Dáil Éireann Debate, Wednesday - 19 May 2010
82 Deputy James Reilly asked the Minister for Finance the Government debt on 31 December 2009 and on the most recently available date; the breakdown of the financial institutions to whom this money is owed by country on 31 December 2009 and on the most recently available date; and if he will make a statement on the matter. [20799/10]
Amharc ar fhreagraThe National Debt at end-2009 stood at €75.2 billion and at end-April 2010 stood at just over €82 billion. The National Debt is a presentation of the indebtedness of the Exchequer and as such it is this amount which must be serviced from the Central Fund. It is calculated net of liquid assets and excludes certain liabilities recognised in the General Government Debt. The General Government Debt is the standard measurement of gross indebtedness used for comparative purposes within the EU. It includes the debt of the Exchequer, the extra-budgetary funds, the non-commercial state-sponsored bodies, as well as the debt of local authorities. The General Government Debt at end-2009 is estimated to be €104.7 billion, or 64% of GDP.
In relation to the National Debt the National Treasury Management Agency (NTMA) have advised that Irish Government Bonds are bought and actively traded in the secondary markets by a broad range of investors, both domestic and international, but mainly financial institutions including fund managers, banks, Central Banks and insurance companies. Due to the nature of the international bond markets, it is not possible to classify bond-holdings to the level of individual financial institution. In addition, any such information would be considered commercially sensitive. However, the NTMA has advised that it is estimated that around 85 per cent of Ireland's bonds are currently held by international investors.
In addition, the NTMA borrows in the short-term markets, mainly in order to manage liquidity risks and to assist in the timing of borrowings. The NTMA advises its short-term programmes have been highly successful and have seen strong demand from international banks and corporate treasuries. The NTMA also borrows from individual retail investors through its State Savings products. There is approximately €10 billion outstanding under these schemes.
