
Instrument |
Outstanding Balance |
Weighted Average Residual Maturity |
Weighted Average Interest Rate |
|
€bn |
Years |
% |
|
|
Government Bonds |
121.6 |
11.1 |
3.7%1 |
|
EU-IMF Programme |
50.3 |
11.22 |
2.1%2 |
|
State Savings |
17.23 |
3 |
0.33%-1.5%3 |
|
Other Medium and Long-Term Debt |
1.7 |
16.84 |
3.0%4 |
|
Short term debt |
5.95 |
0.35 |
-0.3%5 |
|
Total Gross National Debt |
196.7 |
||
|
Sources: NTMA, CSO, Department of Finance |
The 2016 figures are provisional and unaudited. They are therefore subject to revision.
Rounding may affect totals. National Debt figures take account of the effect of currency hedging transactions.
Notes to table:
1. The nominal interest rate is displayed, which differs from the yield at issue.
2. EFSM loans are subject to maturity extensions designed to bring the original weighted average maturity to 19.5 years. It is not expected that Ireland will have to refinance any of its EFSM loans before 2027. However as the revised maturity dates of individual EFSM loans will only be determined as they approach their original maturity dates, the weighted average maturity figure above does not fully reflect the maturity extensions. Including certain assumptions for EFSM maturity extensions, the estimated residual weighted average maturity of EU-IMF Programme loans was 13 years at end-2016. The EU-IMF Programme interest rate is an estimated weighted average, euro equivalent interest rate.
3. State Savings Schemes also include money invested by depositors in the Post Office Savings Bank (POSB) which does not form part of the National Debt but is part of other General Government Debt in the table. Taking into account POSB Deposits, total State Savings outstanding were €20.1 billion at end-December 2016. State Savings include products with original maturities ranging from 3 to 10 years. These products generally have a very high re-investment rate. Irrespective of the original term, NTMA State Savings products can be encashed on demand at any time - repayment takes 7 days. Prize bonds can be encashed when 90 days have elapsed after the purchase date. The interest rates shown are the maximum interest rates (AER) payable on the fixed term, fixed rate products available for purchase at end 2016.
4. The table shows the weighted average maturity and interest rate for Private Placements, Euro Medium Term Notes, and loans from the European Investment Bank and Council of Europe Development Bank.
5. The table shows the weighted average maturity and euro equivalent interest rate for Treasury Bills, Euro Commercial Paper, Exchequer Notes and Central Treasury Notes. The short-term debt outstanding balance also includes Borrowing from Ministerial Funds.
