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information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-616X
CSO statistical release, , 11am

Government Finance Statistics - Annual

2009 to 2013 (April 2014 Results)

General Government Debt, Deficit and Net Debt
 GG Gross DebtGG DeficitGG Net Debt
End of year€m% GDP€m% GDP€m% GDP
2012192,467117.4-13,444-8.2151,99292.7
2013202,920123.7-11,778-7.2161,21798.3

Government Deficit of 7.2% of GDP in 2013

go to full release

Government deficit of 7.2 % of GDP in 2013

General Government experienced a deficit of €11,778 million (7.2% of GDP) in 2013 - an improvement on the 2012 position of €13,444 million (8.2% of GDP).

Government revenue increased from €56,623million in 2012 to €58,866 million in 2013 while expenditure increased from €69,844 million to €70,371 million over the same period (Table 1). The increase in expenditure was mainly in relation to interest payments and current and capital transfer payments, partially offset by reductions in expenditure on pay, purchase of goods and services and consumption of fixed capital (depreciation).

Taxes and social contributions formed by far the largest component of revenue over the period, representing just under 88% of total government revenue in 2013.  Social benefits accounted for just over 40% of government spending in 2012 and 2013.

General Government Gross Debt at 123.7% of GDP in 2013 

The gross debt of General Government stood at €202,920 million at the end of 2013 - up from €192,467 million at the end of 2012. The corresponding percentages of GDP were 123.7 % and 117.4%, respectively. 

General Government Net Debt for 2013 amounted to €161,217 million or 98.3% of GDP.  This net debt figure is obtained by deducting the value of the financial assets corresponding to those categories of financial liabilities which comprise General Government Debt from the gross debt figure (Table 2).

The figures in this release comprise the first official publication by CSO of the annual Government Finance Statistics results for the year 2013. Because audited accounts for many government bodies become available between April and October, the data for 2013 are provisional.

The data published in this release are consistent with the General Government Deficit and Debt levels for 2010 to 2013 reported to Eurostat at end-March under the EU regulation governing the Excessive Deficit Procedure. Consequently they may not be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

 

 

 

Total RevenueTotal Expenditure
200934.484858285038948.1528836926284
201034.882907220449765.494175792891
201134.029161864267647.078555497863
201234.538997201841142.6036303461527
201335.883017793455642.8958019322665
Table 1 General Government transactions: revenue, expenditure, financing and deficit     
         €million
DescriptionESA code20092010201120122013
General Government transactions      
RevenueTR55,96355,14955,33156,62358,866
Taxes and social contributionsD2 + D5 + D91 + D6147,85346,31447,76349,10251,615
TaxesD2 + D5 + D9135,85434,83137,62439,45141,399
Social contributions D6111,99911,48410,1399,65110,216
Sales of goods and servicesP1O4,5435,2415,0864,8684,140
Investment incomeD41,9822,1101,9972,2492,710
Current transfer revenue (excluding taxes)D7151161100100115
Capital transfer revenue (excluding taxes)D9N1,4341,323386304286
     
ExpenditureTE78,144103,54476,55069,84470,371
ExpenseExpense74,728100,88275,16869,12770,590
Compensation of employeesD120,70519,28419,11318,78418,423
Use of goods and services plus taxes payableP2 + D5 + D2910,2239,2528,7638,4618,300
Depreciation (Consumption of fixed capital)K12,6582,6472,6232,4242,302
Interest (excluding FISIM)D413,2904,9845,1905,9127,407
SubsidiesD31,6901,5771,3491,5401,495
Social benefitsD62 + D63128,47128,41028,95228,96028,559
Other current transfersD72,0911,8741,7841,7982,150
Capital transfersD95,60132,8557,3921,2491,953
     
 Net operating balanceNOB-18,764-45,733-19,836-12,505-11,723
     
Net acquisition of non-financial assetsP5 + NP - K13,4172,6621,382716-219
          
 Net lending (+) / net borrowing (-)B9-22,181-48,395-21,218-13,221-11,504
equals     
Net acquisition of financial assets3,028-7,7543,54110,074-1,394
Debt instrumentsF2 + F33 + F45,266-8,926-3908,655-130
Shares and other equityF5-2,3571,4303,5831,842-1,251
Other financial assetsF34 + F61 + F62 + F7119-258348-423-13
less     
Net incurrence of liabilities25,20940,64124,75923,29510,110
Debt instrumentsF2 + F33 + F426,00940,92324,71222,76410,667
Other liabilitiesF34 + F5 + F61 + F62 + F7-800-28247531-557
     
General Government Deficit      
     
Net lending / net borrowing-22,181-48,395-21,218-13,221-11,504
Adjustment for swaps-710-132-223-274
     
