Gross general government debt increased by €1 billion in the quarter to €209.9 billion. This was accounted for by an increase in debt securities of €1.3 billion while loan liabilities fell by €0.2 billion and currency and deposits by just under €0.1 billion. The debt to GDP ratio stood at 32.9% at the end of the quarter.
EDP debt instrument assets increased by €6.8 billion in the quarter which, when combined with the increase in debt liabilities, resulted in a decrease of €5.8 billion in net general government debt (See Table 3.1). The movement in assets is driven by an increase of €12.8 billion in debt securities. This was somewhat offset by a decrease of €5.9 billion in currency and deposits and €0.1 billion in loans.
| Currency & Deposits | Long term loans | Long term debt securities | Short term loans | Short term debt securities | |
| Q1 2023 | 26.0 | 47.8 | 146.0 | 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 | 45.8 | 146.7 | 0.3 | 0.6 |
| Q1 2024 | 25.8 | 44.8 | 142.7 | 0.3 | 0.6 |
| Q2 2024 | 25.7 | 45.0 | 143.7 | 0.3 | 0.5 |
| Q3 2024 | 25.5 | 45.0 | 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 | 1.0 |
| 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 |
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 €32.0 billion at the end of Q4 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 €356 million. At the end of October the State cancelled c.271 million warrants in AIB, representing c.12.7% of AIB’s total issued share capital, which resulted in proceeds to the Exchequer of €390m(F.7, Table 3.2). This event marked the completion of the final transaction between the State and AIB.
Investment in short-term debt security assets (AF.31, Table 3.3) grew by €13.5 billion with holdings standing at €31.7 billion at the end of the quarter. This was offset by a slight fall in the level of investment in long-term securities of €0.6 billion, resulting in a net rise in the value of holdings of bond assets of €12.8 billion. These movements are largely explained by significant investment by the NTMA of Exchequer cash reserves in foreign treasury bills and continued investment by the Future Ireland Fund and the Infrastructure, Climate and Nature Fund in foreign bonds.
The market value of total liabilities (AF.L, Table 3.3) rose by €1.6 billion to stand at €209.8 billion at the end of Q4 2025. The change in value over the quarter was mainly composed of the following combination of movements – net incurrence of liabilities of €1.1 billion (Table 3.2) combined with net unrealised gains, principally on long-term debt securities (AF.32), of €0.5 billion. There was a net issuance of Irish Government bonds totalling €1.7 billion during 2025Q4. This was largely comprised of further issuance (€1.2 billion) of a 2.6% bond which is due to mature in 2034, and an additional issuance (€0.5 billion) of a 3.15% bond which is due to mature in 2055.
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