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CSO statistical release, , 11am

Government Finance Statistics - Annual

2009 to 2014 (April 2015 Results)

 General Government Deficit, Gross Debt , Net Debt and GDP
 GG DeficitGG Gross DebtGG Net DebtGDP
End of year€m% GDP€m% GDP€m% GDP€m
2009-23,440-13.9104,66762.361,98436.9168,114
2010-53,677-32.5144,22787.4110,71167.1164,928
2011-21,803-12.7190,123111.2134,95378.9171,042
2012-14,065-8.1210,238121.7151,53187.7172,755
2013-10,152-5.8215,328123.2161,06292.1174,791
2014-7,629-4.1203,319109.7166,69389.9185,412

Government Deficit of -4.1% of GDP in 2014

Figure 1 General Government Deficit, Gross Debt and Net Debt
go to full release

General Government experienced a deficit of -€7,629 million (-4.1% of GDP) in 2014 - an improvement on the 2013 position of -€10,152 million (-5.8% of GDP).

Government revenue increased by over 6% from €60,939 million in 2013 to €64,695 million in 2014, while expenditure increased by 1.7% from €71,091 million to €72,324 million over the same period (Table 1). The changes in revenue and expenditure were primarily driven by increased  tax and social contribution revenues and increased capital expenditure respectively.

Taxes and social contributions continue to form the largest component of revenue over the period, representing 88% of total government revenue in 2014, with social benefits, the biggest expenditure category, accounting for almost 39% of government spending in 2014.

Government Debt at 109.7% of GDP in 2014 

The gross debt of General Government stood at €203,319 million at the end of 2014, or 109.7% of GDP, down from €215,328 million at the end of 2013, or 123.2 % of GDP. This improvement is due to a combination of increased GDP and the early repayment of a portion of IMF loans.

General Government Net Debt for 2014 amounted to €166,693 million or 89.9% 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 results in this release are presented under the new ESA 2010 standards. See text box below and Background Notes for further information.   

 

 

National accounts are compiled in the EU according to the European System of National and Regional Accounts (ESA) framework. In 2014, the new ESA 2010 framework replaced the previous ESA 95 version and all EU member states were required to adopt ESA 2010 by September 2014.

GFS annual results are benchmarked to the most recent Excessive Deficit Procedure (EDP) notification. Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

 

 

 

Total RevenueTotal Expenditure
200933.614690031764247.5582045516733
201033.594053162592266.1397700814901
201133.512236760561746.2593982764467
201234.188301351625142.3298891493734
201334.863923199707140.672002563061
201434.892563588117339.0071840010355
Table 1 General Government transactions: revenue, expenditure, financing and deficit 
         €million
DescriptionESA2010 code200920102011201220132014
   
General Government transactions       
   
RevenueTR56,51155,40657,32059,06260,93964,695
Taxes and social contributionsD2 + D5 + D91 + D6148,96347,36748,83250,57052,79057,200
TaxesD2 + D5 + D9138,72037,88138,86040,91942,48846,342
Social contributions D6110,2439,4859,9729,65110,30110,858
Sales of goods and servicesP1O4,5765,2845,1634,9264,4774,153
Investment incomeD41,9842,1122,4453,0213,1112,861
Current transfer revenue (excluding taxes)D7182313268256260248
Capital transfer revenue (excluding taxes)D9N806331613289301233
    
ExpenditureTE79,952109,08379,12373,12771,09172,324
ExpenseExpense76,898106,67678,01872,81971,70171,672
Compensation of employeesD120,71319,29319,17518,90718,65318,597
Use of goods and services plus taxes payableP2 + D5 + D299,9828,9918,5848,2438,1948,678
Depreciation (Consumption of fixed capital)P51c3,1853,0773,1053,1513,0712,917
Interest (excluding FISIM)D413,4124,9215,8887,1577,6667,502
SubsidiesD31,8891,8281,7251,6501,6591,742
Social benefitsD62 + D63128,84828,77428,79529,42028,58828,507
Other current transfersD72,7252,6632,5452,6252,8502,567
Capital transfersD96,14337,1308,2011,6661,0191,162
    
 Net operating balanceNOB-20,386-51,271-20,698-13,758-10,763-6,977
    
Net acquisition of non-financial assetsP5 + NP - P51c3,0542,4071,106307-610652
           
 General Government Surplus/DeficitB9-23,440-53,677-21,803-14,065-10,152-7,629
equals    
Net acquisition of financial assetsΔFA2,949-11,6383,6635,785-5,630-19,142
Debt instrumentsF2 + F3 + F45,292-8,984-714,368-4,517-19,235
Equity and Investment Fund SharesF5-2,357-2,3883,7011,825-1,307-91
Other financial assetsF6 + F7 + F8 14-26633-408194184
less    
Net incurrence of liabilitiesΔL26,38942,03925,46619,8504,522-11,513
Debt instrumentsF2 + F3 + F426,16640,92725,55619,5245,344-12,265
Other liabilitiesF5 + F6 + F7 + F8 2231,112-90326-822752
      
