Statistics

Composition of Debt

Gross National Debt at End-October 2022
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      Composition of National Debt at End-October 2022

      €bn

      Movement from
      end-2021 €bn

      Government Bonds*

      147.0

      -7.1

      Fixed Rate Treasury Bonds

      142.4

      -4.7

      Floating Rate Bonds

      3.0

      -2.5

      Amortising Bonds

      0.4

      0.0

      Inflation-Linked Bonds

      1.1

      0.1

      EU Loans inc. SURE

      43.4

      0.0

      European Financial Stabilisation Mechanism (EFSM)

      22.5

      0.0

      European Financial Stability Facility (EFSF)

      18.4

      0.0

      SURE Programme Loan

      2.5

      0.0

      State Savings Products**

      20.0

      0.4

      Fixed Rate Products

      15.3

      0.1

      Prize Bonds

      4.7

      0.2

      Short Term Paper

      10.8

      1.1

      Marketable (Commercial Paper and Treasury Bills)

      1.8

      -3.1

      Non-Marketable (Exchequer and Central Treasury Notes)

      9.0

      4.1

      Other Medium and Long Term Debt

      5.4

      0.2

      European Investment Bank & Council of Europe Development Bank Loans

      1.7

      0.0

      Private Placements & Medium-Term Notes

      3.7

      0.2

      Borrowing from Ministerial Funds

      5.7

      0.6

      Gross National Debt

      232.2

      -4.9

      Cash and Liquid Assets

      26.7

      -0.8

      Other Non-Liquid Financial Assets

      3.2

      1.6

      National Debt

      202.3

      -5.7

      Notes:
      Rounding may affect totals. 2022 figures are unaudited.

      *Government Bonds include NTMA repo activity.
      **State Savings Schemes also include Post Office Savings Bank (POSB) deposits. While not an explicit component of the National Debt, these funds are mainly lent to the Exchequer as a ways and means of funding short-term Exchequer requirements. Taking into account the POSB Deposits, total State Savings outstanding were €24.7 billion at end-October 2022.

      Source: NTMA

  • Composition of Debt at End-December 2021

    • Composition of Debt at End-December 2021€bn
      Government Bonds*154.1
      Fixed Rate Treasury Bonds147.1
      Floating Rate Bonds

      5.5

      Amortising Bonds0.4
      Inflation-Linked Bonds

      1.1

      EU Loans43.4
      European Financial Stabilisation Mechanism (EFSM)22.5
      European Financial Stability Facility (EFSF)18.4
      SURE2.5
      State Savings Products**19.6
      Fixed Rate Products15.2
      Prize Bonds4.4
      Short Term Paper

      9.8

      Marketable (Commercial Paper and Treasury Bills)

      4.9

      Non-Marketable (Exchequer and Central Treasury Notes)

      4.9

      Other Medium and Long Term Debt

      5.2

      European Investment Bank & Council of Europe Development Bank Loans1.7
      Private Placements & Medium-Term Notes

      3.5

      Borrowing from Ministerial Funds5.1
      Gross National Debt 237.2
      Cash and Liquid Assets27.5
      Other Non-Liquid Financial Assets1.7
      National Debt 208.0

      Notes:
      Rounding may affect totals. The National Debt figures take account of the effect of currency hedging transactions.

      *Government Bonds includes NTMA repo activity.
      **State Savings Schemes also include Post Office Savings Bank (POSB) deposits. While not an explicit component of the National Debt, these funds are mainly lent to the Exchequer as a ways and means of funding short-term Exchequer requirements. Taking into account the POSB Deposits, total State Savings outstanding were €24.1 billion at end-December 2021.

      Source: NTMA

  • Read More
    • 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 other 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-2021 stood at €236.1 billion. This is the equivalent of 55% of GDP or 101% of GNI*.

      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-2021 General Government Net Debt stood at €192.3 billion. This is the equivalent of 45% of GDP or 82% of GNI*.


      CSO Database

      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.