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-December 2015 stood at €201.1 billion or 78.6% 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-December 2015 General Government Net Debt stood at €171.5 billion or 67.1% of annualised GDP.
Government Finance Statistics Quarter 3 2016 – 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 2015||End-September 2016|
|National Debt |
|General Government Debt |
|National Debt |
|General Government Debt
|EU/IMF Programme Funding||49.75||50.29|
|Other Medium and Long-Term Debt||1.17||1.50|
|State Savings Schemes (excludes POSB Deposits)1||16.69||17.16|
|Gross National Debt||196.62||196.62||198.84||198.84|
|Cash and Other Liquid Short-term Investments||-10.93||-11.56|
|Other Non-Liquid Financial Assets||-2.63||-2.99|
|Other General Government Debt components||4.51||3.28|
|General Government Debt||201.13||202.12|
Composition of National Debt at End-March 2017
|EU/IMF Programme Funding||50.29|
|Other Medium and Long Term Debt||1.70|
|State Savings Schemes (excludes POSB Deposits)*||17.26|
|Gross National Debt at 31/03/2017||204.77|
|Cash and Other Liquid Short-term Investments||-15.23|
|Other Non-Liquid Financial Assets||-2.67|
|National Debt at 31/03/2017||186.87|
Rounding may affect totals. National Debt figures for end-Mar 2017 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 €20.2 billion at end-March 2017 (€20.1 billion at end-December 2016 and €19.5 billion at end-Dec 2015).
Source: NTMA and Central Statistics Office (CSO)