  Memo: Net derivative flows on debt interest swap contracts -710-132-221-274-264
         
 General Government Surplus/Deficit (% of GDP) -13.9-32.5-12.7-8.1-5.8-4.1
Impact of Financial Crisis
 Revenue (a+b+c+d)8841,7443,0653,0332,3651,678
 Guarantee fees receivable (a)4371,0741,215934421155
 Interest receivable (b)3875081,0411,5391,092712
 Dividends receivable (c) -32333502736735
 Other (d) 601304765911777
 Expenditure (e+f+g+h)4,65137,2869,4352,5381,9021,656
 Interest payable (e)6511,8932,1421,9051,7151,432
 Capital injections recorded as deficit-increasing (capital transfer)(f)4,00035,3937,12128000
 Calls on guarantees (g)--0000
 Other (h)--172353186223
Impact of Financial Crisis interventions on General Government Surplus/Deficit-3,767-35,543-6,37049546422
  Underlying General Government Surplus/Deficit (excluding impact of financial crisis) -19,673-18,134-15,434-14,560-10,616-7,651
Table 2 General Government Net Worth, Gross and Net Debt  
            €million
Description ESA2010 code200920102011201220132014
             
General Government net worth       
Net worth at market value, excluding pension liabilitiesNW46,8326,035-19,543-50,192-57,562-65,328
equals      
Non-financial assets at market valueNFA88,37584,41285,04387,05888,57589,227
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-41,543-78,377-104,586-137,250-146,137-154,555
equals      
Financial assets at market valueFA73,39562,23188,28192,29293,54983,043
EDP debt instrumentsF2 + F3 + F442,68333,51655,16858,70654,26536,626
Equity and Investment Fund SharesF521,78820,13022,97524,59630,09137,921
Other financial assetsF6 + F7 + F8 8,9248,58510,1388,9909,1938,496
less      
Liabilities at market valueL114,938140,608192,867229,542239,686237,598
EDP debt instrumentsF2 + F3 + F4108,462132,998182,272218,868231,560229,168
Other liabilitiesF5 + F6 + F7 + F86,4767,61010,59510,6748,1268,430
      
Memo: Estimated pension liabilities of government116,000116,000116,00098,00098,00098,000
      
Memo: Net worth, including pension liabilities-69,168-109,965-135,543-148,192-155,562-163,328
      
Contingent liabilities287,559148,386148,493120,60461,06930,521
      
 Memo: Net worth, including pension liabilities and contingent liabilities -356,727-258,351-284,035-268,796-216,631-193,849
General Government: changes in net worth       
Opening net worth75,19346,8326,035-19,543-50,192-57,562
      
Change in net worth due to transactions-20,386-51,271-20,698-13,758-10,763-6,977
Net acquisition of non-financial assets P5 + NP - P51c3,0542,4071,106307-610652
Net lending/net borrowingB9-23,440-53,677-21,803-14,065-10,152-7,629
      
Change in net worth due to other economic flowsKx-7,97510,473-4,880-16,8923,393-789
Other changes in non-financial assets-11,709-6,370-4741,7072,1280
Other changes in financial assets3,06447422,387-1,7746,8878,636
Other changes in liabilities67016,369-26,793-16,825-5,622-9,425
             
Closing net worth 46,8326,035-19,543-50,192-57,562-65,328
             
General Government Debt (GGDebt)       
Debt instrument liabilities at market valueF2 + F3 + F4108,462132,998182,272218,868231,560229,168
+ Difference between EDP face value and market value-3,79511,2297,851-8,630-16,232-25,849
             
 Gross General Government Debt (EDP face value)GGDebt104,667144,227190,123210,238215,328203,319
      
less EDP debt instrument assetsF2 + F3 + F4-42,683-33,516-55,170-58,707-54,266-36,626
 Net General Government Debt GGNetDebt61,984110,711134,953151,531161,062166,693
    
Closing Net Worth (% of GDP) 27.93.7-11.4-29.1-32.9-35.2
Gross General Government Debt (% of GDP)62.387.4111.2121.7123.2109.7
Net General Government Debt (% of GDP) 36.967.178.987.792.189.9
Table 3 General Government: detailed classification of revenue and output       
           €million
DescriptionESA2010 code200920102011201220132014
            
