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For more information on this release:
E-mail: gfs@cso.ie Máire O'Mahony (+353) 1 498 4308 Derek Stynes (+353) 1 498 4303 Elaine O'Sullivan (+353) 1 498 4203
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-616X
CSO statistical release, 20 April 2016, 11am

Government Finance Statistics - Annual

2010 to 2015 (April 2016 Results)

 General Government Deficit, Gross Debt , Net Debt and GDP
 GG DeficitGG Gross DebtGG Net DebtGDP
End of year€m% GDP€m% GDP€m% GDP€m
2010-53,677-32.3144,22786.8110,71166.6166,157
2011-21,842-12.6189,707109.1134,53777.3173,940
2012-14,014-8.0209,986120.1151,26886.5174,845
2013-10,193-5.7215,298120.0160,70189.6179,448
2014-7,195-3.8203,295107.5166,55688.1189,046
2015-4,937-2.3201,26693.8171,36579.8214,623

Government Deficit of -2.3% of GDP in 2015

Figure 1 General Government Deficit, Gross Debt and Net Debt
go to full release

In 2015, the General Government deficit was -€4.9 billion, or -2.3% of GDP. This is an improvement on the 2014 position of -€7.2 billion (-3.8% of GDP) and is largely due to an increase of over 7% in government revenues which grew from €65.7 billion in 2014 to €70.5 billion in 2015. This increase in revenues was partially offset by an increase of €2.5 billion in expenditures.

The growth in revenue was primarily driven by increases in tax and social contribution revenues partially offset by reductions to investment income. Some €4.3 billion was raised in additional taxes in 2015 with €3 billion raised in direct taxes and €1.3 billion indirect taxes.  

The increase in expenditure (Table 1) is mainly due to a once off capital injection which arose when preference shares held by general government in AIB were redeemed at the end of the year. The general government deficit excluding interventions to support financial institutions would have been €3.2 billion in 2015, or 1.5% of GDP. Government was a net recipient of revenues from financial institutions between 2012 and 2014. This included interest on preference shares and contingent capital in the main pillar banks (Table 1). This income can be seen to reduce over the period 2013-2015 as the State reduces these holdings. In addition the government redeemed and converted its remaining preference shares in AIB to ordinary shares in late 2015. The conversion of these preference shares is classified as an expenditure of government that impacts the deficit. Further details are available in the background notes to this release.

Government Debt falls to 93.8% of GDP in 2015 

The gross debt of General Government stood at €201.3 billion at the end of 2015, or 93.8% of GDP, down from €203.3 billion at the end of 2014, or 107.5% of GDP. This is due primarily to a significant increase in GDP, which rose from €189.0 billion in 2014 to €214.6 billion in 2015, while gross debt fell by €2.0 billion. The composition of gross debt changed significantly in 2015, driven in part by a repayment of IMF loans in the first quarter of the year. This reduction in loan liabilities was largely offset in the same quarter by a more conventional means of financing through the issuance of long-term debt securities.

General Government Net Debt for 2015 increased by some €4.8 billion in 2015, and stood at €171.4 billion or 79.8% of GDP.  This increase was composed of a €2.0 billion reduction in gross debt and a fall of €6.8 billion in EDP debt instrument assets over the same period (Table 7).

The net debt figure is obtained by deducting the value of the financial assets corresponding to those categories of financial liabilities which comprise General Government Debt from the gross debt figure (Tables 2 & 5).

The results in this release are presented under the ESA 2010 standards. See text box below and Background Notes for further information.   

New: Detailed tables at subsector level.

Six new tables which provide the detailed revenue and expenditure data for both central and local government are now included in this release. These data have previously only been available on Eurostat's databank.  The new tables show transactions between central and local government before consolidation at general government level.

National accounts are compiled in the EU according to the European System of National and Regional Accounts (ESA) framework. In 2014, the new ESA 2010 framework replaced the previous ESA 95 version and all EU member states were required to adopt ESA 2010 by September 2014.

GFS annual results are benchmarked to the most recent Excessive Deficit Procedure (EDP) notification. Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

 

 

 

Total RevenueTotal Expenditure
201033.34617259579865.6505594106779
201132.953892146717345.5105208692653
201233.791072092424741.8067431153307
201334.020440461860839.700637510588
201434.758206997238838.5641589877596
201532.844569314565535.1448819558016
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201020112012201320142015
   
General Government transactions       
   
RevenueTR55,40757,32059,08261,04965,70970,492
Taxes and social contributionsD2 + D5 + D91 + D6147,37748,83550,58052,80157,38162,177
TaxesD2 + D5 + D9137,89138,86340,92942,50046,45050,748
Social contributions D619,4859,9729,65110,30110,93111,429
Sales of goods and servicesP1O5,2845,1634,9264,5734,6915,159
Investment incomeD42,1122,4453,0213,1162,8812,616
Current transfer revenue (excluding taxes)D7313268256262351253
Capital transfer revenue (excluding taxes)D9N322610299298405288
   
ExpenditureTE109,08379,16173,09771,24272,90475,429
ExpenseExpense106,78578,17972,80371,98872,37074,993
Compensation of employeesD119,29319,17518,90718,65318,80719,543
Use of goods and services plus taxes payableP2 + D5 + D298,9918,5848,2438,1868,7859,324
Depreciation (Consumption of fixed capital)P51c3,1863,2663,3563,4073,5283,528
Interest (excluding FISIM)D414,9215,8887,1577,6677,4856,747
SubsidiesD31,8281,7251,9211,8151,8571,840
Social benefitsD62 + D63228,77428,80829,43628,54928,12227,988
Other current transfersD72,6632,5322,3782,8182,6622,511
Capital transfersD937,1308,2001,4058931,1233,512
   
 Net operating balanceNOB-51,380-20,860-13,720-10,938-6,661-4,501
   
Net acquisition of non-financial assetsP5 + NP - P51c2,298982294-746534436
           
 General Government Surplus/DeficitB9-53,677-21,842-14,014-10,193-7,195-4,937
equals   
Net acquisition of financial assetsΔFA-11,6383,6656,059-5,519-19,005-7,333
Debt instrumentsF2 + F3 + F4-8,984-714,380-4,374-19,584-6,944
Equity and Investment Fund SharesF5-2,3883,7031,826-1,307-91100
Other financial assetsF6 + F7 + F8 -26633-147162670-489
less   
Net incurrence of liabilitiesΔL42,03825,50720,0754,674-11,810-2,396
Debt instrumentsF2 + F3 + F440,92625,14319,7025,545-12,449-2,639
Other liabilitiesF5 + F6 + F7 + F8 1,112364373-871639243
      
  Memo: Net derivative flows on debt interest swap contracts 10-132-221-274-264-240
        
 General Government Surplus/Deficit (% of GDP) -32.3-12.6-8.0-5.7-3.8-2.3
Government interventions to support financial institutions
 Revenue (a+b+c+d)1,7443,0653,0352,7702,2952,200
 Guarantee fees receivable (a)P131(part)1,0741,21593442115553
 Interest receivable (b)D4(part)5081,0411,5391,090712505
 Dividends receivable (c) D4(part)32333502720761988
 Other (d) P131(part)13047661539668653
 Expenditure (e+f+g+h) 37,2869,4352,6802,3702,2813,942
 Interest payable (e)D4(part)1,8932,1422,0471,8641,5281,213
 Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)35,3937,121280002,111
 Calls on guarantees (g)D9(part)000000
 Other (h)various0172353506753618
Impact of the above interventions on General Government Surplus/Deficit-35,543-6,37035540015-1,742
  General Government Surplus/Deficit excluding interventions to support financial institutions -18,134-15,473-14,369-10,592-7,210-3,195
Table 2 General Government Net Worth, Gross and Net Debt
            €million
Description ESA2010 code201020112012201320142015
             
