Financing the deficit - general government debt at €234.9 billion at end of Q1 2022
Gross general government debt decreased by €0.9 billion in the quarter to €234.9 billion. There were relatively minor movements in all three categories of debt instrument liabilities in the quarter: currency and deposits and loans rose by €307 million and €577 million respectively while debt securities fell by €1.8 billion. The main movements of note occurred within the debt securities sub categories with the issuance of €1.5 billion short term securities offset by a redemption of €3.3 billion of long term debt securities. The debt to GDP ratio stood at 53.1% at the end of the first quarter.
EDP debt instrument assets decreased by almost €1.7 billion in the quarter, but when combined with the €0.9 billion drop in liabilities resulted in net general government debt increasing by €0.8 billion. The fall in assets is due almost entirely to a reduction in currency and deposits.
| Currency & Deposits | Long term loans | Short term loans | Long term debt securities | Short term debt securities | |
| 2020 Q1 | 22.5 | 47.4 | 0.6 | 134.6 | 8.6 |
| 2020 Q2 | 22.9 | 47.3 | 0.5 | 137.7 | 17.4 |
| 2020 Q3 | 23.3 | 46.7 | 0.4 | 141.1 | 15.7 |
| 2020 Q4 | 23.7 | 46.2 | 0.5 | 138.1 | 9.3 |
| 2021 Q1 | 24.3 | 48.2 | 0.8 | 144.9 | 12.1 |
| 2021 Q2 | 24.7 | 48.1 | 0.7 | 151.2 | 9.7 |
| 2021 Q3 | 24.9 | 48.0 | 0.5 | 153.6 | 9.1 |
| 2021 Q4 | 25.1 | 48.2 | 0.4 | 156.4 | 5.7 |
| 2022 Q1 | 25.4 | 48.4 | 0.8 | 153.2 | 7.2 |
Figure 3.1 above shows that the composition of general government debt remains relatively stable over time. In Q1 2022 securities accounted for over 68% of the total - long term securities made up 65% of the total and short term 3%.
Movements of note in the balance sheet, Q1 2022
The market value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 3.3) fell by €0.2 billion in the quarter to stand at €34.8 billion at the end of Q1 2022. Over this period the fall in value was composed of a reduction in holdings of these assets of €260 million (Table 3.2), combined with holding gains of €31 million (Tables 3.2 and 3.3). The reduction in equity holdings during the quarter is largely explained by the sale of Bank of Ireland shares. Investment into small savings schemes, predominantly by households, continued during the first quarter of 2022 as the State’s liability from these schemes grew by a further €308 million. The total investment into these savings products over the one-year period covering Q1 2021 – Q1 2022 amounted to €1.1 billion (F.2 liabilities, Table 3.2).
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