National Debt

Dáil Éireann Debate, Thursday - 30 September 2010

Thursday, 30 September 2010

Ceisteanna (145)

Kieran O'Donnell

Ceist:

144 Deputy Kieran O’Donnell asked the Minister for Finance the make up of the national debt in terms of total value, specific repayment periods and rate of interest payable; the expected national debt figures at the end of 2011, 2012, 2013, and 2014; the amount of interest payable on our national debt for 2010, 2011, 2012, 2013, and 2014; the average rate of interest paid on this national debt for each year and these interest figures as a percentage of GDP; and if he will make a statement on the matter. [34310/10]

Freagraí scríofa

Minister for Finance (Deputy Brian Lenihan)

The National Treasury Management Agency (NTMA) advise that the national debt was €75.2 billion at end-2009 and was €87.2 billion at end-August 2010. The weighted average cost of bonds raised in 2010 to date is 4.7% which is the same as the average cost achieved in 2009. The weighted average maturity of the debt is 7.6 years.

Based on the Budget 2010 estimates, Table 1 below outlines the national debt forecast, the maturity profile of the debt, and the debt servicing interest costs for the period to end-2014. These projections are currently being revised by my Department and the NTMA in the context of the publication of the Pre-Budget Outlook.

Table 1*

	2010	2011	2012	2013	2014
Projected Level of National Debt €bn	94	112	127	139	148
Bond Maturities €bn	1.2	4.5	5.6	6.0	11.4
Debt Servicing Interest Costs €bn	4½	5¾	6½	7½	7¾
Debt Servicing Interest Costs as % GDP	2.8%	3.4%	3.6%	3.9%	3.8%

*Figures in table based on forecasts contained in Budget 2010.

Question No. 145 answered with Question No. 74.