General Government net worth       
Net worth at market value, excluding pension liabilitiesNW6,255-19,368-49,483-56,116-58,381-54,825
equals      
Non-financial assets at market valueNFA84,63285,25787,29589,08494,70095,136
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-78,377-104,625-136,778-145,200-153,081-149,961
equals      
Financial assets at market valueFA62,23188,28193,06894,81384,44285,117
EDP debt instrumentsF2 + F3 + F433,51655,16858,71854,59736,73829,902
Equity and Investment Fund SharesF520,13022,97525,09830,79538,44545,618
Other financial assetsF6 + F7 + F8 8,58510,1389,2529,4219,2599,597
less      
Liabilities at market valueL140,608192,906229,846240,013237,523235,078
EDP debt instrumentsF2 + F3 + F4132,998181,857218,596231,503228,847225,547
Other liabilitiesF5 + F6 + F7 + F87,61011,04911,2508,5108,6769,531
      
Memo: Estimated pension liabilities of government116,000116,00098,00098,00098,00098,000
      
Memo: Net worth, including pension liabilities-109,745-135,368-147,483-154,116-156,381-152,825
      
Contingent liabilities149,355142,298119,13159,72329,21916,678
      
 Memo: Net worth, including pension liabilities and contingent liabilities -259,100-277,666-266,613-213,838-185,600-169,503
General Government: changes in net worth       
Opening net worth46,9006,255-19,368-49,483-56,116-58,381
      
Change in net worth due to transactions-51,379-20,859-13,722-10,939-6,661-4,501
Net acquisition of non-financial assets P5 + NP - P51c2,298982294-746534436
Net lending/net borrowingB9-53,676-21,842-14,016-10,193-7,195-4,937
      
Change in net worth due to other economic flowsKx10,734-4,764-16,3934,3064,3968,057
Other changes in non-financial assets-6,108-3571,7452,5355,0820
Other changes in financial assets47422,385-1,2727,2648,6348,008
Other changes in liabilities16,368-26,791-16,865-5,493-9,32049
             
Closing net worth 6,255-19,368-49,483-56,116-58,381-54,825
             
General Government Debt (GGDebt)       
Debt instrument liabilities at market valueF2 + F3 + F4132,998181,857218,596231,503228,847225,547
+ Difference between EDP face value and market value11,2297,850-8,610-16,205-25,552-24,281
             
 Gross General Government Debt (EDP face value)GGDebt144,227189,707209,986215,298203,295201,266
      
less EDP debt instrument assetsF2 + F3 + F4-33,516-55,170-58,718-54,597-36,739-29,901
 Net General Government Debt GGNetDebt110,711134,537151,268160,701166,556171,365
    
Closing Net Worth (% of GDP) 3.8-11.1-28.3-31.3-30.9-25.5
Gross General Government Debt (% of GDP)86.8109.1120.1120.0107.593.8
Net General Government Debt (% of GDP) 66.677.386.589.688.179.8
Table 3 General Government: detailed classification of revenue and output   
           €million
DescriptionESA2010 code201020112012201320142015
            
Total RevenueTR55,40757,31959,08261,04965,70970,492
 Taxes and social contributions 47,37748,83550,58052,80157,38162,177
  TaxesD2 + D5 + D9137,89138,86340,92942,50046,45050,748
   Indirect taxes (taxes on production and imports)D218,06317,77918,34419,28521,19722,466
    Taxes on productsD2116,08315,70516,09916,74918,24019,443
    of which Value-Added TaxD21110,0679,75510,21910,37211,52111,973
    Other taxes on production D291,9812,0742,2452,5362,9573,023
   Direct taxesD519,58320,84222,30022,93624,89527,881
    Taxes on income, profits and capital gainsD5118,61719,43520,83721,29923,01726,605
    Other current direct taxesD599661,4071,4631,6371,8781,276
   Capital taxesD91245242285278359401
  Social contributions D619,4859,9729,65110,30110,93111,429
   Actual social contributionsD611 + D6138,4329,0028,4749,0259,61910,116
    PRSI receipts D6116,7027,2686,7997,2997,9478,436
    Government employees' pension contributionsD6131,7301,7331,6741,7271,6721,681
   Employers' imputed social contributionsD6121,0539711,1771,2761,3121,312
 Sales of goods and servicesP1O5,2845,1634,9264,5734,6915,159
  Sales of market establishments (= market output)P118779059781,0481,1371,245
  Imputed sales related to production of own-use capital assets (= output for own final use)P12585838333321
  Incidental sales and fees of non-market establishmentsP1314,3494,2003,9103,4923,5213,893
 Investment incomeD42,1122,4453,0213,1162,8812,616
  Interest (excluding FISIM)D418501,3601,5891,340955670
  DividendsD421,2601,0811,4281,7721,9231,942
 Current transfer revenueD39 + D7312267256262351253
  SubsidiesD39000000
  Other current transfersD7313268256262351253
   Non-life insurance claimsD7224138998
   Other Domestic - Current D7N_S1190214206197292193
   From Rest of World - CurrentD7N_S2994142575152
 Capital transfer revenueD9N322610299298405288
            
Output P131,73931,31830,88130,68331,63133,010
 Market output (sales of market establishments)P118779059781,0481,1371,245
 Output for own final useP12585838333321
 Non-market outputP1330,80430,35529,86529,60230,46131,745
  = Non-market compensation of employeesD1_nonmarket19,23519,11718,86918,62018,77419,522
   = Total compensation of employeesD119,29319,17518,90718,65318,80719,543
   - Compensation of employees of market establishmentsD1_market      
   - Compensation related to production of own-use capital assetsD1_own-use-58-58-38-33-33-21
  + Non-market intermediate consumptionP2_nonmarket8,7678,3568,0307,9678,5669,105
   = Total intermediate consumptionP28,9918,5828,2428,1868,7859,324
   - Intermediate consumption of market establishmentsP2_market-224-227-212-219-219-219
   - Intermediate consumption related to production of own-use capital assetsP2_own-use      
  + Non-market consumption of fixed capitalP51c_nonmarket2,8022,8822,9663,0153,1213,118
   = Total consumption of fixed capitalP51c3,1863,2663,3563,4073,5283,528
   - Consumption of fixed capital by market establishmentsP51c_market-384-385-389-392-406-410
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use      
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 4 General Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201020112012201320142015
            
