Back to Top

 Skip navigation

Have you noticed a change in your finances in the last year? Tell us how the cost of living impacts you https://link.cso.ie/pulse-our-money/

Extra information
Methodology Previous Releases
International comparison:
Eurostat Government Finance Statistics
See also:
YouTube Video
For more information on this release:
E-mail: gfs@cso.ie Rod O'Mahony (+353) 1 498 4304 Máire O'Mahony (+353) 1 498 4308
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 On-line ISSN 2009-6178
CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 4 2014

 General Government Deficit, Gross Debt and Net Debt
 General Government Surplus/Deficit General Government Gross Debt General Government Net Debt
 €m% quarterly GDP €m% annualised GDP €m% annualised GDP
2013 Q1-3,051-7.2 218,387125.7 154,28088.8
2013 Q2-1,881-4.4 218,705125.2 157,44690.1
2013 Q3-2,863-6.4 218,569124.2 157,68689.6
2013 Q4-2,358-5.3 215,328123.2 161,06292.1
2014 Q1-2,627-6.0 215,068121.8 161,30491.4
2014 Q2-1,402-3.0 209,699116.8 163,25290.9
2014 Q3-2,133-4.5 208,208114.3 164,35990.2
2014 Q4-1,466-3.1 203,319109.7 166,69389.9

Government Deficit of -3.1% of quarterly GDP in Q4 2014

Figure 1 General Government Deficit
go to full release

Ireland’s General Government Deficit (GG Deficit) amounted to -€1,466 million in the fourth quarter of 2014 representing -3.1% of quarterly GDP.  In the corresponding quarter of 2013, the deficit amounted to -€2,358 million or -5.3% of quarterly GDP.

Ireland’s GG Deficit showed substantial variation during the quarters of 2010 and 2011, reaching -43.1% of Q4 2010 GDP before reducing to -7.4% of Q4 2011 GDP, its lowest point in that period (see Figure 1 and Table 1).  Since Q2 2012, the quarterly GG Deficit series shows an overall reduction.

Government revenue for Q4 2014 at €18,127 million was higher by €1,203 million than Q4 2013 revenue of €16,924 million, mainly due to increased revenue from taxes and social contributions.  Government expenditure of €19,593 million in Q4 2014 reflected an increase of €312 million compared to Q4 2013 expenditure of €19,281 million with increases across most categories (Table 1).

Ireland’s GG Deficit amounted to -€7,629 million for all quarters of 2014, representing -4.1% of GDP. For the corresponding period of 2013 the deficit amounted to -€10,152 million or -5.8% of GDP.

Government Debt at 109.7% of GDP at end Q4 2014 

Ireland’s General Government Gross Debt (GG Debt) at face value stood at €203,319 million or 109.7% of annualised GDP at the end of Q4 2014, compared to a level of €208,208 million or 114.3% of annualised GDP at the end of Q3 2014. The decrease in Q4 was mainly due to the early repayment of a portion of IMF loans.

General Government Net Debt amounted to €166,693 million in Q4 2014, or 89.9% of annualised GDP compared to €164,359 million or 90.2% of annualised GDP in Q3 2014 (Table 2). 

The results in this release are presented under 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 Accounts (ESA) framework - ESA 2010. The calculation methods for quarterly government finance accounts are similar to those used in deriving the annual government finance statistics accounts. As some of the available sources are of lesser reliability than those used for the annual government finance statistics accounts, the quarterly estimates are subject to a greater margin of error than the annual figures. A full description of the concepts and definitions used in the production of these figures is provided in the Background Notes.

GFS quarterly 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.