General Government Surplus/Deficit EDP B9-22,188-48,385-21,350-13,444-11,778
     
General Government Surplus/Deficit (% of GDP) -13.7-30.6-13.1-8.2-7.2
Table 2 General Government Net Worth, Gross and Net Debt      
           €million
Description ESA code20092010201120122013
General Government net worth      
Net worth at market value, excluding pension liabilitiesNW20,004-14,197-46,914-76,983-86,099
equals     
Non-financial assets at market valueNFA61,02058,42557,14857,86558,369
plus     
Financial net worth at market value, excluding pension liabilitiesFNW-41,016-72,622-104,062-134,848-144,468
equals     
Financial assets at market valueFA72,72565,45963,21873,78280,786
EDP debt instrumentsAF2 + AF33 + AF441,98132,88331,06540,47541,703
Shares and other equityAF521,79423,95622,83024,47529,845
Other financial assetsAF34 + AF61 + AF62 + AF78,9508,6209,3238,8329,238
less     
Liabilities at market value113,741138,081167,280208,630225,254
EDP debt instrumentsAF2 + AF33 + AF4108,335132,935161,315201,376219,202
Other liabilitiesAF34 + AF61 + AF62 + AF75,4065,1465,9657,2546,052
     
Memo: Estimated pension liabilities of government116,000116,000116,00098,00098,000
     
Memo: Net worth, including pension liabilities-95,996-130,197-162,914-174,983-184,099
     
Contingent liabilities287,666163,376148,537121,20773,477
     
 Memo: Net worth, including pension liabilities and contingent liabilities -383,662-293,573-311,450-296,190-257,576
General Government: changes in net worth      
Opening net worth46,74720,004-14,197-46,914-76,983
     
Change in net worth due to transactions-18,764-45,733-19,836-12,505-11,723
Net acquisition of non-financial assets P5 + NP - K13,4172,6621,382716-219
Net lending/net borrowingB9-22,181-48,395-21,218-13,221-11,504
     
Change in net worth due to other economic flowsKx-7,97911,533-12,881-17,5652,608
Other changes in non-financial assets-11,694-5,257-2,6590723
Other changes in financial assets3,079488-5,7824908,398
Other changes in liabilities63616,301-4,440-18,055-6,514
            
Closing net worth 20,004-14,197-46,914-76,983-86,099
            
General Government Debt (GGDebt)      
Debt instrument liabilities at market value108,335132,935161,315201,376219,202
+ Difference between EDP face value and market value-3,79511,2287,907-8,909-16,282
            
 Gross General Government Debt (EDP face value) 104,540144,163169,222192,467202,920
     
less EDP debt instrument assets-41,981-32,883-31,065-40,475-41,703
 Net General Government Debt  62,559111,280138,157151,992161,217
Closing Net Worth (% of GDP) 12.3-9.0-28.9-47.0-52.5
Gross General Government Debt (% of GDP) 64.491.2104.1117.4123.7
Net General Government Debt (% of GDP) 38.570.485.092.798.3
Table 3 General Government: detailed classification of revenue and output      
          €million
DescriptionESA code20092010201120122013
           
Total RevenueTR55,96355,14955,33156,62358,866
 Taxes and social contributions 47,85346,31447,76349,10251,615
  TaxesD2 + D5 + D9135,85434,83137,62439,45141,399
   Indirect taxes (taxes on production and imports)D218,19617,99917,60617,99618,993
    Taxes on productsD2116,14315,68615,24615,60916,200
    of which Value-Added TaxD21110,1619,8739,56210,02810,175
    Other taxes on production D292,0532,3142,3602,3882,793
   Direct taxesD517,40016,59619,31620,69021,592
    Taxes on income, profits and capital gainsD5116,62215,84118,58019,93020,787
    Other current direct taxesD59778755735760805
   Capital taxesD91258235702765814
  Social contributions D6111,99911,48410,1399,65110,216
   Actual social contributionsD6119,3309,0827,8197,1867,603
   Imputed social contributionsD6122,6692,4022,3202,4662,613
 Sales of goods and servicesP1O4,5435,2415,0864,8684,140
  Sales of market establishments (= market output)P11907877905949789
  Imputed sales related to production of own-use capital assets (= output for own final use)P126458585858
  Incidental sales and fees of non-market establishmentsP1313,5724,3064,1233,8623,294
 Investment incomeD41,9822,1101,9972,2492,710
  Interest (excluding FISIM)D41978850917819938
  DividendsD421,0041,2601,0811,4301,772
 Current transfer revenueD39 + D7151161100100115
  SubsidiesD3900000
  Other current transfersD7151161100100115
   Non-life insurance claimsD721414131314
   OtherD7N1371478787101
 Capital transfer revenueD9N1,4341,323386304286
           