Total ExpenditureTE109,08379,16173,09771,24272,90475,429
            
 Expense 106,78578,17972,80371,98872,37074,993
  Compensation of employeesD119,29319,17518,90718,65318,80719,543
   Of which: Related to production of own-use capital assets 585838333321
  Use of goods and services plus taxes payableP2 + D5 + D298,9918,5848,2438,1868,7859,324
   Use of goods and services [Intermediate consumption]P28,9918,5828,2428,1868,7859,324
    Of which: Intermediate consumption of market establishments 224227212219219219
   Taxes, payableD5111000
  Depreciation (Consumption of fixed capital)P51c3,1863,2663,3563,4073,5283,528
    Of which: Depreciation by market establishments 384385389392406410
  Interest (excluding FISIM)D414,9215,8887,1577,6677,4856,747
   Other domestic interest payableD41_S11,5131,5392,5363,0292,7952,526
   Interest payable to rest of worldD41_S23,4084,3494,6214,6384,6904,221
  SubsidiesD31,8281,7251,9211,8151,8571,840
   Product subsidiesD311,0831,0601,062996972904
   Other subsidies on productionD39745665859819885936
  Social benefitsD62 + D63228,77428,80829,43628,54928,12227,988
   Social benefits in cashD6223,81823,85024,19523,50622,93622,877
   Social benefits in kind (via market producers)D6324,9564,9585,2415,0435,1865,111
  Other current transfersD72,6632,5322,3782,8182,6622,511
   Net non-life insurance premiumsD71834777585857
   Current international cooperationD74547547546531435451
   Miscellaneous current transfersD75865789565674687388
   VAT and GNI based EU budget contributionD761,1671,1501,1901,5561,4831,614
    VAT-based EU own resourcesD761194194191194203215
    GNI-based EU own resourcesD7629739569991,3611,2801,400
  Capital transfersD937,1308,2001,4058931,1233,512
   Investment grantsD921,3021,0801,1258559301,401
   Other capital transfersD9935,8287,121280381932,111
            
 Net acquisition of non-financial assetsP5 + NP - P51c2,298982294-746534436
  = Gross investment in non-financial assetsP5 + NP5,4844,2493,6492,6614,0623,963
   Gross fixed capital formationP515,5644,1383,5663,3024,0023,903
   Net acquisition of stocksP52-8011183836060
   Net acquisition of unproduced assetsNP000-72300
  - Consumption of fixed capitalP51c-3,186-3,266-3,356-3,407-3,528-3,528
            
Net expenditure on current goods and servicesP3 excl. D63226,45526,15525,95526,11026,94027,851
 = OutputP131,73931,31830,88130,68331,63133,010
 - Sales of goods and services P11+P12+P131-5,284-5,163-4,926-4,573-4,691-5,159
   Market output (sales of market establishments)P11-877-905-978-1,048-1,137-1,245
   Output for own final useP12-58-58-38-33-33-21
   Incidental sales and fees of non-market establishmentsP131-4,349-4,200-3,910-3,492-3,521-3,893
            
Final consumption expenditureP331,41131,11431,19631,15332,12632,963
 = Net expenditure on current goods and servicesP3 excl. D63226,45526,15525,95526,11026,94027,851
 + Social transfers in kind via market producers D6324,9564,9585,2415,0435,1865,111
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)21,81421,49721,36321,12521,76422,130
  Social transfers in kind (via market producers)D6324,9564,9585,2415,0435,1865,111
  Social transfers in kind (provided directly by government)D63116,85816,53916,12216,08216,57917,018
 Collective consumption (= actual final consumption of government)P329,5969,6169,83310,02810,36210,833
            
Total social transfersD62 + D6345,63345,34745,55844,63144,70045,007
 Social benefits in cashD62 23,81823,85024,19523,50622,93622,877
 Social transfers in kind (= individual consumption)D6321,81421,49721,36321,12521,76422,130
Table 5 General Government financial transactions
      €million
DescriptionESA2010 code201020112012201320142015
        
 Net lending (+) / net borrowing (-)B.9-53,676-21,842-14,016-10,193-7,195-4,937
equals        
Net acquisition of financial assets ΔA-11,6383,6656,059-5,519-19,005-7,333
EDP debt instruments F2 + F3 + F4-8,984-714,380-4,374-19,584-6,944
 Currency and deposits F2-11,288-6515,838-1,259-6,329-218
Debt securities F31,857-648957-757-1,429-5,834
Short-term F31-37-361,0342,697-1,373-1,184
Long-term F321,894-612-77-3,454-56-4,650
Loans F44471,228-2,415-2,358-11,826-892
Short-term loans F4108851,069349-788-530
Long-term loans F42447343-3,484-2,707-11,038-362
Equity and Investment Fund Shares F5-2,3883,7031,826-1,307-91100
Other financial assets F6 + F7 + F8 -26633-147162670-489
Insurance, Pensions and Standardised Guarantees F600-101-1
Financial derivatives and Employee Stock Options F7254-271-7619697-367
Other accounts receivable/payableF8-520304-70-34572-121
less        
Net incurrence of liabilities ΔL42,03825,50720,0754,674-11,810-2,396
EDP debt instruments F2 + F3 + F440,92625,14319,7025,545-12,449-2,639
Currency and deposits F23,4222,8933,802-30,707-10,474-256
Debt securities F36,253-9,054-7,37725,6176,2565,956
Short-term F31-13,175-3,494-1,271-1681,408-2,326
Long-term F3219,428-5,560-6,10625,7854,8488,282
Loans F431,25131,30423,27710,635-8,231-8,339
Short-term loans F4140-1731,328-486-114-208
Long-term loans F4231,21131,47721,94911,121-8,117-8,131
Other liabilities F5 + F6 + F7 + F8 1,112364373-871639243
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F6001-100
Financial derivatives and Employee Stock Options F7031-1-10
    Other accounts receivable/payable F81,112361371-869640243
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201020112012201320142015
        
General Government balance sheet       
              
 Net worth at market value, excluding pension liabilitiesNW6,255-19,368-49,483-56,116-58,381-54,825
 equals       
  Non-financial assets at market valueNFA84,63285,25787,29589,08494,70095,136
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-78,377-104,625-136,778-145,200-153,081-149,961
  equals       
   Financial assets at market valueFA62,23188,28193,06894,81384,44285,117
    EDP debt instrumentsF2 + F3 + F433,51655,16858,71854,59736,73829,902
     Currency and depositsF219,66219,28425,28324,02217,76517,768
     Debt securitiesF310,1147,9199,47010,2499,6463,289
      Short-termF3149131,0463,7442,3691,184
      Long-termF3210,0657,9078,4246,5057,2772,104
     LoansF43,74027,96523,96520,3269,3278,845
      Short-term loansF4108851,9542,3031,516986
      Long-term loansF423,74027,08122,01118,0237,8127,859
    Equity and Investment Fund SharesF520,13022,97525,09830,79538,44545,618
    Other financial assetsF6 + F7 + F8 8,58510,1389,2529,4219,2599,597
     Insurance, Pensions and Standardised GuaranteesF6110010
     Financial derivatives and Employee Stock OptionsF76061,6948971,135352812
     Other accounts receivable/payableF87,9788,4438,3558,2868,9068,785
  less       
   Liabilities at market valueL140,608192,906229,846240,013237,523235,078
    EDP debt instrumentsF2 + F3 + F4132,998181,857218,596231,503228,847225,547
     Currency and depositsF213,71158,38862,09931,35620,91820,704
     Debt securitiesF384,11285,19494,295126,293142,394146,741
      Short-termF317,2313,7962,5802,4233,7851,188
      Long-termF3276,88181,39891,715123,870138,609145,552
     LoansF435,17538,27562,20273,85465,53558,102
      Short-term loansF417315581,8851,4341,2951,055
      Long-term loansF4234,44437,71760,31672,42064,24057,046
    Other liabilitiesF5 + F6 + F7 + F87,61011,04911,2508,5108,6769,531
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6001000
     Financial derivatives and Employee Stock OptionsF7382,9742,8029324571,068
     Other accounts receivable/payableF87,5728,0758,4477,5788,2198,463
              