Total RevenueTR56,51155,40657,32059,06260,93964,695
 Taxes and social contributions 48,96347,36748,83250,57052,79057,200
  TaxesD2 + D5 + D9138,72037,88138,86040,91942,48846,342
   Indirect taxes (taxes on production and imports)D217,98417,75317,45818,04219,00420,770
    Taxes on productsD2116,29016,08315,70516,09916,73018,137
    of which Value-Added TaxD21110,32410,0679,75510,21910,37211,472
    Other taxes on production D291,6941,6711,7521,9422,2742,633
   Direct taxesD520,47919,89321,16022,59523,20525,216
    Taxes on income, profits and capital gainsD5119,48518,92719,50221,38321,61323,401
    Other current direct taxesD599939661,6581,2121,5921,815
   Capital taxesD91258235242282278356
  Social contributions D6110,2439,4859,9729,65110,30110,858
   Actual social contributionsD611 + D6137,5757,0837,6527,1867,6868,243
   Employers' imputed social contributionsD6122,6692,4022,3202,4662,6152,615
 Sales of goods and servicesP1O4,5765,2845,1634,9264,4774,153
  Sales of market establishments (= market output)P119078779059781,0481,137
  Imputed sales related to production of own-use capital assets (= output for own final use)P12645858383333
  Incidental sales and fees of non-market establishmentsP1313,6054,3494,2003,9103,3962,983
 Investment incomeD41,9842,1122,4453,0213,1112,861
  Interest (excluding FISIM)D419788501,3601,5891,335934
  DividendsD421,0041,2601,0811,4281,7721,923
 Current transfer revenueD39 + D7182313268256260248
  SubsidiesD39000000
  Other current transfersD7182313268256260248
   Non-life insurance claimsD72212413899
   Other Domestic - Current D7N_S179190214206195189
   From Rest of World - CurrentD7N_S2829941425751
 Capital transfer revenueD9N806331613289301233
            
Output P134,16031,63031,15630,67730,35730,720
 Market output (sales of market establishments)P119078779059781,0481,137
 Output for own final useP12645858383333
 Non-market outputP1333,18930,69530,19329,66129,27629,550
  = Non-market compensation of employeesD1_nonmarket20,64819,23519,11718,86918,62018,564
   = Total compensation of employeesD120,71319,29319,17518,90718,65318,597
   - Compensation of employees of market establishmentsD1_market      
   - Compensation related to production of own-use capital assetsD1_own-use-64-58-58-38-33-33
  + Non-market intermediate consumptionP2_nonmarket9,7578,7678,3568,0307,9828,466
   = Total intermediate consumptionP29,9828,9918,5828,2428,1948,678
   - Intermediate consumption of market establishmentsP2_market-225-224-227-212-212-212
   - Intermediate consumption related to production of own-use capital assetsP2_own-use      
  + Non-market consumption of fixed capitalP51c_nonmarket2,7832,6932,7202,7622,6732,520
   = Total consumption of fixed capitalP51c_nonmarket3,1853,0773,1053,1513,0712,917
   - Consumption of fixed capital by market establishmentsP51c_market-402-384-385-389-397-397
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use      
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 4 General Government: detailed classification of expenditure and consumption  
           €million
DescriptionESA2010 code200920102011201220132014
            
Total ExpenditureTE79,952109,08379,12373,12771,09172,324
            
 Expense 76,898106,67678,01872,81971,70171,672
  Compensation of employeesD120,71319,29319,17518,90718,65318,597
   Of which: Related to production of own-use capital assets 645858383333
  Use of goods and services plus taxes payableP2 + D5 + D299,9828,9918,5848,2438,1948,678
   Use of goods and services [Intermediate consumption]P29,9828,9918,5828,2428,1948,678
    Of which: Intermediate consumption of market establishments 225224227212219219
   Taxes, payableD5011100
  Depreciation (Consumption of fixed capital)P51c3,1853,0773,1053,1513,0712,917
    Of which: Depreciation by market establishments 402384385389397397
  Interest (excluding FISIM)D413,4124,9215,8887,1577,6667,502
  SubsidiesD31,8891,8281,7251,6501,6591,742
   Product subsidiesD311,2221,0831,0601,035960952
   Other subsidies on productionD39667745665615699790
  Social benefitsD62 + D63128,84828,77428,79529,42028,58828,507
   Social benefits in cashD6224,72224,31424,32524,68423,99423,514
   Social benefits in kind (via market producers)D6314,1264,4604,4704,7374,5944,993
  Other current transfersD72,7252,6632,5452,6252,8502,567
   Net non-life insurance premiumsD71838347775858
   Current international cooperationD74575547547546467553
   Miscellaneous current transfersD75757865801812769473
   VAT and GNI based EU budget contributionD761,3101,1671,1501,1901,5561,483
    VAT-based EU own resourcesD761163194194191194203
    GNI-based EU own resourcesD7621,1479739569991,3611,280
  Capital transfersD96,14337,1308,2011,6661,0191,162
   Investment grantsD921,7471,3021,0811,3861,000950
   Other capital transfersD994,39635,8287,12128019212
            
