Bernard J. Durkan
Ceist:54 Mr. Durkan asked the Minister for Finance the plans, if any, he has to use extra resources to reduce the national debt in the next 12 months; and if he will make a statement on the matter. [22664/99]
Written Answers. - Budget Surplus.
Derek McDowell
Ceist:55 Mr. McDowell asked the Minister for Finance the projected Exchequer surplus for the end of 1999; the manner in which it is intended to use this surplus; and if he will make a statement on the matter. [22757/99]
Bernard J. Durkan
Ceist:133 Mr. Durkan asked the Minister for Finance the degree to which it is proposed to reduce the national debt; the means by which this will be done; and if he will make a statement on the matter. [22948/99]
I propose to take Questions Nos. 54, 55 and 133 together.
In my budget on 1 December, I will set out the position in relation to the budget balance for the years 2000 through to 2002, When a deficit arises in any year, it has the effect of increasing the national debt. Any budget surpluses are automatically applied towards reducing the national debt.
The level of, and year on year change in the national debt for the past five years are set out in tabular form below. Movements in this regard reflect the budget balance each year and other factors such as currency movements.
|
Year |
Level of National Debt(IR£m) |
Year on Year Change(IR£m) |
|
1993 |
28,357 |
|
|
1994 |
29,227 |
+870 |
|
1995 |
30,209 |
+982 |
|
1996 |
29,912 |
-297 |
|
1997 |
30,688 |
+776 |
|
1998 |
29,541 |
-1,147 |
At end September the projection for the Exchequer surplus was IR£1.7 billion (, 2.2 billion) excluding the Telecom Éireann receipts and before any payment this year to the proposed public service and social welfare pension funds.
This forecast will be revisited over the coming weeks in the light of the emerging outturn and I will be presenting a more detailed projection for the 1999 Exchequer position as part of my budget presentation on 1 December.
The Government has allocated the majority of the Telecom proceeds to the social welfare reserve and public service pensions funds which it decided to establish last July. The Government also decided to discharge the Exchequer's future liability in respect of pre-1984 service of existing Telecom-An Post pensioners-staff.