              
  Memo: Estimated pension liabilities of government 116,000116,00098,00098,00098,00098,000
              
 Memo: Net worth, including pension liabilities -109,745-135,368-147,483-154,116-156,381-152,825
              
  Contingent liabilities 149,355142,298119,13159,72329,21916,678
   Guarantees 145,880138,723115,55556,02025,14512,604
   Off-balance sheet PPPs 3,4753,5763,5763,7034,0744,074
              
 Memo: Net worth, including pension liabilities and contingent liabilities -259,100-277,666-266,613-213,838-185,600-169,503
              
Change in net worth of government       
              
 Opening net worth 46,9006,255-19,368-49,483-56,116-58,381
              
 Change in net worth due to transactions -51,379-20,859-13,722-10,939-6,661-4,501
  Net acquisition of non-financial assets P5 + NP - P51c2,298982294-746534436
  Net lending/net borrowingB9-53,676-21,842-14,016-10,193-7,195-4,937
   = Net acquisition of financial assets -11,6383,6656,059-5,519-19,005-7,333
   - Net incurrence of liabilities -42,038-25,507-20,075-4,67411,8102,396
              
 Change in net worth due to other economic flowsKx10,734-4,764-16,3934,3064,3968,057
  Other changes in non-financial assets -6,108-3571,7452,5355,0820
  Other changes in financial net worth 16,842-4,406-18,1371,771-6868,057
   = Other changes in financial assets 47422,385-1,2727,2648,6348,008
     EDP debt instruments -18321,723-8302531,725108
     Equity and Investment Fund Shares 730-8582977,0047,7417,073
     Other financial assets -731,520-7397-832827
   - Other changes in liabilities 16,368-26,791-16,865-5,493-9,32049
     EDP debt instruments 16,390-23,716-17,037-7,362-9,793661
     Other liabilities -22-3,0751721,869473-612
              
              
Closing net worth 6,255-19,368-49,483-56,116-58,381-54,825
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201020112012201320142015
           
General Government Debt       
           
  Debt instrument liabilities at market value 132,998181,857218,596231,503228,847225,547
  + Difference between face value and market value 11,2297,850-8,610-16,205-25,552-24,281
           
Gross General Government Debt (face value)GGDebt144,227189,707209,986215,298203,295201,266
By category:       
 Currency and deposits F213,70858,38662,09231,35620,91820,704
 Debt securitiesF396,38194,01387,297112,665119,078125,565
  Short-termF317,2033,7772,5352,3893,7601,182
  Long-termF3289,17890,23684,762110,276115,318124,383
 LoansF434,13837,30860,59771,27763,30054,996
  Short-termF417315581,8841,4411,2941,054
  Long-termF4233,40736,75058,71369,83662,00653,942
           
less EDP debt instrument assetsF2 + F3 + F433,51655,17058,71854,59736,73929,901
 By category:       
 Currency and deposits F219,66219,28425,28324,02217,76517,768
 Debt securitiesF310,1147,9209,47010,2499,6463,288
  Short-termF3149131,0463,7442,3691,184
  Long-termF3210,0657,9078,4246,5057,2772,104
 LoansF43,74027,96623,96520,3269,3288,845
  Short-termF4108851,9542,3031,516986
  Long-termF423,74027,08122,01118,0237,8127,859
           
 Net General Government Debt (face value)GGNetDebt110,711134,537151,268160,701166,556171,365
 By category:       
 Currency and deposits F2-5,95439,10236,8097,3343,1532,936
 Debt securities F386,26786,09377,827102,416109,432122,277
  Short-termF317,1543,7641,489-1,3551,391-2
  Long-termF3279,11382,32976,338103,771108,041122,279
 LoansF430,3989,34236,63250,95153,97246,151
  Short-termF41731-327-70-862-22268
  Long-termF4229,6679,66936,70251,81354,19446,083
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
         € million
Description ESA2010 code201020112012201320142015
        
Exchequer balance -18,745-24,918-14,892-11,503-8,189-62
        
Deduct cash inflows which do not increase financial net worth -382-62-13-2,697-4,308-9,164
Inflows from sale or redemption of financial assets -382-62-13-2,693-4,294-9,164
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 000-5-130
        
Exclude cash outflows which do not reduce financial net worth 6507,3352,2672,3164,6124,921
Acquisition of financial assets 6424,8182,2672,3034,5994,676
Repayment of promissory notes notional loan principal 02,51701313234
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 9000010
        
Impact on financial net worth of Exchequer cash transactions -18,477-17,645-12,638-11,885-7,884-4,305
        
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) -174726-639813409150
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts -12562-178161473249
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -16236-11-41-87-149
Accrual of interest due on contingent capital assets assigned to banks 01280-45010
Licence sales 00-4507382340
Other accrued revenue 000000
        
Adjust for impact of non-cash expenditure (-) -33,224361-314169-129236
Capital transfers to financial institutions financed by promissory notes -30,85000121216
Difference between interest paid and accrued -1,32894-30959179225
Difference between Exchequer cash issues and accrued net spending of departments and offices 318102-133-4198-189
Other accrued expenditure -1,364164128101-517184
        
Surplus/Deficit of ExchequerB9_exchequer-51,875-16,559-13,592-10,903-7,604-3,920
        
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -383-369115-13614891
Social Insurance Fund -831-192-1-1183-44
Bank & Deposit Guarantee Schemes -330-106-99-191-12-19
Capital Services Redemption Account 600-6000000
Small Savings Reserve Fund 000000
Other Extra-Budgetary Funds 113742965517155
Health Service Executive 167155-8211600
        
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-52,259-16,928-13,477-11,039-7,456-3,828
        
Surplus/Deficit of other Central Government bodies -1,412-4,767-452847287-1,798
National Pensions Reserve Fund -1,702-4,373334431221-1,471
Non-market State corporations and agencies 288-384-77938262-330
Voluntary and joint board hospitals 2-9-63443
        
        
Surplus/Deficit of Central Government B9_S1311-53,671-21,695-13,929-10,193-7,169-5,626
        