 Net acquisition of non-financial assetsP5 + NP - P51c3,0542,4071,106307-610652
  = Gross investment in non-financial assetsP5 + NP6,2395,4844,2103,4582,4603,569
   Gross fixed capital formationP516,2405,5644,0993,3753,1003,509
   Net acquisition of stocksP52-1-80111838360
   Net acquisition of unproduced assetsNP0000-7230
  - Consumption of fixed capitalP51c-3,185-3,077-3,105-3,151-3,071-2,917
            
Net expenditure on current goods and servicesP3 excl. D63129,58426,34625,99325,75025,88026,567
 = OutputP134,16031,63031,15630,67730,35730,720
 - Sales of goods and services P11+P12+P131-4,576-5,284-5,163-4,926-4,477-4,153
   Market output (sales of market establishments)P11-907-877-905-978-1,048-1,137
   Output for own final useP12-64-58-58-38-33-33
   Incidental sales and fees of non-market establishmentsP131-3,605-4,349-4,200-3,910-3,396-2,983
            
Final consumption expenditureP333,71030,80630,46330,48730,47431,559
 = Net expenditure on current goods and servicesP3 excl. D63129,58426,34625,99325,75025,88026,567
 + Social transfers in kind via market producers D6314,1264,4604,4704,7374,5944,993
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)22,42921,31921,02220,87520,95721,790
  Social transfers in kind (via market producers)D6314,1264,4604,4704,7374,5944,993
  Social transfers in kind (provided directly by government)D63218,30316,85816,55216,13816,36316,797
 Collective consumption (= actual final consumption of government)P3211,2819,4879,4419,6139,5179,769
            
Total social transfersD62 + D6347,15145,63345,34745,55844,95145,304
 Social benefits in cashD62 24,72224,31424,32524,68423,99423,514
 Social transfers in kind (= individual consumption)D6322,42921,31921,02220,87520,95721,790
Table 5 General Government financial transactions
      €million
DescriptionESA2010 code200920102011201220132014
        
 Net lending (+) / net borrowing (-)B.9-23,440-53,677-21,803-14,065-10,152-7,629
equals        
Net acquisition of financial assets ΔA2,949-11,6383,6635,785-5,630-19,142
EDP debt instruments F2 + F3 + F45,292-8,984-714,368-4,517-19,235
 Currency and deposits F21,041-11,288-6515,827-1,253-6,130
Debt securities F34,1231,857-648957-757-1,429
Short-term F3143-37-361,0342,697-1,373
Long-term F324,0801,894-612-77-3,454-56
Loans F41284471,228-2,416-2,507-11,676
Short-term loans F41008851,069349-788
Long-term loans F42128447343-3,485-2,856-10,888
Equity and Investment Fund Shares F5-2,357-2,3883,7011,825-1,307-91
Other financial assets F6 + F7 + F8 14-26633-408194184
Insurance, Pensions and Standardised Guarantees F6100-101
Financial derivatives and Employee Stock Options F716254-271-7519696
Other accounts receivable/payableF8-3-520304-332-287
less        
Net incurrence of liabilities ΔL26,38942,03925,46619,8504,522-11,513
EDP debt instruments F2 + F3 + F426,16640,92725,55619,5245,344-12,265
Currency and deposits F21,3953,4222,8933,802-30,707-10,478
Debt securities F324,7756,254-9,057-7,42125,6256,583
Short-term F31-5,338-13,175-3,494-1,279-1601,622
Long-term F3230,11319,429-5,563-6,14225,7854,961
Loans F4-431,25131,72023,14310,426-8,370
Short-term loans F4125540-1731,329-470-123
Long-term loans F42-25931,21131,89321,81410,896-8,247
Other liabilities F5 + F6 + F7 + F8 2231,112-90326-822752
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F60001-10
Financial derivatives and Employee Stock Options F7003000
    Other accounts receivable/payable F82231,112-93325-821752
Table 6 General Government: detailed breakdown of net worth 
             €million
DescriptionESA2010 code200920102011201220132014
        
