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For more information on this release:
E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Derek Stynes (+353) 1 498 4303 Elaine O'Sullivan (+353) 1 498 4203
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-616X
CSO statistical release, , 11am

Government Finance Statistics - Annual

2010 to 2015 (October 2016 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
2010-53,677-32.1144,22786.3110,71166.2167,124
2011-21,842-12.6189,707109.6134,53777.7173,070
2012-14,014-8.0209,986119.5151,26886.1175,754
2013-10,193-5.7215,298119.5160,70889.2180,209
2014-7,197-3.7203,299105.2166,49186.2193,160
2015-4,786-1.9201,13478.6171,53367.1255,815

Government Deficit of 1.9% of GDP in 2015

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

In 2015, the General Government Deficit was -€4.8 billion, or 1.9% of GDP, an improvement on the 2014 position of -€7.2 billion, or 3.7% of GDP. The main driving factor behind this improvement was an increase of over 7% in Government revenue to €70.5 billion which was partially offset by an increase of over 3% in Government expenditure to €75.3 billion (see Table 1).

Taxes were the main drivers in revenue growth, increasing by over 9% in 2015 to €50.7 billion. Other increases in revenue, in social contributions and sales in goods and services, were partially offset by reductions in other income, in particular, investment income (see Table 1).

The 3.2% increase in Government expenditure in 2015 was mainly due to a once-off capital injection related to the redemption of AIB preference shares held by Government at the end of 2015 (see Table 1).

The General Government Deficit excluding interventions to support financial institutions would have been €3 billion in 2015, or 1.5% of GDP. Interest on preference shares and contingent capital in the main pillar banks reduced over the period 2012-2015 as the State reduced these holdings (see Table 1).

Government Debt falls to 78.6% of GDP in 2015

The General Government Gross Debt (GG Debt) stood at €201.1 billion at the end of 2015, or 78.6% of GDP, down from €203.3 billion at the end of 2014, or 105.2% of GDP (see Table 2). The significant increase in GDP in 2015, coupled with the decrease in GG Debt, led to the decrease in the debt to GDP ratio.

The composition of GG Debt changed in 2015, driven in part by a repayment of IMF loans in the first quarter of the year. This reduction in loan liabilities was largely offset in the same quarter by a more conventional means of financing through the issuance of long-term debt securities (see Table 6).

General Government Net Debt increased by some €5 billion in 2015, and stood at €171.5 billion, or 67.1% of GDP. This increase was composed of a €2.2 billion reduction in GG Debt and a fall of €7.2 billion in EDP debt instrument assets over the same period (see Tables 2 & 7).

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. The results in this release are presented under the ESA 2010 standards. See Background Notes for further information.

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.

The data in this release are subject to the normal EDP verification process by Eurostat until 21st October 2016 and are therefore provisional.

 

 

 

Total RevenueTotal Expenditure
201033.265.3
201133.346
201233.941.8
201334.139.8
201434.137.8
201527.629.4
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201020112012201320142015
   
General Government transactions       
   
RevenueTR55,40757,71659,49361,52265,80370,534
Taxes and social contributionsD2 + D5 + D91 + D6147,37749,23150,80352,90857,43162,123
TaxesD2 + D5 + D9137,89138,86340,92942,49946,44850,735
Social contributions D619,48510,3689,87410,41010,98311,388
Sales of goods and servicesP1O5,2845,1635,1134,9384,7055,296
Investment incomeD42,1122,4543,0273,1812,9642,661
Current transfer revenue (excluding taxes)D7313258250196298253
Capital transfer revenue (excluding taxes)D9N322610299298405201
   
ExpenditureTE109,08479,55773,50671,71573,00075,320
ExpenseExpense106,78678,58573,25472,09272,20174,540
Compensation of employeesD119,29319,38918,99618,59418,34418,874
Use of goods and services plus taxes payableP2 + D5 + D299,1688,8018,3438,1968,9069,193
Depreciation (Consumption of fixed capital)P51c3,1863,3053,3013,2673,4333,627
Interest (excluding FISIM)D414,7435,7197,1797,6147,4496,693
SubsidiesD31,8281,7251,9211,9131,8531,785
Social benefitsD62 + D63228,77428,82729,47628,58328,20928,249
Other current transfersD72,6642,5982,5192,8922,7732,565
Capital transfersD937,1308,2221,5191,0331,2343,554
   