Output P133,84831,43730,77929,99629,192
 Market output (sales of market establishments)P11907877905949789
 Output for own final useP126458585858
 Non-market outputP1332,87730,50229,81628,98928,346
  = Non-market compensation of employeesD1_nonmarket20,64119,22619,05518,72618,365
   = Total compensation of employeesD120,70519,28419,11318,78418,423
   - Compensation of employees of market establishmentsD1_market     
   - Compensation related to production of own-use capital assetsD1_own-use-64-58-58-58-58
  + Non-market intermediate consumptionP2_nonmarket9,9989,0288,5368,2338,073
   = Total intermediate consumptionP210,2239,2518,7628,4608,300
   - Intermediate consumption of market establishmentsP2_market-225-224-227-227-227
   - Intermediate consumption related to production of own-use capital assetsP2_own-use     
  + Non-market consumption of fixed capitalK1_nonmarket2,2382,2482,2252,0301,908
   = Total consumption of fixed capitalK12,6582,6472,6232,4242,302
   - Consumption of fixed capital by market establishmentsK1_market-420-399-397-394-394
   - Consumption of fixed capital related to production of own-use capital assetsK1_own-use     
  + Other taxes on production, payable D29_pay00000
  - Other subsidies on production, receivable (D.39 R)D39_rec00000
Table 4 General Government: detailed classification of expenditure and consumption      
          €million
DescriptionESA code20092010201120122013
           
Total ExpenditureTE78,144103,54476,55069,84470,371
           
 Expense 74,728100,88275,16869,12770,590
  Compensation of employeesD120,70519,28419,11318,78418,423
   Of which: Related to production of own-use capital assets 6458585858
  Use of goods and services plus taxes payableP2 + D5 + D2910,2239,2528,7638,4618,300
   Use of goods and services [Intermediate consumption]P210,2239,2518,7628,4608,300
    Of which: Intermediate consumption of market establishments 225224227227227
   Taxes, payableD501110
  Depreciation (Consumption of fixed capital)K12,6582,6472,6232,4242,302
    Of which: Depreciation by market establishments 420399397394394
  Interest (excluding FISIM)D413,2904,9845,1905,9127,407
  SubsidiesD31,6901,5771,3491,5401,495
   Product subsidiesD31920801793920922
   Other subsidies on productionD39770776556620573
  Social benefitsD62 + D63128,47128,41028,95228,96028,559
   Social benefits in cashD6224,50524,20124,76024,62324,043
   Social benefits in kind (via market producers)D6313,9664,2094,1934,3364,516
  Other current transfersD72,0911,8741,7841,7982,150
   Net non-life insurance premiumsD716273739191
   Current international cooperationD74557529529523506
   Miscellaneous current transfersD751,4721,2721,1831,1851,553
    GNI-based EU own resourcesD75_GNI1,1479739569991,321
    Other miscellaneous current transfersD75_other325299226186231
  Capital transfersD95,60132,8557,3921,2491,953
   Investment grantsD921,0931,203426614549
   Other capital transfersD994,50831,6526,9666351,404
           
 Net acquisition of non-financial assetsP5 + NP - K13,4172,6621,382716-219
  = Gross investment in non-financial assetsP5 + NP6,0745,3104,0053,1402,083
   Gross fixed capital formationP516,0755,3903,8943,0572,723
   Net acquisition of stocksP52-1-801118383
   Net acquisition of unproduced assetsK20000-723
  - Consumption of fixed capitalK1-2,658-2,647-2,623-2,424-2,302
           
Net expenditure on current goods and servicesP3 excl. D63129,30426,19625,69325,12825,052
 = OutputP133,84831,43730,77929,99629,192
 - Sales of goods and services P11+P12+P131-4,543-5,241-5,086-4,868-4,140
   Market output (sales of market establishments)P11-907-877-905-949-789
   Output for own final useP12-64-58-58-58-58
   Incidental sales and fees of non-market establishmentsP131-3,572-4,306-4,123-3,862-3,294
           
Final consumption expenditureP333,27030,40529,88629,46429,568
 = Net expenditure on current goods and servicesP3 excl. D63129,30426,19625,69325,12825,052
 + Social transfers in kind via market producers D6313,9664,2094,1934,3364,516
made up of       
 Individual consumption (= social transfers in kind)P31 (= D63)22,42921,31921,02220,87521,319
  Social transfers in kind (via market producers)D6313,9664,2094,1934,3364,516
  Social transfers in kind (provided directly by government)D63218,46317,11016,82916,53816,803
 Collective consumption (= actual final consumption of government)P3210,8419,0868,8648,5898,249
           
