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Debt Profile

General Government Debt (GGD) is a measure of the total gross consolidated debt of the State compiled by the Central Statistics Office (CSO) and is the measure used for comparative purposes across the European Union. The National Debt is the net debt incurred by the Exchequer after taking account of cash balances and other financial assets. Gross National Debt is the principal component of GGD. GGD also includes the debt of central and local government bodies. GGD is reported on a gross basis and does not net off outstanding cash balances and other related assets – unlike the National Debt. The CSO report that GGD at end June 2018 stood at €214.9 billion or 69.1% of annualised Gross Domestic Product (GDP).

The CSO produces a measure of General Government Net Debt by subtracting from the General Government Gross Debt figure the value of the financial assets corresponding to the categories of financial liabilities which comprise General Government Gross Debt. The CSO report that at end-June 2018 General Government Net Debt stood at €176.8 billion or 56.8% of annualised GDP.

Government Finance Statistics Quarter 2 2018 – Central Statistics Office.

The figures in this section relate to GGD and National Debt. However, it should be noted that the NTMA’s responsibilities relate to National Debt only.

Composition of Debt
End-December 2016End-December 2017
National Debt
General Government Debt
National Debt
General Government Debt
Government Bonds121.65127.58
EU/IMF Programme Funding50.3044.88
Other Medium and Long-Term Debt1.701.90
State Savings Schemes (excludes POSB Deposits)*17.1917.29
Short-Term Debt5.897.05
Gross National Debt196.73196.73198.70198.70
Cash and Other Liquid Short-term Investments-8.39-10.53
Other Non-Liquid Financial Assets-2.73-2.68
National Debt185.61185.48
Other General Government Debt components3.962.60
General Government Debt200.69201.30
Composition of National Debt at End-Nov 2018
National Debt
Government Bonds**132.46
EU/IMF Programme Funding44.88
Other Medium and Long Term Debt2.17
State Savings Schemes (excludes POSB Deposits)*17.31
Short-Term Debt11.53
Gross National Debt at End-November 2018208.35
Cash and Other Liquid Short-term Investments-20.33
Other Non-Liquid Financial Assets-2.46
National Debt at End-November 2018185.56


Rounding may affect totals. National Debt figures for end- November 2018 are unaudited. The figures take account of the effect of currency hedging transactions.

* State Savings Schemes also include moneys invested by depositors in the Post Office Savings Bank (POSB) which does not form part of the National Debt. These funds are mainly lent to the Exchequer as short-term advances and through the purchase of Irish Government Bonds. Taking into account POSB Deposits, total State Savings outstanding were €20.6 billion at end-Nov 2018 (€20.4 billion at end-December 2017 and €20.1 billion at end-Dec 2016).

**Government Bonds includes NTMA Repo activity, amortising bonds adjusted by sink factor, and index inflation linked bond adjusted for current value.

This report includes Bonds issued under Ireland’s Euro Medium Term Note Programme.

Source: NTMA and Central Statistics Office (CSO)