National Treasury Management Agency

Tuesday, 27 July 2021

Questions (419, 420)

Richard Boyd Barrett

Question:

419. Deputy Richard Boyd Barrett asked the Minister for Finance the size of the national debt. [41158/21]

View answer

Richard Boyd Barrett

Question:

420. Deputy Richard Boyd Barrett asked the Minister for Finance the estimated amount of interest that will be paid on the national debt in 2022. [41159/21]

View answer

Written answers

Minister for Finance

I propose to take Questions Nos. 419 and 420 together.

The large-scale fiscal support required to limit the economic disruption brought about by the COVID-19 pandemic has led to an increase in public indebtedness.

To offer a wider picture of Ireland’s debt, the National Treasury Management Agency have provided a response in relation to General Government Debt (GGD). This is the measure of debt for which estimates are published and is the standard measure of debt used across the EU for comparative purposes. Unlike National Debt, it includes State debt that is outside of the Exchequer and so is a measure of the total gross consolidated debt of the State.

I am informed that GGD stood at circa €218bn at the end of 2020, up €14bn on the position at end-2019.

In the recently released Summer Economic Statement, my Department estimated that it would increase further this year, to over €240bn at year-end.

The most recent estimate of interest on GGD for 2022 is €3.7bn.

These estimates will be updated in Budget 2022 later this year.