Total social transfersD62 + D6346,93445,52045,78145,49845,362
 Social benefits in cashD62 24,50524,20124,76024,62324,043
 Social transfers in kind (= individual consumption)D6322,42921,31921,02220,87521,319
Table 5 General Government financial transactions
  €million
 20092010201120122013
DescriptionESA code     
 Net lending (+) / net borrowing (-)B.9-22,181-48,395-21,218-13,221-11,504
equals       
Net acquisition of financial assets ΔA3,028-7,7543,54110,074-1,394
EDP debt instruments F2 + F33 + F45,266-8,926-3908,655-130
 Currency and deposits F21,021-11,221-3975,954-971
Securities other than shares, excluding financial derivatives F334,1231,857-1,3361,169326
Short-term F33143-37-361,0852,696
Long-term F3324,0801,894-1,30084-2,370
Loans F41224381,3431,532515
Short-term loans F41008851,069349
Long-term loans F42122438458463166
Shares and other equity F5-2,3571,4303,5831,842-1,251
Other financial assets F34 + F61 + F62 + F7119-258348-423-13
Financial derivatives F3416254-271066
Insurance: reserves and premium prepayments F61 + F62100-10
Net equity of households in life insurance reserves and in pension funds reserves F6100000
Prepay. of ins. premiums and reserves for outstanding claims F62100-10
Other accounts receivable/payableF7102-512619-422-79
less       
Net incurrence of liabilities ΔL25,20940,64124,75923,29510,110
EDP debt instruments F2 + F33 + F426,00940,92324,71222,76410,667
Currency and deposits F21,3953,4221,6052,3452,033
Securities other than shares, excluding financial derivatives F3324,6196,249-8,42114623,048
Short-term F331-5,338-13,175-3,494-1,279-160
Long-term F33229,95719,424-4,9271,42523,208
Loans F4-531,25231,52820,273-14,414
Short-term loans F4125028-1651,337-461
Long-term loans F42-25531,22431,69318,936-13,953
Other liabilities F34 + F5 + F61 + F62 + F7-800-28247531-557
Financial derivatives F3400300
Shares and other equity F500000
Insurance: reserves and premium prepayments F61 + F620001-1
Net equity of households in life insurance reserves and in pension funds reserves F610001-1
Prepay. of ins. premiums and reserves for outstanding claims F6200000
   Other accounts receivable/payableF7-800-28244530-556
Table 6 General Government: detailed breakdown of net worth    
            €million
DescriptionESA code20092010201120122013
           
General Government balance sheet      
             
 Net worth at market value, excluding pension liabilities 20,004-14,197-46,914-76,983-86,099
 equals      
  Non-financial assets at market value 61,02058,42557,14857,86558,369
 plus      
  Financial net worth at market value, excluding pension liabilities -41,016-72,622-104,062-134,848-144,468
  equals      
   Financial assets at market value 72,72565,45963,21873,78280,786
    EDP debt instrumentsF2 + F33 + F441,98132,88331,06540,47541,703
     Currency and depositsF229,98319,02018,64024,75523,781
     Securities other than shares, excluding financial derivativesF338,70010,1147,3349,09710,798
      Short-termF3318549131,0463,744
      Long-termF3328,61510,0657,3218,0517,054
     LoansF43,2983,7495,0916,6237,124
      Short-term loansF41008851,9542,288
      Long-term loansF423,2983,7494,2064,6694,836
    Shares and other equityF521,79423,95622,83024,47529,845
    Other financial assetsF34 + F61 + F62 + F78,9508,6209,3238,8329,238
     Financial derivativesF344106067046421,128
     Insurance: reserves and premium prepaymentsF61 + F6211100
      Net equity of households in life insurance reserves and in pension funds reservesF6100000
      Prepayment of insurance premiums and reserves for outstanding claimsF6211100
     Other accounts receivable/payableF78,5398,0138,6188,1908,110
  less      
   Liabilities at market value 113,741138,081167,280208,630225,254
    EDP debt instrumentsF2 + F33 + F4108,335132,935161,315201,376219,202
     Currency and depositsF210,30813,71115,21817,47219,424
     Securities other than shares, excluding financial derivativesF3394,66084,04879,67596,557125,842
      Short-termF33120,4567,2313,7962,5722,423
      Long-termF33274,20476,81775,87993,985123,419
     LoansF43,36735,17666,42287,34773,936
      Short-term loansF417077355691,9081,466
      Long-term loansF422,66034,44165,85385,43972,470
    Other liabilitiesF34 + F61 + F62 + F75,4065,1465,9657,2546,052
     Financial derivativesF3416388131,572927
     Shares and other equityF500000
     Insurance: reserves and premium prepaymentsF61 + F6200010
      Net equity of households in life insurance reserves and in pension funds reservesF6100010
      Prepay. of ins. premiums and reserves for outstanding claimsF6200000
     Other accounts receivable/payableF75,3905,1085,1525,6815,125
             
             
  Memo: Estimated pension liabilities of government 116,000116,000116,00098,00098,000
             
 Memo: Net worth, including pension liabilities -95,996-130,197-162,914-174,983-184,099
             
  Contingent liabilities 287,666163,376148,537121,20773,477
   Guarantees 282,617158,327143,488115,55767,735
   Off-balance sheet PPPs 5,0495,0495,0495,6505,742
             
