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Gross general government debt increased by just under 3/4 of a billion in the quarter to €217.4 billion. This was accounted for almost entirely by the movement in long term securities, with a net increase of €0.9 billion of Irish Government bonds issued in the quarter. The debt to GDP ratio stood at 42.2% at the end of the quarter.
EDP debt instrument assets increased by about €5.5 billion in the quarter which, when combined with the smaller rise in debt liabilities, resulted in net general government debt decreasing by €4.7 billion (See Tables 3.1 and 3.2). The change in assets is primarily made up of an increase of €4.4 billion in currency and deposits with a further increase in debt securities of €1.1 billion. (See Tables 3.1 and 3.3).
| Currency & Deposits | Long term loans | Short term loans | Long term debt securities | Short term debt securities | |
| Q1 2022 | 25.4 | 48.8 | 0.8 | 153.2 | 7.0 |
| Q2 2022 | 25.6 | 48.7 | 0.6 | 154.0 | 7.7 |
| Q3 2022 | 25.8 | 48.8 | 0.5 | 154.9 | 6.1 |
| Q4 2022 | 25.9 | 48.9 | 0.3 | 148.9 | 0.7 |
| Q1 2023 | 26.0 | 48.9 | 0.4 | 146.0 | 2.3 |
| Q2 2023 | 26.1 | 48.9 | 0.3 | 146.2 | 1.5 |
| Q3 2023 | 25.9 | 49.0 | 0.3 | 146.7 | 0.6 |
| Q4 2023 | 25.9 | 47.1 | 0.3 | 146.7 | 0.6 |
| Q1 2024 | 25.8 | 46.3 | 0.3 | 142.7 | 0.6 |
| Q2 2024 | 25.7 | 46.5 | 0.3 | 143.7 | 0.5 |
| Q3 2024 | 25.5 | 46.5 | 0.4 | 144.5 | 0.5 |
Figure 3.1 above shows that the composition of general government debt remains relatively stable over time. In Q3 2024 securities accounted for some 66.7% of the total stock of debt. Long-term securities made up almost the entire total for this instrument, with short-term securities accounting for less than 0.3%.
The market value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 3.3) stood at €33.1 billion at the end of Q3 2024, representing a fall of €0.5 billion in the quarter. This drop in the value of equity holdings was due to net disposals of these assets of €0.1 billion (AF.5, Table 3.2), combined with net holding losses of €0.4 billion. The net sales of equity assets during the quarter includes a further sell-off of shares held by the State in AIB.
Investment in short-term debt security assets (AF.31, Table 3.3) fell by €0.8 billion with holdings standing at €5.6 billion at the end of the quarter. The majority of these assets are held by the National Treasury Management Agency, which has invested significantly in foreign treasury bills over recent quarters, for the purpose of attracting a more favourable rate of interest on cash reserves.
The market value of total liabilities (AF.L, Table 3.3) fell by €8.6 billion to stand at €220.8 billion at the end of Q3 2024. This change in value was mainly composed of the following combination of movements – net reduction in liabilities of €13.6 billion (mostly AF.8, Table 3.2) combined with net holding gains, principally on long-term debt securities (AF.32), of €5.0 billion.
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