General Government balance sheet       
              
 Net worth at market value, excluding pension liabilitiesNW46,8326,035-19,543-50,192-57,562-65,328
 equals       
  Non-financial assets at market valueNFA88,37584,41285,04387,05888,57589,227
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-41,543-78,377-104,586-137,250-146,137-154,555
  equals       
   Financial assets at market valueFA73,39562,23188,28192,29293,54983,043
    EDP debt instrumentsF2 + F3 + F442,68333,51655,16858,70654,26536,626
     Currency and depositsF230,69019,66219,28425,27224,01617,959
     Debt securitiesF38,70010,1147,9199,47010,0879,338
      Short-termF318549131,0463,7442,369
      Long-termF328,61510,0657,9078,4246,3446,969
     LoansF43,2933,74027,96523,96420,1629,329
      Short-term loansF41008851,9542,2881,516
      Long-term loansF423,2933,74027,08122,01117,8747,813
    Equity and Investment Fund SharesF521,78820,13022,97524,59630,09137,921
    Other financial assetsF6 + F7 + F8 8,9248,58510,1388,9909,1938,496
     Insurance, Pensions and Standardised GuaranteesF6111001
     Financial derivatives and Employee Stock OptionsF74106061,6948981,136352
     Other accounts receivable/payableF88,5137,9788,4438,0928,0578,143
  less       
   Liabilities at market valueL114,938140,608192,867229,542239,686237,598
    EDP debt instrumentsF2 + F3 + F4108,462132,998182,272218,868231,560229,168
     Currency and depositsF210,30813,71158,38862,09931,35620,914
     Debt securitiesF394,78784,11285,19494,287126,293142,608
      Short-termF3120,4567,2313,7962,5722,4233,999
      Long-termF3274,33176,88181,39891,715123,870138,609
     LoansF43,36735,17538,69062,48273,91165,646
      Short-term loansF416917315581,8861,4361,304
      Long-term loansF422,67634,44438,13360,59672,47564,343
    Other liabilitiesF5 + F6 + F7 + F86,4767,61010,59510,6748,1268,430
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6000100
     Financial derivatives and Employee Stock OptionsF716382,9742,7271,001553
     Other accounts receivable/payableF86,4607,5727,6217,9467,1257,877
              
              
  Memo: Estimated pension liabilities of government 116,000116,000116,00098,00098,00098,000
              
 Memo: Net worth, including pension liabilities -69,168-109,965-135,543-148,192-155,562-163,328
              
  Contingent liabilities 287,559148,386148,493120,60461,06930,521
   Guarantees 282,617143,444143,444115,55556,02025,145
   Off-balance sheet PPPs 4,9424,9425,0495,0495,0495,376
              
 Memo: Net worth, including pension liabilities and contingent liabilities -356,727-258,351-284,035-268,796-216,631-193,849
              
Change in net worth of government       
              
 Opening net worth 75,19346,8326,035-19,543-50,192-57,562
              
 Change in net worth due to transactions -20,386-51,271-20,698-13,758-10,763-6,977
  Net acquisition of non-financial assets P5 + NP - P51c3,0542,4071,106307-610652
  Net lending/net borrowingB9-23,440-53,677-21,803-14,065-10,152-7,629
   = Net acquisition of financial assets 2,949-11,6383,6635,785-5,630-19,142
   - Net incurrence of liabilities -26,389-42,039-25,466-19,850-4,52211,513
              
 Change in net worth due to other economic flowsKx-7,97510,473-4,880-16,8923,393-789
  Other changes in non-financial assets -11,709-6,370-4741,7072,1280
  Other changes in financial net worth 3,73416,843-4,406-18,5991,265-789
   = Other changes in financial assets 3,06447422,387-1,7746,8878,636
     EDP debt instruments -78-18321,723-830761,596
     Equity and Investment Fund Shares 3,101730-856-2046,8027,921
     Other financial assets 41-731,520-7409-881
   - Other changes in liabilities 67016,369-26,793-16,825-5,622-9,425
     EDP debt instruments 54316,391-23,718-17,072-7,348-9,873
     Other liabilities 127-22-3,0752471,726448
              
              
Closing net worth 46,8326,035-19,543-50,192-57,562-65,328
Table 7 General Government Gross and Net Debt  
          €million
DescriptionESA2010 code200920102011201220132014
           
General Government Debt       
           
  Debt instrument liabilities at market value 108,462132,998182,272218,868231,560229,168
  + Difference between face value and market value -3,79511,2297,851-8,630-16,232-25,849
           
