Gross general government debt decreased by €9.6 billion in Q2 2026 to €205.9 billion. This was largely accounted for by a decrease in debt securities of €9.6 billion. The debt to GDP ratio stood at 35.3% at the end of the quarter.
EDP debt instrument assets decreased by €8.7 billion in the quarter, which when combined with the decrease in debt liabilities, resulted in a decrease of €0.9 billion in net general government debt (See Table 3.1). The movement in assets is driven by a decrease of €4.5 billion in currency and deposits and €4.2 billion in debt securities.
Figure 3.1 below shows that the composition of general government debt continues to remain relatively stable over time. In Q2 2026 securities accounted for some 67.2% of the total stock of debt. Long-term securities made up almost the entire total for this instrument, with short-term securities accounting for 0.2%.
| Currency & Deposits | Long term loans | Long term debt securities | Short term loans | Short term debt securities | |
| Q1 2024 | 25.8 | 44.8 | 142.7 | 0.3 | 0.6 |
| Q2 2024 | 25.7 | 45 | 143.7 | 0.2 | 0.5 |
| Q3 2024 | 25.5 | 45 | 144.5 | 0.4 | 0.5 |
| Q4 2024 | 25.4 | 45.1 | 144.3 | 0.2 | 0.5 |
| Q1 2025 | 25.4 | 42.7 | 136.9 | 0.3 | 1 |
| Q2 2025 | 25.3 | 42.9 | 138.1 | 0.3 | 0.5 |
| Q3 2025 | 25.3 | 42.8 | 139.7 | 0.3 | 0.9 |
| Q4 2025 | 25.2 | 42.7 | 141.3 | 0.2 | 0.5 |
| Q1 2026 | 25.2 | 42 | 147.6 | 0.3 | 0.4 |
| Q2 2026 | 25.1 | 42.1 | 138 | 0.3 | 0.4 |
The market value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 3.3) ) stood at €40.3 billion at the end of Q2 2026, representing a rise in value of €3.2 billion in the quarter. This increase in value was largely due to further investment by the Future Ireland Fund and the Ireland Strategic Investment Fund in equity and investment fund shares. Holding gains on these investments (AF.5, Tables 3.2 and 3.3) amounted to €609 million during the same period.
Investment in short-term debt security assets (AF.31, Table 3.3) fell by €8.7 billion with holdings standing at €13.3 billion at the end of the quarter. This was largely explained by the Exchequer redeeming a significant proportion of its holdings in foreign treasury-bills, together with similar activity by the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. At the same time, investment in long-term bonds (AF.32, Table 3.3) grew by €4.4 billion, which is mostly accounted for as a result of the Social Insurance Fund continuing to invest in European sovereign bonds, together with further net investment in these bonds by the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.
The market value of total liabilities (AF.L, Table 3.3) decreased by €7.1 billion to stand at €209.1 billion at the end of Q2 2026. The change in value over the quarter was mainly composed of the following combination of movements – net reduction in liabilities of €7.6 billion (Table 3.2) combined with net holding gains, principally on long-term debt securities (AF.32), of €0.5 billion. This was mainly driven by the redemption of a 1.0% Irish Government Bond in the quarter.
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.