Gross general government debt increased by €1.7 billion in the quarter to €209 billion. This was accounted for by an increase in debt securities of just under €1.9 billion while currency and deposits and loan liabilities fell slightly. The debt to GDP ratio stood at 32.8% at the end of the quarter.
EDP debt instrument assets increased by just under €2.7 billion in the quarter which, when combined with the increase in debt liabilities, resulted in a decrease of just under €1 billion in net general government debt (See Tables 3.1 and 3.2). The change in assets is primarily made up of an increase of €1.7 billion in currency and deposits and €0.8 billion in debt securities. (See Tables 3.1 and 3.3).
| Currency & Deposits | Long term loans | Long term debt securities | Short term loans | Short term debt securities | |
| Q1 2023 | 26 | 47.8 | 146 | 0.3 | 2.3 |
| Q2 2023 | 26.1 | 47.8 | 146.2 | 0.3 | 1.5 |
| Q3 2023 | 25.9 | 47.9 | 146.7 | 0.3 | 0.6 |
| Q4 2023 | 25.9 | 45.6 | 146.7 | 0.3 | 0.6 |
| Q1 2024 | 25.8 | 44.8 | 142.7 | 0.3 | 0.6 |
| Q2 2024 | 25.7 | 45 | 143.7 | 0.3 | 0.5 |
| Q3 2024 | 25.5 | 45 | 144.5 | 0.4 | 0.5 |
| Q4 2024 | 25.4 | 44.9 | 144.3 | 0.2 | 0.5 |
| Q1 2025 | 25.4 | 42.7 | 136.9 | 0.3 | 1 |
| Q2 2025 | 25.3 | 43 | 138.1 | 0.3 | 0.5 |
| Q3 2025 | 25.3 | 42.9 | 139.7 | 0.3 | 0.9 |
Figure 3.1 above shows that the composition of general government debt continues to remain relatively stable over time. In Q3 2025 securities accounted for some 67% of the total stock of debt. Long-term securities made up almost the entire total for this instrument, with short-term securities accounting for a little under 0.6%.
The market value of the State's assets in Equity and Investment Fund Shares (AF.5, Table 3.3) stood at €31.7 billion at the end of Q3 2025, representing a rise in value of €0.3 billion in the quarter. This increase in the value of equity holdings was due to net sales of €78 million (AF.5, Table 3.2), combined with net holding gains on these assets of €387 million.
Investment in short-term debt security assets (AF.31, Table 3.3) fell by €0.2 billion with holdings standing at €18.3 billion at the end of the quarter. This was offset by further investment in long-term securities of €1.0 billion, resulting in a net rise in the value of holdings of bond assets of €0.8 billion. These movements are largely explained by the activities of the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.
The market value of total liabilities (AF.L, Table 3.3) rose by €1.6 billion to stand at €208.7 billion at the end of Q3 2025. The change in value over the quarter was mainly composed of the following combination of movements – net incurrence of liabilities of €2.2 billion (Table 3.2) combined with net unrealised losses, principally on long-term debt securities (AF.32), of €0.6 billion. The net incurrence of liabilities was mainly in debt securities (AF.3) totalling €1.9 billion. There was a net issuance of Irish Government bonds totalling €1.5 billion during Q3 2025. This was largely comprised of further issuance (€1.0 billion) of a 2.6% bond which is due to mature in 2034, and an additional issuance (€0.5 billion) of a 3.0% bond which is due to mature in 2043.
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