 Net operating balanceNOB-51,381-20,871-13,762-10,570-6,398-4,007
   
Net acquisition of non-financial assetsP5 + NP - P51c2,298972252-377798779
           
 General Government Surplus/DeficitB9-53,677-21,842-14,014-10,193-7,197-4,786
equals   
Net acquisition of financial assetsΔFA-11,6383,6656,059-5,526-18,856-7,284
Debt instrumentsF2 + F3 + F4-8,984-714,380-4,381-19,508-7,314
Equity and Investment Fund SharesF5-2,3883,7031,826-1,307-91240
Other financial assetsF6 + F7 + F8 -26633-147162743-210
less   
Net incurrence of liabilitiesΔL42,03925,50720,0734,667-11,659-2,498
Debt instrumentsF2 + F3 + F440,92725,14319,7005,538-12,529-2,806
Other liabilitiesF5 + F6 + F7 + F8 1,112364373-871870308
      
  Memo: Net derivative flows on debt interest swap contracts 10-132-221-274-264-240
        
 General Government Surplus/Deficit (% of GDP) -32.1-12.6-8.0-5.7-3.7-1.9
Government interventions to support financial institutions
 Revenue (a+b+c+d)1,7443,0653,0362,8092,2952,174
 Guarantee fees receivable (a)P131(part)1,0741,21593442015553
 Interest receivable (b)D4(part)5081,0411,5391,090712505
 Dividends receivable (c) D4(part)32333502760761962
 Other (d) P131(part)13047661539668653
 Expenditure (e+f+g+h) 37,2879,4362,6812,3702,2813,940
 Interest payable (e)D4(part)1,8942,1502,0471,8641,5281,211
 Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)35,3937,114280002,111
 Calls on guarantees (g)D9(part)000000
 Other (h)various0172353506753618
Impact of the above interventions on General Government Surplus/Deficit-35,544-6,37035543915-1,766
  General Government Surplus/Deficit excluding interventions to support financial institutions -18,134-15,471-14,369-10,632-7,211-3,020
Table 2 General Government Net Worth, Gross and Net Debt
            €million
Description ESA2010 code201020112012201320142015
             
General Government net worth       
Net worth at market value, excluding pension liabilitiesNW6,015-19,609-49,407-55,126-58,361-49,561
equals      
Non-financial assets at market valueNFA84,39285,01687,37190,08195,053100,877
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-78,377-104,625-136,778-145,207-153,414-150,438
equals      
Financial assets at market valueFA62,23188,28193,06894,80684,34284,810
EDP debt instrumentsF2 + F3 + F433,51655,16858,71854,59036,80829,602
Equity and Investment Fund SharesF520,13022,97525,09830,79538,20245,259
Other financial assetsF6 + F7 + F8 8,58510,1389,2529,4219,3329,949
less      
Liabilities at market valueL140,608192,906229,846240,013237,756235,248
EDP debt instrumentsF2 + F3 + F4132,998181,857218,596231,503228,849225,423
Other liabilitiesF5 + F6 + F7 + F87,61011,04911,2508,5108,9079,825
      
Memo: Estimated pension liabilities of government116,000116,00098,00098,00098,00098,000
      
Memo: Net worth, including pension liabilities-109,985-135,609-147,407-153,126-156,361-147,561
      
Contingent liabilities149,3553,576119,13159,72329,25316,862
      
 Memo: Net worth, including pension liabilities and contingent liabilities -259,340-139,185-266,538-212,848-185,614-164,422
General Government: changes in net worth       
Opening net worth46,8836,015-19,609-49,407-55,126-58,361
      
Change in net worth due to transactions-51,380-20,870-13,762-10,570-6,398-4,007
Net acquisition of non-financial assets P5 + NP - P51c2,298972252-377798779
Net lending/net borrowingB9-53,677-21,842-14,014-10,193-7,197-4,786
      