Surplus/Deficit of Local Government B9_S1313-6-147-85-1-27690
        
Surplus/Deficit of General Government B9_S13-53,677-21,841-14,015-10,194-7,195-4,937
Table 9 Reconciliation of National Debt to General Government Debt   
             € million
Description201020112012201320142015
Audited National Debt93,445119,082137,632173,947182,310183,064
Composed of      
 Gross National Debt109,609136,774161,482197,547197,069196,618
  Medium/long term debt90,786119,625144,524178,722176,011175,974
   Irish Government Bonds90,70585,91288,455111,609116,941125,688
   EU/IMF Programme Funding033,67653,20061,35054,47845,183
   EIB and bilateral loans04833,0714,9715,4635,958
   Miscellaneous (including derivatives)82-445-202792-871-854
  Short term debt8,4845,6033,4763,3204,6723,943
   Commercial Paper8273481,2994822,2541,046
   Treasury Bills5,93901,01405000
   Borrowings from Funds under the control of the Minister for Finance1,5241,6967866765231,569
   Miscellaneous (including EFSF interim funding in 2011)1953,5593772,1631,3951,327
  State Savings Schemes10,33911,54613,48215,50516,38616,701
Less Liquid assets-16,164-17,692-23,850-23,601-14,759-13,554
Reverse deduction of liquid assets and EFSF prepaid margin held by Exchequer16,16418,22224,38024,13115,28914,084
Outstanding principal value of promissory notes30,85028,33325,2612152010
Liability for coinage in circulation673694670675693701
Accrual adjustments (Small Savings Reserve Fund)368464548604599504
Adjustment from discounted to nominal value7246428
National Loans Advance Interest64121254924
Gross treatment of collaterals111701,4319481,004783
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)-21-179483825
Unconsolidated Exchequer Debt (Maastricht definition)141,626166,963189,950200,575200,185199,193
of which: Liabilities to other Central Government bodies2,4402,6152,3012,3162,5293,362
Exchequer contribution to Central Government debt139,186164,348187,649198,259197,656195,830
of which: Liabilities to Local Government 32193029220
Exchequer contribution to General Government debt139,154164,329187,619198,230197,634195,830
Housing Finance Agency (HFA)      
Gross debt of HFA4,5124,4144,5014,4234,2093,609
 of which: Liabilities to other Central Government bodies3,6123,8513,9873,7113,1522,424
HFA contribution to Central Government debt9005635147121,0571,185
of which: Liabilities to Local Authorities220179119286644965
HFA contribution to General Government debt679384394427413221
Other Central Government      
 IBRC Consolidated020,92717,79712,6601,237735
Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank2,3282,5062,7742,6462,6722,747
Health Service Executive and Voluntary Hospitals145149138150163163
National Oil Reserves Agency336327258166111117
Irish Rail251725822
 Westlink buyout: imputed loan from National Toll Roads to National Roads Authority460410360310260221
 All other bodies39423557243806
Other bodies' contribution to Central and General Government debt3,33224,37721,38715,9974,6884,792
Total Central Government debt143,418189,287209,550214,968203,402201,807
 of which: Liabilities to Local Government252197149314666965
Central Government contribution to General Government debt143,166189,090209,401214,654202,735200,843
Local Government - Local Authorities      
Borrowing from Housing Finance Agency4,4484,3584,4314,3064,1533,577
 Borrowing from other Central Government bodies78626177271150
 Other borrowing1,072634614537560423
Local Authorities' contribution to Local Government debt5,5985,0545,1064,9204,9844,150
 VECs / ETBs1900000
Total Local Government debt5,6175,0545,1064,9204,9844,150
 of which: Liabilities to Central Government4,5564,4374,5214,2764,4243,727
Local Government contribution to General Government debt1,062617585644560423
            
General Government Debt144,227189,707209,986215,298203,296201,266
Table 10 Central Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201020112012201320142015
   
Central Government transactions       
   
RevenueTR51,68353,65555,31357,47262,29466,872
Taxes and social contributionsD2 + D5 + D91 + D6145,60847,05048,66951,00255,68060,554
TaxesD2 + D5 + D9136,55937,51839,44841,09345,04749,424
Social contributions D619,0499,5329,2219,90910,63311,131
Sales of goods and servicesP1O3,7003,5733,3262,9653,2173,421
Investment incomeD42,0592,4443,0223,1662,9122,626
Current transfer revenue (excluding taxes)D7267224213236311216
Capital transfer revenue (excluding taxes)D9N493648310217356
   
ExpenditureTE105,35375,35069,24367,66469,46272,500
ExpenseExpense104,30074,66668,54167,73468,23371,150
Compensation of employeesD117,02516,89216,66716,56717,25417,990
Use of goods and services plus taxes payableP2 + D5 + D297,0936,5596,3656,7867,0947,634
Depreciation (Consumption of fixed capital)P51c1,3801,4491,5101,5362,0282,028
Interest (excluding FISIM)D414,8985,8667,1357,6447,4726,732
SubsidiesD31,8281,7251,9211,8151,8571,840
Social benefitsD62 + D63227,23827,33527,86427,02226,84926,586
Other current transfersD75,2214,9774,5914,5714,1423,990
Capital transfersD939,6179,8642,4891,7921,5374,351
   
 Net operating balanceNOB-52,618-21,011-13,227-10,263-5,940-4,277
   
Net acquisition of non-financial assetsP5 + NP - P51c1,053684702-701,2291,349
           
 Central Government Surplus/DeficitB9-53,671-21,695-13,929-10,193-7,169-5,626
Table 11 Central Government: detailed classification of revenue and output   
           €million
DescriptionESA2010 code201020112012201320142015
            
Total RevenueTR51,68353,65555,31357,47262,29466,872
 Taxes and social contributions 45,60847,05048,66951,00255,68060,554
  TaxesD2 + D5 + D9136,55937,51839,44841,09345,04749,424
   Indirect taxes (taxes on production and imports)D216,74116,43716,86617,87819,79421,142
    Taxes on productsD2116,08315,70516,09916,74918,24019,443
    of which Value-Added TaxD21110,0679,75510,21910,37211,52111,973
    Other taxes on production D296597327671,1301,5541,699
   Direct taxesD519,58320,84222,30022,93624,89527,881
    Taxes on income, profits and capital gainsD5118,61719,43520,83721,29923,01726,605
    Other current direct taxesD599661,4071,4631,6371,8781,276
   Capital taxesD91235239282278359401
  Social contributions D619,0499,5329,2219,90910,63311,131
   Actual social contributionsD611 + D6138,2278,7938,2768,8329,4899,986
    PRSI receipts D6116,7027,2686,7997,2997,9478,436
    Government employees' pension contributionsD6131,5251,5251,4771,5341,5421,551
   Employers' imputed social contributionsD6128227399451,0771,1441,144
 Sales of goods and servicesP1O3,7003,5733,3262,9653,2173,421
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12585838333321
  Incidental sales and fees of non-market establishmentsP1313,6423,5153,2882,9323,1843,400
 Investment incomeD42,0592,4443,0223,1662,9122,626
  Interest (excluding FISIM)D417981,3591,5901,390986680
   of which received from local governmentD41_LG8011897997150
  DividendsD421,2601,0811,4281,7721,9231,942
 Current transfer revenueD39 + D7267224213236311216
  SubsidiesD39000000
  Other current transfersD7267224213236311216
   Non-life insurance claimsD7224138998
   Grants from local governmentD73333333
   Other Domestic - Current D7N_S1142168161168249153
   From Rest of World - CurrentD7N_S2994142575152
 Capital transfer revenueD9N493648310217356
            
Output P125,49724,89924,54124,88926,37627,650
 Market output (sales of market establishments)P11000000
 Output for own final useP12585838333321
 Non-market outputP1325,43924,84124,50324,85626,34327,630
  = Non-market compensation of employeesD1_nonmarket16,96716,83416,62916,53417,22117,969
   = Total compensation of employeesD117,02516,89216,66716,56717,25417,990
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use-58-58-38-33-33-21
  + Non-market intermediate consumptionP2_nonmarket7,0926,5586,3646,7867,0947,633
   = Total intermediate consumptionP27,0926,5586,3646,7867,0947,634
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,3801,4491,5101,5362,0282,028
   = Total consumption of fixed capitalP51c1,3801,4491,5101,5362,0282,028
   - Consumption of fixed capital by market establishmentsP51c_market000000
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 12 Central Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201020112012201320142015
            