 Memo: Net worth, including pension liabilities and contingent liabilities -383,662-293,573-311,450-296,190-257,576
             
Change in net worth of government      
             
 Opening net worth 46,74720,004-14,197-46,914-76,983
             
 Change in net worth due to transactions -18,764-45,733-19,836-12,505-11,723
  Net acquisition of non-financial assets  3,4172,6621,382716-219
  Net lending/net borrowing -22,181-48,395-21,218-13,221-11,504
   = Net acquisition of financial assets 3,028-7,7543,54110,074-1,394
   - Net incurrence of liabilities -25,209-40,641-24,759-23,295-10,110
             
 Change in net worth due to other economic flows -7,97911,533-12,881-17,5652,608
  Other changes in non-financial assets -11,694-5,257-2,6590723
  Other changes in financial net worth 3,71516,789-10,222-17,5651,884
   = Other changes in financial assets 3,079488-5,7824908,398
     EDP debt instruments -64-172-1,4287551,358
     Shares and other equity 3,102732-4,709-1976,621
     Other financial assets 41-72355-68419
   - Other changes in liabilities 63616,301-4,440-18,055-6,514
     EDP debt instruments 50816,323-3,668-17,297-7,159
     Other liabilities 128-22-772-758645
             
             
Closing net worth 20,004-14,197-46,914-76,983-86,099
Table 7 General Government Gross and Net Debt      
         €million
DescriptionESA code20092010201120122013
          
General Government Debt      
          
  Debt instrument liabilities at market value 108,335132,935161,315201,376219,202
  + Difference between face value and market value -3,79511,2287,907-8,909-16,282
          
Gross General Government Debt (face value) 104,540144,163169,222192,467202,920
By category:      
 Currency and deposits F210,30713,70815,21617,46519,424
 Securities other than shares, exc. financial derivativesF3391,39196,31788,55089,289112,162
  Short-termF33120,4437,2033,7772,5352,389
  Long-termF33270,94889,11484,77386,754109,772
 LoansF42,84234,13865,45685,71371,335
  Short-termF417077355691,9071,466
  Long-termF422,13533,40364,88783,80769,869
          
less EDP debt instrument assets 41,98132,88331,06540,47541,703
 By category:      
 Currency and deposits F229,98319,02018,64024,75523,781
 Securities other than shares, exc. financial derivativesF338,70010,1147,3349,09710,798
  Short-termF3318549131,0463,744
  Long-termF3328,61510,0657,3218,0517,054
 LoansF43,2983,7495,0916,6237,124
  Short-termF41008851,9542,288
  Long-termF423,2983,7494,2064,6694,836
          
 Net General Government Debt (face value) 62,559111,280138,157151,992161,217
 By category:      
 Currency and deposits F2-19,676-5,312-3,424-7,290-4,357
 Securities other than shares, exc. financial derivativesF3382,69186,20381,21680,192101,364
  Short-termF33120,3587,1543,7641,489-1,355
  Long-termF33262,33379,04977,45278,703102,718
 LoansF4-45630,38960,36579,09064,211
  Short-termF41707735-316-47-822
  Long-termF42-1,16329,65460,68179,13865,033
Table 8 Reconciliation of Exchequer Balance to General Government Deficit     
       € million
Description 20092010201120122013
      
Exchequer balance-24,641-18,745-24,918-14,892-11,497
      
Deduct cash inflows which do not increase financial net worth-3-382-62-9-2,714
Inflows from sale or redemption of financial assets-3-382-62-9-2,710
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation0000-5
      
Exclude cash outflows which do not reduce financial net worth316507,3272,3091,281
Acquisition of financial assets16424,8102,2821,268
Repayment of promissory notes notional loan principal002,517013
Redemption of Exchequer liability to Central Bank for notes and coins in circulation3090270
      
Impact on financial net worth of Exchequer cash transactions-24,613-18,477-17,653-12,592-12,930
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+)-204-180719-647772
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts-331-20555-185131
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF)129-16236-11-53
Accrual of interest due on contingent capital assets assigned to banks001280-44
Licence sales000-450738
Other accrued revenue-21000
      
Adjust for impact of non-cash expenditure (-)75-31,82487-569-360
Capital transfers to financial institutions financed by promissory notes0-30,850000
Difference between interest paid and accrued-229-1,326-38-447-209
Difference between Exchequer cash issues and accrued net spending of departments and offices306318102-133-75
Other accrued expenditure-2332211-76
      
EDP Net lending (+) / net borrowing (-) of Exchequer-24,743-50,482-16,847-13,808-12,518
      