Change in net worth due to other economic flowsKx10,511-4,754-16,0364,8523,16312,807
Other changes in non-financial assets-6,332-3482,1033,0874,1735,045
Other changes in financial assets47422,385-1,2727,2648,3927,752
Other changes in liabilities16,369-26,791-16,867-5,500-9,40210
             
Closing net worth 6,015-19,609-49,407-55,126-58,361-49,561
             
General Government Debt (GGDebt)       
Debt instrument liabilities at market valueF2 + F3 + F4132,998181,857218,596231,503228,849225,423
+ Difference between EDP face value and market value11,2297,850-8,610-16,205-25,550-24,289
             
 Gross General Government Debt (EDP face value)GGDebt144,227189,707209,986215,298203,299201,134
      
less EDP debt instrument assetsF2 + F3 + F4-33,516-55,170-58,718-54,590-36,808-29,601
 Net General Government Debt GGNetDebt110,711134,537151,268160,708166,491171,533
    
Closing Net Worth (% of GDP) 3.6-11.3-28.1-30.6-30.2-19.4
Gross General Government Debt (% of GDP)86.3109.6119.5119.5105.278.6
Net General Government Debt (% of GDP) 66.277.786.189.286.267.1
Table 3 General Government: detailed classification of revenue and output   
           €million
DescriptionESA2010 code201020112012201320142015
            
Total RevenueTR55,40757,71659,49361,52265,80370,534
 Taxes and social contributions 47,37749,23150,80352,90857,43162,123
  TaxesD2 + D5 + D9137,89138,86340,92942,49946,44850,735
   Indirect taxes (taxes on production and imports)D218,06317,77918,34419,28521,19522,453
    Taxes on productsD2116,08315,70516,09916,74918,23819,430
    of which Value-Added TaxD21110,0679,75510,21910,37211,52111,955
    Other taxes on production D291,9812,0742,2452,5362,9573,023
   Direct taxesD519,58320,84222,30022,93524,89427,881
    Taxes on income, profits and capital gainsD5118,61719,43520,83721,29823,01626,604
    Other current direct taxesD599661,4071,4631,6371,8781,276
   Capital taxesD91245242285278359401
  Social contributions D619,48510,3689,87410,41010,98311,388
   Actual social contributionsD611 + D6138,4329,0398,4829,0209,58110,022
    PRSI receipts D611 + D613(pt)6,7027,2686,7997,2997,9478,512
    Government employees' social contributionsD613(pt)1,7301,7701,6821,7211,6331,510
   Employers' imputed social contributionsD6121,0531,3301,3931,3901,4031,366
 Sales of goods and servicesP1O5,2845,1635,1134,9384,7055,296
  Sales of market establishments (= market output)P118779059781,0481,1371,245
  Imputed sales related to production of own-use capital assets (= output for own final use)P12585838333321
  Incidental sales and fees of non-market establishmentsP1314,3494,2004,0973,8573,5354,031
 Investment incomeD42,1122,4543,0273,1812,9642,661
  Interest (excluding FISIM)D418681,3741,5951,4051,037715
  DividendsD421,2411,0771,4281,7721,9231,942
  Rent of land and subsoil assetsD45244444
 Current transfer revenueD39 + D7313258250196298253
  SubsidiesD39000000
  Other current transfersD7313258250196298253
   Non-life insurance claimsD7224138998
   Other Domestic - Current D7N_S1190204200131239193
   From Rest of World - CurrentD7N_S2994142575152
 Capital transfer revenueD9N322610299298405201
            
Output P131,91631,78831,01430,48831,18532,281
 Market output (sales of market establishments)P118779059781,0481,1371,245
 Output for own final useP12585838333321
 Non-market outputP1330,98030,82529,99829,40830,01531,016
  = Non-market compensation of employeesD1_nonmarket19,23519,33118,95818,56118,31118,854
   = Total compensation of employeesD119,29319,38918,99618,59418,34418,874
   - Compensation of employees of market establishmentsD1_market      
   - Compensation related to production of own-use capital assetsD1_own-use-58-58-38-33-33-21
  + Non-market intermediate consumptionP2_nonmarket8,9448,5738,1297,9768,6868,974
   = Total intermediate consumptionP29,1678,8008,3428,1968,9069,193
   - Intermediate consumption of market establishmentsP2_market-224-227-212-219-219-219
   - Intermediate consumption related to production of own-use capital assetsP2_own-use      
  + Non-market consumption of fixed capitalP51c_nonmarket2,8022,9202,9112,8703,0183,188
   = Total consumption of fixed capitalP51c3,1863,3053,3013,2673,4333,627
   - Consumption of fixed capital by market establishmentsP51c_market-384-385-389-397-415-439
   - 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 code201020112012201320142015
            