Total ExpenditureTE105,35375,35069,24367,66469,46272,500
            
 Expense 104,30074,66668,54167,73468,23371,150
  Compensation of employeesD117,02516,89216,66716,56717,25417,990
   Of which: Related to production of own-use capital assets 585838333321
  Use of goods and services plus taxes payableP2 + D5 + D297,0936,5596,3656,7867,0947,634
   Use of goods and services [Intermediate consumption]P27,0926,5586,3646,7867,0947,634
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5111000
  Depreciation (Consumption of fixed capital)P51c1,3801,4491,5101,5362,0282,028
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D414,8985,8667,1357,6447,4726,732
   Other domestic interest payableD41_S11,4901,5172,5143,0062,7812,511
   Interest payable to rest of worldD41_S23,4084,3494,6214,6384,6904,221
  SubsidiesD31,8281,7251,9211,8151,8571,840
   Product subsidiesD311,0831,0601,062996972904
   Other subsidies on productionD39745665859819885936
  Social benefitsD62 + D63227,23827,33527,86427,02226,84926,586
   Social benefits in cashD6222,93923,08023,41622,85022,63722,578
   Social benefits in kind (via market producers)D6324,2994,2554,4484,1724,2124,008
  Other current transfersD75,2214,9774,5914,5714,1423,990
   Net non-life insurance premiumsD71834777585857
   Current grants to local governmentD73 _LG2,6042,4902,2571,7981,5261,526
   Current international cooperationD74547547546531435451
   Miscellaneous current transfersD75820743520629640341
   VAT and GNI based EU budget contributionD761,1671,1501,1901,5561,4831,614
    VAT-based EU own resourcesD761194194191194203215
    GNI-based EU own resourcesD7629739569991,3611,2801,400
  Capital transfersD939,6179,8642,4891,7921,5374,351
   Capital grants to local governmentD9_LG2,7331,8511,3571,1326321,057
   Investment grantsD921,0558928526227111,182
   Other capital transfersD9935,8287,121280381932,111
            
 Net acquisition of non-financial assetsP5 + NP - P51c1,053684702-701,2291,349
  = Gross investment in non-financial assetsP5 + NP2,4332,1332,2121,4663,2573,377
   Gross fixed capital formationP512,5132,0222,1292,1073,1973,317
   Net acquisition of stocksP52-8011183836060
   Net acquisition of unproduced assetsNP000-72300
  - Consumption of fixed capitalP51c-1,380-1,449-1,510-1,536-2,028-2,028
            
Net expenditure on current goods and servicesP3 excl. D63221,79821,32721,21521,92423,15924,229
 = OutputP125,49724,89924,54124,88926,37627,650
 - Sales of goods and services P11+P12+P131-3,700-3,573-3,326-2,965-3,217-3,421
   Market output (sales of market establishments)P11000000
   Output for own final useP12-58-58-38-33-33-21
   Incidental sales and fees of non-market establishmentsP131-3,642-3,515-3,288-2,932-3,184-3,400
            
Final consumption expenditureP326,09625,58125,66326,09627,37128,238
 = Net expenditure on current goods and servicesP3 excl. D63221,79821,32721,21521,92423,15924,229
 + Social transfers in kind via market producers D6324,2994,2554,4484,1724,2124,008
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)19,63719,08418,94618,84919,77220,001
  Social transfers in kind (via market producers)D6324,2994,2554,4484,1724,2124,008
  Social transfers in kind (provided directly by government)D63115,33914,82914,49814,67715,56015,992
 Collective consumption (= actual final consumption of government)P326,4596,4986,7177,2477,5998,237
            
Total social transfersD62 + D6342,57742,16442,36241,69942,40942,578
 Social benefits in cashD62 22,93923,08023,41622,85022,63722,578
 Social transfers in kind (= individual consumption)D6319,63719,08418,94618,84919,77220,001
Table 13 Local Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201020112012201320142015
   
Local Government transactions       
   
RevenueTR9,1448,1277,4846,6105,6486,257
Taxes and social contributionsD2 + D5 + D91 + D611,7691,7851,9111,7981,7011,623
TaxesD2 + D5 + D911,3321,3451,4811,4071,4031,325
Social contributions D61436440430392298298
Sales of goods and servicesP1O1,5851,5901,6001,6081,4731,738
Investment incomeD413211997494040
Current transfer revenue (excluding taxes)D72,6522,5362,3021,8271,5701,566
Capital transfer revenue (excluding taxes)D9N3,0062,0961,5731,3288641,289
   
ExpenditureTE9,1508,2737,5696,6115,6755,566
ExpenseExpense7,9057,9757,9777,2866,3706,480
Compensation of employeesD12,2682,2832,2402,0871,5531,553
Use of goods and services plus taxes payableP2 + D5 + D291,8982,0251,8791,4001,6911,691
Depreciation (Consumption of fixed capital)P51c1,8061,8171,8451,8711,5001,500
Interest (excluding FISIM)D411021411201228565
SubsidiesD3000000
Social benefitsD62 + D6321,5361,4731,5731,5271,2731,402
Other current transfersD7484848485050
Capital transfersD9246188273233219219
   
 Net operating balanceNOB1,239152-493-676-722-223
   
Net acquisition of non-financial assetsP5 + NP - P51c1,245299-408-676-695-913
           
 Local Government Surplus/DeficitB9-6-147-85-1-27690
Table 14 Local Government: detailed classification of revenue and output   
           €million
DescriptionESA2010 code201020112012201320142015
            
Total RevenueTR9,1448,1277,4846,6105,6486,257
 Taxes and social contributions 1,7691,7851,9111,7981,7011,623
  TaxesD2 + D5 + D911,3321,3451,4811,4071,4031,325
   Indirect taxes (taxes on production and imports)D21,3221,3421,4781,4071,4031,325
   Other taxes on production D291,3221,3421,4781,4071,4031,325
   Capital taxesD911033000
  Social contributions D61436440430392298298
   Actual social contributionsD611 + D613206209198193130130
   Employers' imputed social contributionsD612231232232199168168
 Sales of goods and servicesP1O1,5851,5901,6001,6081,4731,738
  Sales of market establishments (= market output)P118779059781,0481,1371,245
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131707685622560337493
 Investment incomeD413211997494040
  Interest (excluding FISIM)D4113211997494040
  in which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D72,6522,5362,3021,8271,5701,566
  SubsidiesD39000000
  Other current transfersD72,6522,5362,3021,8271,5701,566
   Grants from central governmentD732,6042,4902,2571,7981,5261,526
   Other Domestic - Current D7N_S1484645294340
 Capital transfer revenueD9N3,0062,0961,5731,3288641,289
   Grants from central governmentD9N_CG2,7331,8511,3571,1326321,057
   Other capital transfers receivableD99273246216196232232
            
Output P16,2426,4186,3405,7945,2555,361
 Market output (sales of market establishments)P118779059781,0481,1371,245
 Output for own final useP12000000
 Non-market outputP135,3645,5135,3624,7464,1184,116
  = Non-market compensation of employeesD1_nonmarket2,2682,2832,2402,0871,5531,553
   = Total compensation of employeesD12,2682,2832,2402,0871,5531,553
   - Compensation of employees of market establishmentsD1_market000000
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,6751,7981,6671,1811,4721,472
   = Total intermediate consumptionP21,8982,0251,8791,4001,6911,691
   - Intermediate consumption of market establishmentsP2_market-224-227-212-219-219-219
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,4221,4321,4561,4791,0941,090
   = Total consumption of fixed capitalP51c1,8061,8171,8451,8711,5001,500
   - Consumption of fixed capital by market establishmentsP51c_market-384-385-389-392-406-410
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000001
  - Other subsidies on production, receivableD39_rec000000
Table 15 Local Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201020112012201320142015
            
