The total debt (defined as the sum of consolidated stock positions of AF.3 Debt Securities and AF.4 Loans) of the Private Sector1, which peaked in 2012 at €489.2bn, rose by 3.6% during 2014 to stand at €497.8bn by year-end. The threshold of 133 per cent of GDP, set as part of the Macroeconomic Imbalance Procedure (MIP), was exceeded again in 2014. Figure 8 shows the development of Private Sector debt since 2004. The contribution from households to total private sector debt – composed mainly of mortgage-related debt – has maintained a steady decline from its peak in 2008 of €202.7bn, falling by €44.4bn in the intervening period. In contrast, non-financial corporate debt grew by 8.8% in 2014 which drove the overall increase in Private Sector debt.
| S.11 Non-Financial Corporations | S.1415 Households and NPISH | MIP Threshold | |
| 2004 | 79.364642334383 | 70.0886048230017 | 133 |
| 2005 | 87.6491445642575 | 82.6908470934717 | 133 |
| 2006 | 99.0069937103653 | 91.5276766097079 | 133 |
| 2007 | 99.1815936468079 | 98.6096683289885 | 133 |
| 2008 | 128.462061816972 | 108.089590247148 | 133 |
| 2009 | 139.814450306525 | 116.688907683745 | 133 |
| 2010 | 147.949987210929 | 111.269127183546 | 133 |
| 2011 | 170.506496493044 | 102.741750028746 | 133 |
| 2012 | 180.506416569723 | 99.3107006123166 | 133 |
| 2013 | 173.955419879998 | 93.8462850178631 | 133 |
| 2014 | 179.593950463882 | 83.7500310771088 | 133 |
The flow of Private Sector credit (defined as the sum of consolidated transactions in AF.3 Debt Securities and AF.4 Loans) was +13.7 per cent of GDP during 2014. As shown in Figure 9, this was just within the upper threshold of +14 per cent set under the Macroeconomic Imbalance Procedure. A positive credit flow equates to a net incurrence of debt during the year whereas a negative sign indicates a net running-down of debt during the same accounting period. The negative credit flows occurring in the Household sector since 2008, cumulatively amounting to €35.0bn, correspond to a net repayment, primarily, of mortgage related debt.
| Total Credit Flow | Upper MIP Threshold | Lower MIP Threshold | |
| 2004 | 23.5848392140692 | 14 | -14 |
| 2005 | 33.6379419182634 | 14 | -14 |
| 2006 | 40.7487861183529 | 14 | -14 |
| 2007 | 24.8790050630869 | 14 | -14 |
| 2008 | 22.3042519429776 | 14 | -14 |
| 2009 | -5.00909806134271 | 14 | -14 |
| 2010 | 2.58489685990702 | 14 | -14 |
| 2011 | 16.071633896746 | 14 | -14 |
| 2012 | -0.734940020887167 | 14 | -14 |
| 2013 | -1.65396380115209 | 14 | -14 |
| 2014 | 13.6543558998106 | 14 | -14 |
1Defined as the sum of the S.11 Non-financial corporations sector and the S.1415 Households and Non-profit Institutions serving Households sector.
Go to top >>>