Total ExpenditureTE109,08479,55773,50671,71573,00075,320
            
 Expense 106,78678,58573,25472,09272,20174,540
  Compensation of employeesD119,29319,38918,99618,59418,34418,874
   Of which: Related to production of own-use capital assets 585838333321
  Use of goods and services plus taxes payableP2 + D5 + D299,1688,8018,3438,1968,9069,193
   Use of goods and services [Intermediate consumption]P29,1678,8008,3428,1968,9069,193
    Of which: Intermediate consumption of market establishments 224227212219219219
   Taxes, payableD5111000
  Depreciation (Consumption of fixed capital)P51c3,1863,3053,3013,2673,4333,627
    Of which: Depreciation by market establishments 384385389397415439
  Interest (excluding FISIM)D414,7435,7197,1797,6147,4496,693
   Other domestic interest payableD41_S11,3351,3702,5582,9762,7592,297
   Interest payable to rest of worldD41_S23,4084,3494,6214,6384,6904,397
  SubsidiesD31,8281,7251,9211,9131,8531,785
   Product subsidiesD311,0831,0601,0631,071957882
   Other subsidies on productionD39745665858842897903
  Social benefitsD62 + D63228,77428,82729,47628,58328,20928,249
   Social benefits in cashD6223,81823,86824,23523,54023,01423,132
   Social benefits in kind (via market producers)D6324,9564,9585,2415,0435,1945,117
  Other current transfersD72,6642,5982,5192,8922,7732,565
   Net non-life insurance premiumsD71834777585857
   Current international cooperationD74547547546531435474
   Miscellaneous current transfersD75867854706748798526
   VAT and GNI based EU budget contributionD761,1671,1501,1901,5561,4831,507
    VAT-based EU own resourcesD761194194191194203215
    GNI-based EU own resourcesD7629739569991,3611,2801,293
  Capital transfersD937,1308,2221,5191,0331,2343,554
   Investment grantsD921,3021,1011,2399951,0411,367
   Other capital transfersD9935,8287,121280381932,187
            
 Net acquisition of non-financial assetsP5 + NP - P51c2,298972252-377798779
  = Gross investment in non-financial assetsP5 + NP5,4844,2773,5532,8904,2314,406
   Gross fixed capital formationP515,5644,1663,4703,5304,1714,346
   Net acquisition of stocksP52-8011183836060
   Net acquisition of unproduced assetsNP000-72300
  - Consumption of fixed capitalP51c-3,186-3,305-3,301-3,267-3,433-3,627
            
Net expenditure on current goods and servicesP3 excl. D63226,63126,62525,90125,55026,47926,985
 = OutputP131,91631,78831,01430,48831,18532,281
 - Sales of goods and services P11+P12+P131-5,284-5,163-5,113-4,938-4,705-5,296
   Market output (sales of market establishments)P11-877-905-978-1,048-1,137-1,245
   Output for own final useP12-58-58-38-33-33-21
   Incidental sales and fees of non-market establishmentsP131-4,349-4,200-4,097-3,857-3,535-4,031
            
Final consumption expenditureP331,58731,58331,14230,59331,67432,101
 = Net expenditure on current goods and servicesP3 excl. D63226,63126,62525,90125,55026,47926,985
 + Social transfers in kind via market producers D6324,9564,9585,2415,0435,1945,117
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)21,81421,49721,36320,86221,58221,726
  Social transfers in kind (via market producers)D6324,9564,9585,2415,0435,1945,117
  Social transfers in kind (provided directly by government)D63116,85816,53916,12215,81916,38716,610
 Collective consumption (= actual final consumption of government)P329,77310,0869,7799,73110,09210,375
            