Net lending (+) / net borrowing (-) of extra-budgetary bodies, funds and accounts consolidated with Exchequer386518-74135-112
Bank Guarantee Scheme receipts - special account439-259-3-67-167
Capital Services Redemption Account0600-60000
Small Savings Reserve Fund-2430000
Other Extra-Budgetary Funds191137429655
Health Service Executive171167155-951
      
EDP Net lending (+) / net borrowing (-) of Budgetary Central Government-24,357-49,963-16,921-13,673-12,630
      
Net lending (+) / net borrowing (-) of other Central Government bodies4,6782,387-4,388306799
National Pensions Reserve Fund4,4332,116-4,373334575
Non-market State corporations and agencies218269-6-21224
Voluntary and joint board hospitals282-9-60
      
      
EDP Net lending (+) / net borrowing (-) of Central Government (S.1311)-19,679-47,576-21,310-13,367-11,830
      
EDP Net lending (+) / net borrowing (-) of Social Insurance Fund (S.1311)-2,500-912-8138
      
EDP Net lending (+) / net borrowing (-) of Local Government (S.1313)-10103-32-9044
      
EDP Net lending (+) / net borrowing (-) of General Government (S.13) (=GGDeficit)-22,188-48,385-21,350-13,444-11,778
Table 9 Reconciliation of National Debt to General Government Debt     
            € million
Description20092010201120122013
Audited National Debt75,15293,445119,082137,632173,940
Composed of     
Gross National Debt96,968109,609136,774161,482197,541
Medium/long term debt71,52890,786119,625144,524178,722
Irish Government Bonds71,07690,70585,91288,455111,609
EU/IMF Programme Funding0033,67653,20061,350
EIB and bilateral loans004833,0714,971
Miscellaneous45282-445-202792
Short term debt18,0448,4845,6033,4763,308
Commercial Paper7,0358273481,299482
Treasury Bills8,3905,93901,0140
Borrowings from Funds under the control of the Minister for Finance1,7831,5241,696786664
Miscellaneous8351953,5593772,163
State Savings Schemes7,39610,33911,54613,48215,511
Less Liquid assets-21,816-16,164-17,692-23,850-23,601
Reverse deduction of liquid assets and EFSF prepaid margin held by Exchequer21,81616,16418,22224,38024,130
Outstanding principal value of promissory notes030,85028,33325,261215
Liability for coinage in circulation674673694670675
Accrual adjustments (Small Savings Reserve Fund)346368464548604
Adjustment from discounted to nominal value5572464
Gross treatment of collaterals0111701,431948
 Other adjustments (repurchase agreements and OPW contracts)14-18-151149
Unconsolidated Exchequer Debt (Maastricht definition)98,057141,564166,953189,940200,565
of which: Liabilities to other Central Government bodies2,3892,4402,6152,3012,304
Exchequer contribution to Central Government debt95,668139,124164,338187,639198,261
of which: Liabilities to Local Government (Local Authorities and VECs)1932193029
Exchequer contribution to General Government debt95,649139,092164,319187,609198,232
Housing Finance Agency (HFA)     
Gross debt of HFA4,9414,5124,4144,5014,427
 of which: Liabilities to other Central Government bodies303,6123,8513,9873,711
HFA contribution to Central Government debt4,911900563514716
of which: Liabilities to Local Authorities182220179119286
HFA contribution to General Government debt4,729679384394430
Other Central Government     
Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank1,8922,3282,5062,7742,634
Health Service Executive and Voluntary Hospitals187145149138138
National Oil Reserves Agency444336327258166
Irish Rail12825172525
Westlink buyout: imputed loan from National Toll Roads to National Roads Authority510460410360310
 All other bodies2737797288
Other bodies' contribution to Central and General Government debt3,1883,3303,4873,6263,361
Total Central Government debt103,768143,355168,388191,779202,337
of which: Liabilities to Local Government201252197149314
Central Government contribution to General Government debt103,566143,102168,190191,630202,024
Local Government - Local Authorities     
Borrowing from Housing Finance Agency4,5834,4484,3584,4314,306
Borrowing from other Central Government bodies8778626177
 Other borrowing9721,0721,050866789
Local Authorities' contribution to Local Government debt5,6415,5985,4695,3585,172
 VECs and Institutes of Technology1919000
Total Local Government debt5,6605,6175,4695,3585,172
of which: Liabilities to Central Government4,6864,5574,4384,5214,276
Local Government contribution to General Government debt9741,0611,032837896
           
General Government Debt104,540144,163169,222192,467202,920

Background Notes

 

Introduction

The figures in this release comprise the first official publication by CSO of the annual Government Finance Statistics results for the year 2013.  These figures are compiled in accordance with the ESA95 system of accounts, as used in all member states of the European Union. 

Because audited accounts for many government bodies become available between April and October, the data for 2013 are provisional. 