Gross General Government Debt (face value)GGDebt104,667144,227190,123210,238215,328203,319
By category:       
 Currency and deposits F210,30713,70858,38662,09231,35620,914
 Debt securitiesF391,51896,38194,01387,297112,665119,006
  Short-termF3120,4437,2033,7772,5352,3893,688
  Long-termF3271,07589,17890,23684,762110,276115,318
 LoansF42,84234,13837,72360,84971,30763,399
  Short-termF416917315581,8861,4361,304
  Long-termF422,15133,40737,16658,96369,87062,096
           
less EDP debt instrument assetsF2 + F3 + F442,68333,51655,17058,70754,26636,626
 By category:       
 Currency and deposits F230,69019,66219,28425,27224,01617,959
 Debt securitiesF38,70010,1147,9209,47010,0889,338
  Short-termF318549131,0463,7442,369
  Long-termF328,61510,0657,9078,4246,3446,969
 LoansF43,2933,74027,96623,96520,1629,329
  Short-termF41008851,9542,2881,516
  Long-termF423,2933,74027,08122,01117,8747,813
           
 Net General Government Debt (face value)GGNetDebt61,984110,711134,953151,531161,062166,693
 By category:       
 Currency and deposits F2-20,383-5,95439,10236,8207,3402,955
 Debt securities F382,81886,26786,09377,827102,577109,668
  Short-termF3120,3587,1543,7641,489-1,3551,319
  Long-termF3262,46079,11382,32976,338103,932108,349
 LoansF4-45130,3989,75736,88451,14554,070
  Short-termF41691731-327-68-852-212
  Long-termF42-1,14229,66710,08536,95251,99654,283
Table 8 Reconciliation of Exchequer Balance to General Government Deficit  
         € million
Description ESA2010 code200920102011201220132014
        
Exchequer balance -24,641-18,745-24,918-14,892-11,503-8,183
        
Deduct cash inflows which do not increase financial net worth -3-382-62-13-2,697-4,308
Inflows from sale or redemption of financial assets -3-382-62-13-2,693-4,294
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 0000-5-13
        
Exclude cash outflows which do not reduce financial net worth 316507,3352,2672,3164,612
Acquisition of financial assets 16424,8182,2672,3034,599
Repayment of promissory notes notional loan principal 002,51701313
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 3090000
        
Impact on financial net worth of Exchequer cash transactions -24,613-18,477-17,645-12,638-11,885-7,878
        
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) -203-174726-639813353
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts -331-12562-178161449
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) 129-16236-11-41-113
Accrual of interest due on contingent capital assets assigned to banks 001280-450
Licence sales 000-45073817
Other accrued revenue 000000
        
Adjust for impact of non-cash expenditure (-) -1,066-33,224361-314181-380
Capital transfers to financial institutions financed by promissory notes 0-30,850001313
Difference between interest paid and accrued -344-1,32894-30971176
Difference between Exchequer cash issues and accrued net spending of departments and offices 304318102-133-4-53
Other accrued expenditure -1,027-1,364164128101-517
        
Surplus/Deficit of ExchequerB9_exchequer-25,882-51,875-16,559-13,592-10,890-7,906
        
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -2,144-383-369115-151-9
Social Insurance Fund -2,529-831-192-1-26-14
Bank & Deposit Guarantee Schemes 437-330-106-99-191-12
Capital Services Redemption Account 0600-600000
Small Savings Reserve Fund -24300000
Other Extra-Budgetary Funds 19113742965517
Health Service Executive 171167155-82110
        
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-28,026-52,259-16,928-13,477-11,041-7,914
        
Surplus/Deficit of other Central Government bodies 4,682-1,412-4,767-452847288
National Pensions Reserve Fund 4,433-1,702-4,373334431221
Non-market State corporations and agencies 221288-384-77938267
Voluntary and joint board hospitals 282-9-6340
        
        
Surplus/Deficit of Central Government B9_S1311-23,344-53,671-21,695-13,929-10,194-7,626
        
