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General Government (S.13)

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General Government consolidated gross debt (using the categories of debt set out under the Excessive Deficit Procedure1) continued to decline during 2015. By end-year it stood at €225.4bn which is equivalent to 88.1 per cent of total economy GDP. Figure 13 shows GGDebt (at market value), and its ratio to GDP, over the years 2005 to 2015. It can be seen from this graph that Ireland’s debt level grew steadily in the period 2007-2013 but fell cumulatively by €6.1bn from its 2013 peak in the following two years.

Government Debt (EDP)GDPGovernment Debt/GDP (right axis)
200547.7425016549223170.21569751641128.0482366500418
200645.3926409049678185.06021715755624.5285786443888
200748.1589997604151197.29307304195924.4098786733242
200882.7999383793021187.68708843959444.1159480216193
2009108.462710744582169.70425455850863.9127822851301
2010132.998750142475167.12426575376979.5807536042837
2011181.856731034033173.069817879298105.077091582117
2012218.595277142698175.753279779187124.376215008526
2013231.503589024098180.208998988637128.463944821476
2014228.849989531552193.159211194069118.477388738984
2015225.414466006406255.81508560080788.116174023513

In contrast, Figure 14, which complements Figure 13, shows the evolution of the composition by financial instrument of General Government debt over the same period.

AF.2 DepositsAF.3 SecuritiesAF.4 Loans
20058.31946178837.45407312540421.96896674151812
20068.0729841300854635.29846439285472.02119238202768
20077.6756049919738.38805868675872.09533608168643
20088.8448376552370.58655993318293.36854079088925
200910.308355290001894.78744043558723.36691501899314
201013.711187701284.11249807345435.1750643678211
201158.388098293798785.193655486404738.27497725383
201262.0990537681494.294541600656362.2016817739022
201331.35599946586126.29332929130173.8542602669369
201420.9178684987815142.39402353479465.5380974979763
201520.71320365472146.74062249619457.960639855492

The official measure of General Government Debt (GGDebt or 'Maastricht Debt') used for EDP purposes is reported at face value resulting in a ratio of 78.6 per cent of GDP for end-20152, an improvement over its end-2014 value of 105.2 per cent of GDP. In the current publication all liabilities are measured at market value and substituting this market valuation for the face value used in the calculation of GGDebt gives rise to the higher figure of 88.1 per cent of GDP indicated previously. The improvement in the debt to GDP ratio during 2015 is due largely to an increase in GDP for the year, although the reduction in the ratio was also driven in part by a repayment of IMF loans. In tandem with this reduction in loan liabilities, the relative composition of GGDebt (shown in Figure 15) continued to return to a more expected distribution as the state increasingly relied on the issuance of debt securities as a means of raising finance.

AF.2 DepositsAF.3 SecuritiesAF.4 Loans
200517.425693039992378.450168774393604.12413818561415
200617.784786188110877.762526456114604.45268735577462
200715.938049025426579.711079710405904.35087126416757
200810.682179030994385.249531962004104.06828900700161
200909.5040546370603587.391731024316103.10421433862358
201010.309260565615763.24307407652226.4476653578622
201132.106646788274146.846578073847221.0467751378788
201228.408232135592743.136586861893228.4551810025141
201313.544498207583354.553508143735431.9019936486813
201409.140427990230562.221555625267828.6380163845017
201509.1889416068493865.098139039587525.7129193535631

Gross disposable income (B.6g) continued to grow in 2015, rising in the year by €5.5bn to stand at €34.7bn at end-2015. This represented a rise of 18.8 per cent over the year. Gross saving (B.8g) of general government increased by €5.1bn in 2015 contributing to a reduction in the deficit3 (B.9) which stood at €4.7bn for the year. Government net borrowing has fallen steadily from its 2010 peak of €53.7bn and has declined by €49.0bn during the ensuing period.

B.8g Gross SavingB.9 Net Lending (+) / Net Borrowing (-)
20058.167825753650042.73649441387037
200610.96897128014475.19779664760848
20078.580163392508060.538442962449208
2008-2.27186269185434-13.0985704038871
2009-12.1215023250444-23.4417267840177
2010-11.6304082322417-53.6769397208525
2011-10.1945185231851-21.8416992763227
2012-9.52468337917984-14.012880521215
2013-6.84243947085557-10.188833328056
2014-2.4857752417148-7.18734695069661
20152.5801219451569-4.70235398519989

1Defined under EU regulations governing the Excessive Deficit Procedure as the sum of gross liabilities of the consolidated General Government sector (S.13) in the categories AF.2 (Currency & Deposits), AF.3 (Debt Securities) and AF.4 (Loans) at face value.

2Further details on GGDebt and its components at nominal value can be seen in the CSO release Government Finance Statistics – Annual, October 2016.

3Technically this is known as the Net Lending/Net Borrowing (B.9).

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