Total social transfersD62 + D6345,63345,36645,59844,40244,59644,858
 Social benefits in cashD62 23,81823,86824,23523,54023,01423,132
 Social transfers in kind (= individual consumption)D6321,81421,49721,36320,86221,58221,726
Table 5 General Government financial transactions
      €million
DescriptionESA2010 code201020112012201320142015
        
 Net lending (+) / net borrowing (-)B.9-53,677-21,842-14,014-10,193-7,197-4,786
equals        
Net acquisition of financial assets ΔA-11,6383,6656,059-5,526-18,856-7,284
EDP debt instruments F2 + F3 + F4-8,984-714,380-4,381-19,508-7,314
 Currency and deposits F2-11,288-6515,838-1,258-6,232-505
Debt securities F31,857-648957-757-1,429-5,834
Short-term F31-37-361,0342,697-1,373-1,184
Long-term F321,894-612-77-3,454-56-4,650
Loans F44471,228-2,415-2,366-11,847-975
Short-term loans F4108851,069349-788-530
Long-term loans F42447343-3,484-2,715-11,059-445
Equity and Investment Fund Shares F5-2,3883,7031,826-1,307-91240
Other financial assets F6 + F7 + F8 -26633-147162743-210
Insurance, Pensions and Standardised Guarantees F600-101-1
Financial derivatives and Employee Stock Options F7254-271-7619697-367
Other accounts receivable/payableF8-520304-70-34645158
less        
Net incurrence of liabilities ΔL42,03925,50720,0734,667-11,659-2,498
EDP debt instruments F2 + F3 + F440,92725,14319,7005,538-12,529-2,806
Currency and deposits F23,4222,8933,802-30,707-10,474-247
Debt securities F36,254-9,054-7,37925,6106,1725,796
Short-term F31-13,175-3,494-1,271-1681,408-2,326
Long-term F3219,429-5,560-6,10825,7784,7648,122
Loans F431,25131,30423,27710,635-8,227-8,355
Short-term loans F4140-1731,328-486-114-208
Long-term loans F4231,21131,47721,94911,121-8,113-8,147
Other liabilities F5 + F6 + F7 + F8 1,112364373-871870308
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F6001-100
Financial derivatives and Employee Stock Options F7031-1-10
    Other accounts receivable/payable F81,112361371-869871308
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201020112012201320142015
        
General Government balance sheet       
              
 Net worth at market value, excluding pension liabilitiesNW6,015-19,609-49,407-55,126-58,361-49,561
 equals       
  Non-financial assets at market valueNFA84,39285,01687,37190,08195,053100,877
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-78,377-104,625-136,778-145,207-153,414-150,438
  equals       
   Financial assets at market valueFA62,23188,28193,06894,80684,34284,810
    EDP debt instrumentsF2 + F3 + F433,51655,16858,71854,59036,80829,602
     Currency and depositsF219,66219,28425,28324,02217,86317,579
     Debt securitiesF310,1147,9199,47010,2499,6463,289
      Short-termF3149131,0463,7442,3691,184
      Long-termF3210,0657,9078,4246,5057,2772,104
     LoansF43,74027,96523,96520,3199,2998,734
      Short-term loansF4108851,9542,3031,516986
      Long-term loansF423,74027,08122,01118,0167,7837,748
    Equity and Investment Fund SharesF520,13022,97525,09830,79538,20245,259
    Other financial assetsF6 + F7 + F8 8,58510,1389,2529,4219,3329,949
     Insurance, Pensions and Standardised GuaranteesF6110010
     Financial derivatives and Employee Stock OptionsF76061,6948971,135352812
     Other accounts receivable/payableF87,9788,4438,3558,2868,9799,137
  less       
   Liabilities at market valueL140,608192,906229,846240,013237,756235,248
    EDP debt instrumentsF2 + F3 + F4132,998181,857218,596231,503228,849225,423
     Currency and depositsF213,71158,38862,09931,35620,91820,713
     Debt securitiesF384,11285,19494,295126,293142,394146,741
      Short-termF317,2313,7962,5802,4233,7851,188
      Long-termF3276,88181,39891,715123,870138,609145,552
     LoansF435,17538,27562,20273,85465,53757,969
      Short-term loansF417315581,8851,4341,2951,055
      Long-term loansF4234,44437,71760,31672,42064,24356,909
    Other liabilitiesF5 + F6 + F7 + F87,61011,04911,2508,5108,9079,825
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6001000
     Financial derivatives and Employee Stock OptionsF7382,9742,8029324571,068
     Other accounts receivable/payableF87,5728,0758,4477,5788,4508,757
              