The data published in this series are consistent with the General Government Deficit and Debt levels reported to Eurostat at end-March and end-September under the EU regulation governing the Excessive Deficit Procedure.   Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

Changes since previous publication

Revision to Q2 2013 deficit

During the most recent EDP notification process, Eurostat ruled in favour of CSO’s assessment that the receipt by government, in May 2013, of ordinary shares in settlement of a €280 million annual dividend receivable from a majority publicly-owned financial institution, be recorded as an equity acquisition of Government.  In earlier publications, for prudential reasons and in accordance with the treatment of corresponding payments in earlier years, this had been treated as a deficit-worsening capital transfer, pending the availability of full-year 2013 results for the institution.  The recent decision has resulted in a restatement of the deficit for Quarter 2 of 2013 (first published in October 2013) in the current publication.

Other changes

Other changes since the previous publication are as a result of updated data becoming available.

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the Quarterly National Accounts Release that was published on 13 March 2014.  This has some effect on the calculation of the percentages shown in this release when compared to previous versions.

Pension Liabilities

The estimated pension liability of government (the accrued liability in respect of Public Service occupational pensions) is a contingent liability of government and does not form part of the ESA accounts of general government.  It is shown in this release as a memorandum item.  The value shown for years 2009-2011 of €116 billion was calculated by the Comptroller and Auditor General.    The value of this liability is reduced by €18 billion to €98 billion with effect from 2012. This follows an actuarial valuation carried out by the Department of Public Service and Reform.   The main reasons for the reduction were the pay and pension cuts since 2009 and the freeze in pay and pension rates until after the Haddington Road Agreement.  Details on this updated estimate can be accessed at: http://www.per.gov.ie/public-service-pensions-accrued-liability/.

Government Finance Statistics – Concepts and Definitions

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, in particular in relation to the Excessive Deficit Procedure (EDP).  

European GFS, including EDP statistics are produced according to the legally binding accounting rules of the European System of Accounts 1995 (ESA95).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA95 in the context of GFS. 

The ESA 95 regulation sets out both a methodology for the compilation of National Accounts and a programme of transmission of key economic aggregates which are a subset of the full set of accounts set out in ESA 95.  In relation to GFS aggregates of interest include: general government revenue and expenditure, general government surplus/deficit, general government consolidated gross debt and their main components.

EU Member States are required to report government deficit/surplus and debt data biannually under the EDP (before 1 April and 1 October in year N) for years N-4 to N-1 calendar years as well as a forecast for the current year. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with government deficit and debt.

Detailed statistics on Government revenue and expenditure are also provided to Eurostat under the ESA95 transmission programme.  For annual data the main tables reported are:

Table 0200      Main aggregates of general government,

Table 0900      Detailed tax receipts by sector

Table 1100      General government expenditure by function.

These data are available on the Eurostat website.

Total general government expenditure and revenue are defined according to Commission Regulation (EC) No 1500/2000 of 10 July 2000 on general government expenditure and revenue. They comprise specific categories of ESA 95.

Definition of general government and its subsectors

The general government sector of the economy, is defined in ESA95, paragraph 2.68: 'All institutional units which are other non-market producers [institutional units whose sales do not cover more than the 50% of the production costs, see ESA95 paragraph 3.26] whose output is intended for individual and collective consumption, and mainly financed by compulsory payments made by units belonging to other sectors, and/or all institutional units principally engaged in the redistribution of national income and wealth. General government comprises the sub-sectors central government (S.1311), state government (S.1312 - where applicable), local government (S.1313), and social security funds (S.1314).

As part of the GFS production process CSO is required to define the General Government and public sectors for Ireland. In this context, the public sector includes all bodies that are directly or indirectly controlled by a Government department or office, or by a local authority.  General Government, in turn, includes all public sector bodies that are also mainly financed by Government bodies.  The decision rules governing the classification of bodies to the public and General Government sectors are set out in detail in the Manual on Government Deficit and Debt.  A detailed explanation of the application of these rules and the most up-to-date list (reference year 2013) of public sector bodies (including general government bodies) for Ireland are shown at:

http://www.cso.ie/en/surveysandmethodology/nationalaccounts/.

General Government Deficit/Surplus (GG Deficit) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.  It is the difference between the revenue and the expenditure of the general government sector. The government deficit data related to the EDP (EDP B.9) differs from the deficit according to ESA95 (B.9) in the treatment of interest relating to swaps and forward rate agreements.  The measure EDP B.9 is shown as the headline item in this release, while the ESA95 B.9 can be seen in Table 1.

Net Lending/Net Borrowing, that is, the GG Deficit excluding flows on interest swap instruments, is by definition equal to both Total Revenue less Total Expenditure, and Net Acquisition of Financial Assets less Net Incurrence of Liabilities. In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F332 (long-term securities other than shares) to eliminate any statistical discrepancy between the two approaches to the calculation of Net Lending/Net Borrowing  This adjustment has no impact on Net Worth, gross or net debt.