Surplus/Deficit of Local Government B9_S1313-96-6-109-13642-3
        
Surplus/Deficit of General Government B9_S13-23,440-53,677-21,803-14,065-10,152-7,629
Table 9 Reconciliation of National Debt to General Government Debt      
             € million
Description200920102011201220132014
Audited National Debt75,15293,445119,082137,632173,947182,310
Composed of      
 Gross National Debt96,968109,609136,774161,482197,547197,069
  Medium/long term debt71,52890,786119,625144,524178,722176,011
   Irish Government Bonds71,07690,70585,91288,455111,609116,941
   EU/IMF Programme Funding0033,67653,20061,35054,478
   EIB and bilateral loans004833,0714,9715,463
   Miscellaneous (including derivatives)45282-445-202792-871
  Short term debt18,0448,4845,6033,4763,3204,672
   Commercial Paper7,0358273481,2994822,254
   Treasury Bills8,3905,93901,0140500
   Borrowings from Funds under the control of the Minister for Finance1,7831,5241,696786676523
   Miscellaneous (including EFSF interim funding in 2011)8351953,5593772,1631,395
  State Savings Schemes7,39610,33911,54613,48215,50516,386
Less Liquid assets-21,816-16,164-17,692-23,850-23,601-14,759
Reverse deduction of liquid assets and EFSF prepaid margin held by Exchequer21,81616,16418,22224,38024,13115,289
Outstanding principal value of promissory notes030,85028,33325,261215201
Liability for coinage in circulation674673694670675693
Accrual adjustments (Small Savings Reserve Fund)346368464548604596
Adjustment from discounted to nominal value55724642
National Loans Advance Interest127641212549
Gross treatment of collaterals0111701,4319481,004
 Other adjustments (repurchase agreements, OPW contracts and exclusion of financial derivatives)12-21-1794838
Unconsolidated Exchequer Debt (Maastricht definition)98,182141,626166,963189,950200,575200,182
of which: Liabilities to other Central Government bodies2,3892,4402,6152,3012,3162,599
Exchequer contribution to Central Government debt95,793139,186164,348187,649198,259197,583
of which: Liabilities to Local Government 193219302922
Exchequer contribution to General Government debt95,773139,154164,329187,619198,230197,561
Housing Finance Agency (HFA)      
Gross debt of HFA4,9414,5124,4144,5014,4234,209
 of which: Liabilities to other Central Government bodies303,6123,8513,9873,7113,152
HFA contribution to Central Government debt4,9119005635147121,057
of which: Liabilities to Local Authorities182220179119286644
HFA contribution to General Government debt4,729679384394427413
Other Central Government      
 IBRC Consolidated0020,92717,79712,6601,237
Liabilities of Post Office Savings Bank Fund to Post Office Savings Bank1,8922,3282,5062,7742,6462,672
Health Service Executive and Voluntary Hospitals187145149138144144
National Oil Reserves Agency444336327258166111
Irish Rail12825172588
 Westlink buyout: imputed loan from National Toll Roads to National Roads Authority510460410360310260
 All other bodies3039433557391
Other bodies' contribution to Central and General Government debt3,1913,33224,37821,38715,9914,823
Total Central Government debt103,895143,418189,288209,550214,962203,463
 of which: Liabilities to Local Government201252197149314666
Central Government contribution to General Government debt103,694143,166189,091209,401214,648202,797
Local Government - Local Authorities      
Borrowing from Housing Finance Agency4,5834,4484,3584,4314,3064,104
 Borrowing from other Central Government bodies8778626177150
 Other borrowing9721,0721,050866572522
Local Authorities' contribution to Local Government debt5,6415,5985,4695,3584,9564,776
 VECs / ETBs19190000
Total Local Government debt5,6605,6175,4695,3584,9564,776
 of which: Liabilities to Central Government4,6864,5564,4384,5214,2764,254
Local Government contribution to General Government debt9741,0621,032837679522
            
General Government Debt104,667144,227190,123210,238215,327203,319

Background Notes

 

Introduction

The figures in this release comprise the annual Government Finance Statistics results under the European System of Accounts (ESA 2010).  They include the first full-year estimate for 2014.

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-March 2015 under the EU regulation governing the Excessive Deficit Procedure (EDP).   Consequently they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

Significant events arising since the last release that impact Deficit/Debt

Register of Public Sector Bodies

The Central Statistics Office (CSO) is required to define the scope of the public sector (which includes the General Government Sector) for the official reporting of Ireland’s General Government Deficit/Surplus, Government Debt, and other Government Finance Statistics.  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 (MGDD).

The CSO’s Register of Public Sector bodies is updated twice a year to coincide with the submission of government deficit and debt figures to Eurostat under the Excessive Deficit Procedure. It reflects any changes in the composition of the government sector since the previous update. Some additions to the Register since September 2014 include:

1. Irish Water has been provisionally* classified to Sector S.1311 (Central Government).

*This is a preliminary and provisional classification, agreed with Eurostat, pending a final classification decision. This approach was agreed between CSO and Eurostat during the 2014 EDP dialogue as a prudential measure in the event that a final classification decision on Irish Water had not been reached by the time of the March EDP notification. A classification proposal on Irish Water is currently with Eurostat. This is a closed process and CSO will now await the final adjudication of Eurostat before making any further comment on the classification of Irish Water. The final decision will be reflected in the October 2015 EDP results and in the corresponding version of the Register.