              
  Memo: Estimated pension liabilities of government 116,000116,00098,00098,00098,00098,000
              
 Memo: Net worth, including pension liabilities -109,985-135,609-147,407-153,126-156,361-147,561
              
  Contingent liabilities 149,3553,576119,13159,72329,25316,862
   Guarantees 145,8800115,55556,02025,14512,604
   Off-balance sheet PPPs 3,4753,5763,5763,7034,1084,258
              
 Memo: Net worth, including pension liabilities and contingent liabilities -259,340-139,185-266,538-212,848-185,614-164,422
              
Change in net worth of government       
              
 Opening net worth 46,8836,015-19,609-49,407-55,126-58,361
              
 Change in net worth due to transactions -51,380-20,870-13,762-10,570-6,398-4,007
  Net acquisition of non-financial assets P5 + NP - P51c2,298972252-377798779
  Net lending/net borrowingB9-53,677-21,842-14,014-10,193-7,197-4,786
   = Net acquisition of financial assets -11,6383,6656,059-5,526-18,856-7,284
   - Net incurrence of liabilities -42,039-25,507-20,073-4,66711,6592,498
              
 Change in net worth due to other economic flowsKx10,511-4,754-16,0364,8523,16312,807
  Other changes in non-financial assets -6,332-3482,1033,0874,1735,045
  Other changes in financial net worth 16,843-4,406-18,1391,764-1,0107,762
   = Other changes in financial assets 47422,385-1,2727,2648,3927,752
     EDP debt instruments -18321,723-8302531,726108
     Equity and Investment Fund Shares 730-8582977,0047,4986,817
     Other financial assets -731,520-7397-832827
   - Other changes in liabilities 16,369-26,791-16,867-5,500-9,40210
     EDP debt instruments 16,391-23,716-17,039-7,369-9,875620
     Other liabilities -22-3,0751721,869473-610
              
              
Closing net worth 6,015-19,609-49,407-55,126-58,361-49,561
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201020112012201320142015
           
General Government Debt       
           
  Debt instrument liabilities at market value 132,998181,857218,596231,503228,849225,423
  + Difference between face value and market value 11,2297,850-8,610-16,205-25,550-24,289
           
Gross General Government Debt (face value)GGDebt144,227189,707209,986215,298203,299201,134
By category:       
 Currency and deposits F213,70858,38662,09231,35620,91820,713
 Debt securitiesF396,38194,01387,297112,665119,078125,565
  Short-termF317,2033,7772,5352,3893,7601,182
  Long-termF3289,17890,23684,762110,276115,318124,383
 LoansF434,13837,30860,59771,27763,30354,856
  Short-termF417315581,8841,4411,2941,050
  Long-termF4233,40736,75058,71369,83662,01053,805
           
less EDP debt instrument assetsF2 + F3 + F433,51655,17058,71854,59036,80829,601
 By category:       
 Currency and deposits F219,66219,28425,28324,02217,86317,579
 Debt securitiesF310,1147,9209,47010,2499,6463,288
  Short-termF3149131,0463,7442,3691,184
  Long-termF3210,0657,9078,4246,5057,2772,104
 LoansF43,74027,96623,96520,3199,2998,734
  Short-termF4108851,9542,3031,516986
  Long-termF423,74027,08122,01118,0167,7837,748
           