General Government Gross Debt (GG Debt) is defined in the EU regulations implementing the Maastricht Treaty as the gross debt liabilities of the consolidated General Government sector, at nominal value.

‘Gross’ means that the value of any financial assets held by General Government cannot be deducted from the GG Debt. In Ireland’s case, this means that the liquid assets which are deducted from the ‘gross’ National Debt in arriving at the audited National Debt cannot be deducted from the GG Debt.

‘Debt liabilities’ are defined as the ESA categories AF.2 (Currency and deposits), AF.33 (Securities other than shares, excluding financial derivatives), and AF.4 (loans).

This definition excludes liabilities in derivatives (AF.34), equity liabilities (AF.5), pension and insurance liabilities (AF.6) and accounts payable (AF.7).

‘Consolidated’ means that any money owed by one entity within General Government to another is

excluded from the total GG Debt.

‘Nominal value’ is defined in the governing regulation as face value.  If debt is sold at a discount, it is the undiscounted value of the instrument, rather than the amount actually received, that is shown in the GG Debt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GG Debt by definition.

General Government Net Debt is a measure produced nationally, by subtracting from the GG Gross Debt figure the value of the financial assets corresponding to the categories of financial liabilities which comprise GG Gross Debt.

General Government Net Worth is calculated as the sum of financial and non-financial assets of General Government less financial liabilities.  This measure is currently published by relatively few countries.  CSO introduced this measure on an experimental basis to our GFS publication at the outset but would note that this figure is still under development and may be revised in the future.

ESA 95 codes and an explanation of each are shown below for the main components of Government revenue and expenditure as well as for types of financial flows. More detailed codes and technical definitions can be seen in the ESA 95 manual available at

http://circa.europa.eu/irc/dsis/nfaccount/info/data/esa95/en/esa95en.htm

Main Components of General Government Expenditure and Revenue

P.2       Intermediate consumption – value of goods and services used in the process of production, excluding fixed assets

P.5       Gross capital formation

P.51     Gross fixed capital formation - acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by productive activity. Fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used repeatedly, or continuously, in processes of production for more than one year

P.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

D.1      Compensation of employees – the total remuneration of government employees

D.11    Wages and salaries, in cash and in kind

D.12    Employers social contributions – actual (D.121) and imputed (D.122)

D.29    Other taxes on production (payable) all taxes that enterprises incur as a result of engaging in production, independently of the quantity or value of the goods and services produced or sold. These include taxes on use or ownership of land or buildings, taxes on use of fixed assets, taxes on total wage bill and payroll, taxes on international transactions related to production.

D.3      Subsidies (payable) - current unrequited payments which general government or the Institutions of the European Union make to resident  producers, with the objective of influencing their levels of production, their prices or the remuneration of the factors of production

D.4      Property income (payable) - the income receivable by the owner of a financial asset or a tangible non-produced asset in return for providing funds to, or putting the tangible non-produced asset at the disposal of, another unit

D.41    Interest (payable) - excludes settlements under swaps and forward rate arrangements, as these are treated as financial transactions in the ESA 95

D.5      Current taxes on income, wealth, etc, (payable)  - all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of units in the economy, and some periodic taxes which are assessed neither on income nor wealth

D.6      Social contributions - transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs, made through collectively organised schemes, or outside such schemes by government and non-profit institutions. These include payments from general government to producers which individually benefit households and which are made in the context of social risks or needs

D.62    Social benefits in cash - social benefits and pensions paid in cash;

D.631  Social transfers in kind, via market producers - can be subdivided into those where beneficiary households actually purchase the goods and services themselves and are then reimbursed, and those where the relevant services are provided directly to the beneficiaries

D.7      Other current transfers

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.

K.1      Consumption of fixed capital - the amount of fixed assets used up, during the period under consideration, as a result of normal wear and tear and foreseeable obsolescence, including a provision for losses of fixed assets as a result of accidental damage which can be insured against.

Categories of Financial Flows

F.1       Monetary gold and special drawing rights (SDRs)

            F.11     Monetary gold

            F.12     Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Securities other than shares

            F.33     Securities other than shares, excluding financial derivatives

                        (F.331 - Short-term, F.332 - Long-term )

            F.34 Financial derivatives

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Shares and other equity

            F.51 Shares and other equity, excluding mutual funds shares

            (F.511 - Quoted shares, F.512 - Unquoted shares, F.513 - Other equity )

            F.52 Mutual funds shares

F.6       Insurance technical reserves

            F.61 Net equity of households in life insurance reserves and in pension funds reserves

            F.611 - Net equity of households in life insurance reserves

            F.612 - Net equity of households in pension funds reserves,

            F.62 - Prepayments of insurance premiums and reserves for outstanding claims

F.7       Other accounts receivable/payable

            F.71     Trade credits and advances

            F.79     Other

 

 

 

 

 

 

 

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