Total ExpenditureTE9,1508,2737,5696,6115,6755,566
            
 Expense 7,9057,9757,9777,2866,3706,480
  Compensation of employeesD12,2682,2832,2402,0871,5531,553
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D291,8982,0251,8791,4001,6911,691
   Use of goods and services [Intermediate consumption]P21,8982,0251,8791,4001,6911,691
    Of which: Intermediate consumption of market establishments 224227212219219219
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,8061,8171,8451,8711,5001,500
    Of which: Depreciation by market establishments 384385389392406410
  Interest (excluding FISIM)D411021411201228565
   Interest payable to central governmentD41_CG8011897997150
   Other domestic interest payableD41_S1222222221315
  SubsidiesD3000000
  Social benefitsD62 + D6321,5361,4731,5731,5271,2731,402
   Social benefits in cashD62879770779656299299
   Social benefits in kind (via market producers)D6326577047948719741,103
  Other current transfersD7484848485050
   Grants to central governmentD73_CG333333
   Miscellaneous current transfersD75464645454747
  Capital transfersD9246188273233219219
   Investment grantsD92246188273233219219
            
 Net acquisition of non-financial assetsP5 + NP - P51c1,245299-408-676-695-913
  = Gross investment in non-financial assetsP5 + NP3,0502,1161,4371,195805587
   Gross fixed capital formationP513,0502,1161,4371,195805587
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP000000
  - Consumption of fixed capitalP51c-1,806-1,817-1,845-1,871-1,500-1,500
            
Net expenditure on current goods and servicesP3 excl. D6324,6574,8284,7404,1863,7813,623
 = OutputP16,2426,4186,3405,7945,2555,361
 - Sales of goods and services P11+P12+P131-1,585-1,590-1,600-1,608-1,473-1,738
   Market output (sales of market establishments)P11-877-905-978-1,048-1,137-1,245
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-707-685-622-560-337-493
            
Final consumption expenditureP35,3145,5325,5345,0574,7554,726
 = Net expenditure on current goods and servicesP3 excl. D6324,6574,8284,7404,1863,7813,623
 + Social transfers in kind via market producers D6326577047948719741,103
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)2,1772,4142,4172,2761,9922,129
  Social transfers in kind (via market producers)D6326577047948719741,103
  Social transfers in kind (provided directly by government)D6311,5201,7101,6241,4051,0191,026
 Collective consumption (= actual final consumption of government)P323,1373,1183,1162,7812,7632,596
            
Total social transfersD62 + D633,0563,1833,1962,9322,2912,428
 Social benefits in cashD62 879770779656299299
 Social transfers in kind (= individual consumption)D632,1772,4142,4172,2761,9922,129

Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics results for years 2010 to 2015.  The results for 2015 are first estimates. 

Six additional tables have  been added providing detailed revenue and expenditure data for both central and local government. The new tables are presented in the same format as Tables 1, 3 and 4 of this release which are for the general government sector. This allows the user to decompose the data to subsector level, namely central and local government.  A full time series of these data back to 1995 are available on Eurostat’s data base, located at the following link:

http://ec.europa.eu/eurostat/web/government-finance-statistics/data/main-tables

Note: These tables replace tables 19, 20 and 21 of the annual National Income and Expenditure publication. Subsector data are not currently available on a quarterly basis. 

The full suite of government finance statistics tables are also available on the CSO’s website by following the link:

http://www.cso.ie/en/statistics/nationalaccounts/governmentfinancestatistics/

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-March 2016 under the EU regulation governing the Excessive Deficit Procedure (EDP).   Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on Thursday 21 April 2016.

Significant events arising since the last release that impact Deficit/Debt

Share Transactions

In quarter 1 2015 the Ireland Strategic Investment Fund transferred €1,634 million to the exchequer. These funds related to the disposal of its preference share holding in Bank of Ireland.

In quarter 2 2015 Permanent TSB (PTSB) repurchased contingent capital notes issued in 2011, for which the State received €410.5 million.  At around the same time the State sold shares which it held in PTSB at a value of €97 million.  The proceeds of both transactions were recorded in the Exchequer statement.

In quarter 4 2015 the Ireland Strategic Investment Fund redeemed part of its preference shares in AIB for the sum of €1,700 million.  At the same time the balance of its preference shares were converted to ordinary shares, and the promissory note issued to EBS in 2010 was paid off in full.  The net proceeds of these transactions were recorded in the December Exchequer Statement.

For National Accounts purposes the net inflows to the Exchequer arising from all of the above transactions are not treated as revenue as they are simply the exchange of one asset (equity or securities) for cash or another form of financial asset.  Therefore they have no impact on the general government deficit.  The balance sheet of government shows changes in the relevant instrument categories resulting from these transactions.

The conversion of the preference shares to ordinary shares has been determined to be a capital transfer (expenditure) rather than a reinvestment of capital. This determination was arrived at by Eurostat during the EDP clarification process based on AIB losses incurred since the last capital injection was made in 2012 and on the uncertainty of a return on the investment when compared to the guaranteed return on the preference shares previously held. 

Repayment of water-related loans by central government.

In Quarter 3 2015 the amount of €423 million was transferred from the Exchequer to local authorities to allow them redeem loans from the Housing Finance Agency related to water services assets.  The assets in question had transferred to Irish Water while the legal title to the loans remained with the local authorities.  This payment was treated as a capital transfer to local government from central government, resulting in an improvement of the local government balance for 2015 and a corresponding worsening of the central government balance, resulting in a zero impact at the general government level as a result of this transaction. A further amount of approximately €147m in loans related to water services assets are also due for repayment by the Minister. Full details will not be reflected in the release until the local authority 2015 annual financial statements become available.

Government support for financial institutions

The EDP notification for all EU member states since 2009 has included tables analysing the impact on the government revenue, expenditure and balance sheet of interventions taken as a result of the financial crisis.  The tables for Ireland are available on the CSO website and summary details are shown in Tables 1 of this release.  There are a number of changes in how these tables have been calculated in the current publication to previous versions. 

Firstly, Eurostat have broadened the scope of these tables to include not only government interventions as a result of the financial crisis, but any government support for financial institutions. Consequently the tables for Ireland now include for the first time the revenue and expenditure impact of the Risk Equalisation Fund and the Credit Institutions Resolution Fund.

Secondly, the approach taken to the compilation of the balance sheet component of these tables has now been revised again due to updated instructions from Eurostat.  Previously the approach taken in Ireland had been to present this balance sheet information as the difference between the actual position and what would have notionally been the case if the relevant government interventions had not taken place.  This gave rise to negative stock positions being recorded.  In line with the updated instructions for these tables, the calculation of the balance sheet element has now been revised so as to report only positive (or zero) stock positions.  In summary the approach taken is as follows:

  • The non-financial balance from Part 1 of these tables is assumed to increase debt security liabilities (deficit) or to decrease them (surplus).
  • Equity injections, acquisition of contingent capital etc. by the Exchequer and NPRF/ISIF are reflected in the balance sheet position under the relevant instrument. 
  • Acquisitions/disposals of financial assets are balanced by increases/decreases in debt security liabilities.