 Net General Government Debt (face value)GGNetDebt110,711134,537151,268160,708166,491171,533
 By category:       
 Currency and deposits F2-5,95439,10236,8097,3343,0553,134
 Debt securities F386,26786,09377,827102,416109,432122,277
  Short-termF317,1543,7641,489-1,3551,391-2
  Long-termF3279,11382,32976,338103,771108,041122,279
 LoansF430,3989,34236,63250,95854,00446,122
  Short-termF41731-327-70-862-22264
  Long-termF4229,6679,66936,70251,82054,22746,057
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
         € million
Description ESA2010 code201020112012201320142015
        
Exchequer balance -18,745-24,918-14,892-11,503-8,189-62
        
Deduct cash inflows which do not increase financial net worth -382-62-13-2,697-4,308-9,164
Inflows from sale or redemption of financial assets -382-62-13-2,693-4,294-9,164
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 000-5-130
        
Exclude cash outflows which do not reduce financial net worth 6507,3352,2672,3164,6124,921
Acquisition of financial assets 6424,8182,2672,3034,5994,676
Repayment of promissory notes notional loan principal 02,51701313234
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 9000010
        
Impact on financial net worth of Exchequer cash transactions -18,477-17,645-12,638-11,885-7,884-4,305
        
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) -174726-639813409153
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts -12562-178161473237
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -16236-11-41-87-134
Accrual of interest due on contingent capital assets assigned to banks 01280-45010
Licence sales 00-4507382340
Other accrued revenue 000000
        
Adjust for impact of non-cash expenditure (-) -33,224361-314169-129377
Capital transfers to financial institutions financed by promissory notes -30,85000121216
Difference between interest paid and accrued -1,32894-30959179281
Difference between Exchequer cash issues and accrued net spending of departments and offices 318102-133-4198-135
Other accrued expenditure -1,364164128101-517215
        
Surplus/Deficit of ExchequerB9_exchequer-51,875-16,559-13,592-10,903-7,604-3,776
        
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -383-369115-13614892
Social Insurance Fund -831-192-1-118332
Bank & Deposit Guarantee Schemes -330-106-99-191-12-19
Capital Services Redemption Account 600-6000000
Small Savings Reserve Fund 000000
Other Extra-Budgetary Funds 113742965517166
Health Service Executive 167155-821160-87
        
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-52,259-16,928-13,477-11,039-7,456-3,684
        
Surplus/Deficit of other Central Government bodies -1,412-4,767-452847286-1,799
National Pensions Reserve Fund -1,702-4,373334431221-1,471
Non-market State corporations and agencies 288-384-77938261-331
Voluntary and joint board hospitals 2-9-63443
        
        
Surplus/Deficit of Central Government B9_S1311-53,671-21,695-13,929-10,193-7,170-5,483
        
Surplus/Deficit of Local Government B9_S1313-6-147-85-1-27697
        
Surplus/Deficit of General Government B9_S13-53,677-21,842-14,014-10,193-7,197-4,786

Background Notes

Introduction

This release comprises the latest official publication by CSO of annual Government Finance Statistics results for years 2010 to 2015.  The data in this release are subject to the normal EDP verification process by Eurostat until 21st October  2016 and are therefore provisional.

The full suite of Government Finance Statistics tables are also available on the CSO’s website by following the link:

http://www.cso.ie/en/statistics/nationalaccounts/governmentfinancestatistics/

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-September 2016 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.

The official publication by Eurostat of deficit and debt levels for all EU member states is due on 21st October 2016.

Significant events that impact Deficit/Debt

Share Transactions

In Quarter 1 2015 the Ireland Strategic Investment Fund transferred €1,634 million to the exchequer. These funds related to the disposal of its preference share holding in Bank of Ireland.

In Quarter 2 2015 Permanent TSB (PTSB) repurchased contingent capital notes issued in 2011, for which the State received €410.5 million.  At around the same time the State sold shares which it held in PTSB at a value of €97 million.  The proceeds of both transactions were recorded in the Exchequer statement.

In Quarter 4 2015 the Ireland Strategic Investment Fund redeemed part of its preference shares in AIB for the sum of €1,700 million.  At the same time the balance of its preference shares were converted to ordinary shares, and the promissory note issued to EBS in 2010 was paid off in full.  The net proceeds of these transactions were recorded in the December Exchequer Statement.