2. The Strategic Banking Corporation of Ireland is classified to Sector S.1311 (Central Government).

3. A number of bodies with a regulatory function which were previously classified as publicly controlled non-financial corporations have now been reclassified to the government sector in line with the latest Manual on General Government Deficit and Debt (MGGD 2014 edition).

A detailed explanation of the application of these rules and the most up-to-date list of public sector bodies (including general government bodies) for Ireland is shown at: http://www.cso.ie/en/media/csoie/surveysandmethodologies/documents/pdfdocs/Regofpublicsectorbodies2015April.pdf

Sale of National Lottery Licence

In October 2013, the Department of Public Expenditure and Reform announced that Premier Lotteries Ireland had been selected as the licence holder of the National Lottery Licence for a 20 year period.  The actual transfer took place on 30th November 2014. As the licence holder is unable to sell the permit to a third party government is not deemed to have sold an asset.  Rather it is found to have granted permission to limit the number of individual units entitled to engage in this activity and therefore the receipt is to be recorded as ‘other taxes’ (D.29 (e)) over the life of the licence. The present value of the cash received up front in 2014 is recorded in the ‘Other accounts payable’ liability (AF.8) which will in turn be reduced each year by the future tax revenue accruals.

Transfer of pension obligations to government

The Government assumed the pension fund liability of Waterford Crystal under an agreement reached at the end of 2014.  As the liabilities exceed the assets of the scheme, we are required to recognise the difference in the assets and liabilities at the time of the transfer, which we record as expenditure (D.9) capital transfer.  An ‘accounts payable’ (AF.8) liability is recorded in the government accounts at the time of the transfer and as cash payments are made in future periods this liability decreases accordingly.

Deposit Guarantee Scheme

The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits up to a maximum of €100,000 per person. Specifically, it protects deposits in the event that a bank, building society or credit union is declared insolvent or a liquidator declares that it cannot repay its deposits. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme. Each credit institution is required to maintain a Deposit Protection Account (DPA) equivalent to 0.2% of their total deposits which is held in the Central Bank.

Following a consultation with Eurostat it has been decided that this fund is to be classified as an asset of central government, with the levy payment into the fund as D.29 ‘other taxes’. Where the fund has made payments to deposit holders, these are classified as capital transfers (D.99pay) by central government. Where the fund has been compensated by the remaining credit institutions, these have been classified as capital transfer receipts (D.99rec). These transactions impact on general government deficit/balance but have no impact on general government debt.

Other changes

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2013 and the latest Quarterly National Accounts publication.

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 (ESA2010).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA 2010 in the context of GFS. 

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.

In addition to the EDP transmission programme, detailed statistics on Government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For quarterly data the main tables reported are:

Table 2500 Quarterly non-financial accounts for general government (voluntary transmission under ‘gentleman’s agreement’ from Sept 2014 as main aggregates will be reported under Table 801 - Non-financial accounts by sector — quarterly in the new transmission programme),

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt.

These data are available on the Eurostat website.

Definition of general government and its subsectors

The general government sector of the economy, is defined in ESA2010 paragraph 2.111: as “institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and 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 – which does not apply in Ireland), local government (S.1313), and social security funds (S.1314 – which does not apply in Ireland),

General Government Deficit/Surplus

(GG Deficit/Surplus) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact. This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), 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 F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on gross debt, net debt or net worth.

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 2010 categories AF.2 (Currency and Deposits), AF.3 (Debt Securities), and AF.4 (Loans).

This definition excludes liabilities in derivatives, equity liabilities, pension and insurance liabilities and accounts payable.

‘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 in accordance with the methodology of the IMF/World Bank Public Sector Debt Statistics Guide, 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. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual available at http://ec.europa.eu/eurostat.  A listing of some of the main items included in this release is shown below

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.51g   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.51c   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.

P.52     Changes in inventories

P.53     Acquisitions less disposals of valuables

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

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 accrues when the owners of financial assets and natural resources put them at the disposal of other units of the economy. The income payable for the use of financial assets is called investment income, while that payable for the use of a natural resource is called rent. Property income is the sum of investment income and rent.

D.41    Interest receivable by the owners of a financial asset for putting it at the disposal of another institutional unit. Applies to deposits (AF.2), debt securities (AF.3), loans (AF.4) and other accounts payable (AF.8)

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.

D.7      Other current transfers – includes VAT and GNI based EU budget contributions, current transfers between subsectors of government, current international co-operation and current transfers to households and non-profit institutions.

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.  Includes capital taxes and investment grants.

 

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       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund shares

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other

 

 

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