Other changes since the last release

Revisions to General Government Deficit/Surplus (GG Deficit/Surplus)

Estimates of the general government deficit for years 2011 to 2014 have been revised since October 2015. The changes indicate an improvement in the deficit of €136 million for 2014. This is mainly the result of the availability of further data from audited accounts, including the appropriation account of government.  

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2014 and the latest Quarterly National Accounts publication 

Register of Public Sector Bodies

The Central Statistics Office (CSO) is required to define the scope of the public sector (which includes the General Government Sector) for the official reporting of Ireland’s General Government Deficit/Surplus, Government Debt, and other Government Finance Statistics.  In this context, the public sector includes all bodies that are directly or indirectly controlled by a Government department or office, or by a local authority.  General Government, in turn, includes all public sector bodies that are also mainly financed by Government bodies.  The decision rules governing the classification of bodies to the public and General Government sectors are set out in detail in the Manual on Government Deficit and Debt (MGDD).

The CSO’s Register of Public Sector bodies is updated twice a year to coincide with the submission of government deficit and debt figures to Eurostat under the Excessive Deficit Procedure. It reflects any changes in the composition of the government sector since the previous update.  

Copies of documents relating to classification decisions can be seen at:

http://www.cso.ie/en/surveysandmethodology/nationalaccounts/classificationdecisions/

A detailed explanation of the application of these rules and the most up-to-date list of public sector bodies (including general government bodies) for Ireland is also shown at this link.

Contingent Liabilities

   (a)   Public Private Partnerships (PPPs)

The figures included in Table 6 for the value of off-balance sheet PPPs reflect nominal design and construction value.

   (b)   Guarantees

This item refers to the stock of debt of non-government bodies guaranteed by government and is based on Statement 1.11 of the Finance Accounts.  

   (c) Pension Liabilities

The estimated pension liability of government (the accrued liability in respect of Public Service occupational pensions) is a contingent liability of government and does not form part of the ESA accounts of general government.  It is shown in this release as a memorandum item.  The value shown for years 2009-2011 of €116 billion was calculated by the Comptroller and Auditor General.    The value of this liability is reduced by €18 billion to €98 billion with effect from 2012. This follows an actuarial valuation carried out by the Department of Public Service and Reform.   The main reasons for the reduction were the pay and pension cuts since 2009 and the freeze in pay and pension rates until after the Haddington Road Agreement.  Details on this updated estimate can be accessed at:

 http://www.per.gov.ie/public-service-pensions-accrued-liability/.

Government Finance Statistics – Concepts and Definitions

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, in particular in relation to the Excessive Deficit Procedure (EDP). 

European GFS, including EDP statistics are produced according to the legally binding accounting rules of the European System of Accounts (ESA2010).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA 2010 in the context of GFS. 

EU Member States are required to report government deficit/surplus and debt data biannually under the EDP (before 1 April and 1 October in year N) for years N-4 to N-1 calendar years as well as a forecast for the current year. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with government deficit and debt.

In addition to the EDP transmission programme, detailed statistics on Government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For quarterly data the main tables reported are:

Table 801   Quarterly Non-financial accounts by sector  

Table 2500 Quarterly Short Term Statistics (Revenue and Expenditure) for general government

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website. 

http://ec.europa.eu/eurostat/web/government-finance-statistics/data/main-tables

Definition of general government and its subsectors

The general government sector of the economy, is defined in ESA2010 paragraph 2.111: as “institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth.” General government comprises the sub-sectors central government (S.1311), state government (S.1312 – which does not apply in Ireland), local government (S.1313), and social security funds (S.1314 – which does not apply in Ireland),

General Government Deficit/Surplus (GG Deficit/Surplus) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net Acquisition of Financial Assets less Net Incurrence of Liabilities. In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on gross debt, net debt or net worth.

General Government Gross Debt (GG Debt) is defined in the EU regulations implementing the Maastricht Treaty as the gross debt liabilities of the consolidated General Government sector, at nominal value.

‘Gross’ means that the value of any financial assets held by General Government cannot be deducted from the GG Debt. In Ireland’s case, this means that the liquid assets which are deducted from the ‘gross’ National Debt in arriving at the audited National Debt cannot be deducted from the GG Debt.

‘Debt liabilities’ are defined as the ESA 2010 categories AF.2 (Currency and Deposits), AF.3 (Debt Securities), and AF.4 (Loans).

This definition excludes liabilities in derivatives, equity liabilities, pension and insurance liabilities and accounts payable.

‘Consolidated’ means that any money owed by one entity within General Government to another is excluded from the total GG Debt.

‘Nominal value’ is defined in the governing regulation as face value.  If debt is sold at a discount, it is the undiscounted value of the instrument, rather than the amount actually received, that is shown in the GG Debt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GG Debt by definition.

General Government Net Debt is a measure produced in accordance with the methodology of the IMF/World Bank Public Sector Debt Statistics Guide, by subtracting from the GG Gross Debt figure the value of the financial assets corresponding to the categories of financial liabilities which comprise GG Gross Debt.

General Government Net Worth is calculated as the sum of financial and non-financial assets of General Government less financial liabilities. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual available at

http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334

A listing of some of the main items included in this release is shown below

Main Components of General Government Expenditure and Revenue

P.2       Intermediate consumption – value of goods and services used in the process of production, excluding fixed assets

P.5       Gross capital formation

            P.51g   Gross fixed capital formation - acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by productive activity. Fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used repeatedly, or continuously, in processes of production for more than one year

            P.51c   Consumption of fixed capital - the amount of fixed assets used up, during the period under consideration, as a result of normal wear and tear and foreseeable obsolescence, including a provision for losses of fixed assets as a result of accidental damage which can be insured against.

P.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

D.1      Compensation of employees – the total remuneration of government employees

D.29    Other taxes on production (payable) all taxes that enterprises incur as a result of engaging in production, independently of the quantity or value of the goods and services produced or sold. These include taxes on use or ownership of land or buildings, taxes on use of fixed assets, taxes on total wage bill and payroll, taxes on international transactions related to production.

D.3      Subsidies (payable) - current unrequited payments which general government or the institutions of the European Union make to resident  producers, with the objective of influencing their levels of production, their prices or the remuneration of the factors of production

D.4      Property income accrues when the owners of financial assets and natural resources put them at the disposal of other units of the economy. The income payable for the use of financial assets is called investment income, while that payable for the use of a natural resource is called rent. Property income is the sum of investment income and rent.

           D.41    Interest receivable by the owners of a financial asset for putting it at the disposal of another institutional unit - applies to deposits (AF.2), debt securities (AF.3), loans (AF.4) and other accounts payable (AF.8)

           D.42    Dividends receivable by the owners of share equities. Dividends exclude "super dividends" which arise where the dividend paid is large relative to the recent level of dividends and earnings. Super dividends are recorded as withdrawal of equity (F.5). This arises, for example, in the case of dividends paid by the central bank in 2015.

D.5      Current taxes on income, wealth, etc, (payable)  - all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of units in the economy, and some periodic taxes which are assessed neither on income nor wealth

D.6      Social contributions - transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs.

D.7      Other current transfers – includes VAT and GNI based EU budget contributions, current transfers between subsectors of government, current international co-operation and current transfers to households and non-profit institutions.

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.  Includes capital taxes and investment grants.

Categories of Financial Flows

F.1       Monetary gold and special drawing rights (SDRs)

            F.11     Monetary gold

            F.12     Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund shares

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other trade credits

 

 

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