For National Accounts purposes the net inflows to the Exchequer arising from all of the above transactions are not treated as revenue as they are simply the exchange of one asset (equity or securities) for cash or another form of financial asset.  Therefore they have no impact on the General Government Deficit.  The Balance sheet of Government shows changes in the relevant instrument categories resulting from these transactions.

The conversion of the preference shares to ordinary shares has been determined to be a capital transfer (expenditure) rather than a reinvestment of capital. This determination was made by Eurostat during the EDP clarification process based on AIB losses incurred since the last capital injection was made in 2012 and on the uncertainty of a return on the investment when compared to the guaranteed return on the preference shares previously held. 

Repayment of water-related loans by central government

In Quarter 3 2015 the amount of €423 million was transferred from the Exchequer to local authorities to allow them redeem loans from the Housing Finance Agency related to water services assets.  The assets in question had transferred to Irish Water while the legal title to the loans remained with the local authorities.  This payment was treated as a capital transfer to local government from central government, resulting in an improvement of the local government balance for 2015 and a corresponding worsening of the central government balance, resulting in a zero impact at the General Government level as a result of this transaction. A further amount of approximately €147m in loans related to water services assets are also due for repayment by the Minister. Full details will not be reflected in the release until the local authority 2015 annual financial statements become available. 

Government support for financial institutions

The EDP notification for all EU member states since 2009 has included tables analysing the impact on the government revenue, expenditure and balance sheet of interventions taken as a result of the financial crisis.  The tables for Ireland are available on the CSO website and summary details are shown in Tables 1 of this release.  There are a number of changes in the calculation of these tables from 2016. 

Firstly, Eurostat have broadened the scope of these tables to include not only government interventions as a result of the financial crisis, but any government support for financial institutions. Consequently, the tables for Ireland now include the revenue and expenditure impact of the Risk Equalisation Fund and the Credit Institutions Resolution Fund.

Secondly, the approach taken to the compilation of the balance sheet component of these tables has now been revised due to updated instructions from Eurostat. Previously the approach taken in Ireland had been to present this balance sheet information as the difference between the actual position and what would have notionally been the case if the relevant government interventions had not taken place.  This gave rise to negative stock positions being recorded.  In line with the updated instructions for these tables, the calculation of the balance sheet element has now been revised so as to report only positive (or zero) stock positions. In summary the approach taken is as follows:

  • The non-financial balance from Part 1 of these tables is assumed to increase debt security liabilities (deficit) or to decrease them (surplus).
  • Equity injections, acquisition of contingent capital etc. by the Exchequer and NPRF/ISIF are reflected in the balance sheet position under the relevant instrument. 
  • Acquisitions/disposals of financial assets are balanced by increases/decreases in debt security liabilities.

Other changes since the last release

Revisions to General Government Deficit/Surplus (GG Deficit/Surplus)

Estimates of the GG Deficit for 2015 have been revised since March 2016 with an improvement in the deficit of €151 million. This is mainly the result of the availability of further data from annual reports of government bodies which were not available at the time of the March notification.  

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2015 and the latest Quarterly National Accounts publication. 

Register of Public Sector Bodies

The 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 Eurostat’s 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.  

Copies of documents relating to classification decisions can be seen at:

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

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 also shown at this link.

Contingent Liabilities

   (a)   Public Private Partnerships (PPPs)

The figures included in Table 6 for the value of off-balance sheet PPPs reflect nominal design and construction value.

   (b)   Guarantees

This item refers to the stock of debt of non-government bodies guaranteed by government and is based on Statement 1.11 of the Finance Accounts.  

   (c) 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 annual data the main tables reported are:  

Table 0200  Revenue and Expenditure of general government

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website. 

http://ec.europa.eu/eurostat/web/government-finance-statistics/data/main-tables

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/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334

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.42    Dividends receivable by the owners of share equities. Dividends exclude "super dividends" which arise where the dividend paid is large relative to the recent level of dividends and earnings. Super dividends are recorded as withdrawal of equity (F.5). This arises, for example, in the case of dividends paid by the central bank in 2015.

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 trade credits

 

 

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