Dáil Éireann Debate, Tuesday - 24 October 2017
77. Deputy Joan Burton asked the Minister for Finance the national debt level as calculated in GDP and GNI; the schedule for the repayment of debt due in each of the years 2017 to 2021; and if he will make a statement on the matter. [40353/17]
View answerGeneral Government Debt (GGD) is a measure of the total gross consolidated debt of the State compiled by the Central Statistics Office (CSO). It is the measure used for comparative purposes across the European Union. It is commonly measured as a percentage of Gross Domestic Product (GDP).
Given the Deputy has asked for the debt to be expressed as a percentage of GDP and also as a percentage of Gross National Income (GNI), this response focuses on GGD rather than on the National Debt measure.
The CSO estimates that GGD stood at just over €200 billion at end-2016.
As a percentage of GDP, GGD stood at just under 73 per cent at end-2016.
As a percentage of GNI, GGD stood at 88 per cent at end-2016.
And as a percentage of modified GNI or GNI*– which is the CSOs new metric to size the Irish economy – the ratio at end-2016 was 106 per cent.
A table showing the maturity profile of Government bonds and EU/IMF Programme loans is updated monthly on the website of the National Treasury Management Agency (NTMA). The following table covers the period 2017 – 2021, and reflects the position as at end-September 2017.
The table shows €6.9 billion of loans from the European Financial Stabilisation Mechanism (EFSM) with contractual maturity dates in 2018 and 2021. However the Deputy should be aware that owing to the maturity extensions granted in 2013, it is not expected that Ireland will have to refinance any EFSM loans before 2027.
The Deputy will be aware that I have announced my intention to repay in full the outstanding loans from the IMF together with Swedish and Danish bilateral loans. Early repayment will require agreement from the European lenders, the EFSF and the EFSM, and the UK to waive the proportionate early repayment clauses in the respective loan agreements. The process for securing these waivers is currently under way.
|
Maturity Profile of Irish Government Bonds and EU/IMF Programme Loans at end-September 2017 |
||||
|
€m |
Fixed Rate & Amortising Bonds |
IMF |
Bilaterals* |
EFSM** |
|
2017 |
6,456 |
9 |
|
|
|
2018 |
8,853 |
(21) |
|
3,900 |
|
2019 |
13,702 |
(42) |
1,858 |
|
|
2020 |
18,753 |
(24) |
2,376 |
|
|
2021 |
21 |
2,765 |
733 |
3,000 |
NOTES:
The figures in the table are unaudited and include the effect of currency hedging transactions. Rounding can affect totals.
* Bilateral loans were provided from the United Kingdom, Sweden and Denmark.
** EFSM loans are subject to a seven-year extension. It is not expected that Ireland will have to refinance any of its EFSM loans before 2027. However, the revised maturity dates of individual EFSM loans will only be determined as they approach their original maturity dates.