 

 

X-axis labelGG Gross DebtGG Net Debt
Q4 201087.467.1
Q1 201194.468
Q2 201195.370.1
Q3 201111277
Q4 2011111.278.9
Q1 2012113.480.8
Q2 2012117.585.2
Q3 2012123.686.3
Q4 2012121.787.7
Q1 2013125.788.8
Q2 2013125.290.1
Q3 2013124.289.6
Q4 2013123.292.1
Q1 2014121.891.4
Q2 2014116.890.9
Q3 2014114.390.2
Q4 2014109.789.9
Table 1 General Government transactions: revenue, expenditure, financing and deficit              
                       €million
DescriptionESA2010 code2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q4
   
General Government transactions                     
    
RevenueTR12,71513,30613,01316,37213,14013,54114,15916,48013,53114,48914,58516,45613,86515,31714,83216,92414,80116,12415,64418,127
Taxes and social contributionsD2 + D5 + D91 + D6111,17911,08411,46213,64211,51011,02512,30113,99511,86311,63912,62114,44612,28012,30313,22314,98313,22313,30714,10916,561
TaxesD2 + D5 + D918,6888,7299,33011,1358,8758,5889,93011,4679,5719,24010,29411,8149,7389,79010,73812,22210,45710,67811,49213,715
Social contributions D612,4912,3562,1322,5072,6352,4372,3722,5282,2932,3992,3272,6322,5422,5142,4852,7612,7662,6282,6172,847
Sales of goods and servicesP1O1,0979361,0612,1901,1361,2601,2521,5151,0511,1411,2371,4971,0161,1711,1051,1859461,0451,0551,107
Investment incomeD42701,1153373892631,1344895594611,5875943794511,7383975254901,672389309
Current transfer revenue (excluding taxes)D711068676779635868695854746661567665595569
Capital transfer revenue (excluding taxes)D9N59102868415260593438863795951455115477413679
                  
ExpenditureTE29,19719,57526,62133,68917,32716,98825,10619,70217,83018,19917,74819,34916,91617,19817,69519,28117,42817,52717,77719,593
ExpenseExpense28,81119,31726,40032,14917,40417,08425,00218,52817,76018,02018,32118,71917,47617,56118,15918,50517,22817,42717,96319,053
Compensation of employeesD14,8294,6364,7645,0644,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,485
Use of goods and services plus taxes payableP2 + D5 + D292,1061,9271,8673,0911,9032,2132,1752,2921,8081,9992,1402,2971,7031,9862,1232,3821,8222,1062,2452,504
Depreciation (Consumption of fixed capital)P51c769769769769752752801801788788788788768768768768729729729729
Interest (excluding FISIM)D411,1631,0901,5881,0791,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8681,9001,8891,845
SubsidiesD3441396430562398393420513352372394532359377398525375392413561
Social benefitsD62 + D6316,9327,2537,2297,3596,9797,0937,3417,3827,0497,2867,5437,5426,8027,0147,3317,4426,5426,7967,3807,788
Other current transfersD7862579614608801447591707897587604538792576804679800559515692
Capital transfersD911,7082,6669,13813,6175052377,103357300617323426270210250289258211245448
                  
 Net operating balanceNOB-16,096-6,011-13,387-15,777-4,264-3,543-10,843-2,048-4,228-3,531-3,736-2,263-3,611-2,244-3,327-1,581-2,428-1,303-2,319-927
                  
Net acquisition of non-financial assetsP5 + NP - P51c3872582221,541-77-961041,17571179-573630-560-363-46477619999-186540
                         
 General Government Surplus/DeficitB9-16,482-6,269-13,608-17,318-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,893-3,051-1,881-2,863-2,358-2,627-1,402-2,133-1,466
equals                  
Net acquisition of financial assetsΔFA4,632-7,1233,034-12,1818,463-1,628-597-2,5751,5923508,066-4,2236,291-2,640-1,608-7,673-1,822-7,432-2,228-7,660
Debt instrumentsF2 + F3 + F44,595-9,3542,314-6,53911,212-1,391-7,140-2,7521,462-5028,498-5,0906,642-2,638-552-7,969-383-7,872-2,374-8,606
Equity and Investment Fund SharesF56042,129698-5,819-3,7917887,441-737-501,389548156477-1,297-543-1,194569282252
Other financial assetsF6 + F7 + F8 -567102221771,042-1,025-898914180-537-437386-407-479241839-245-129-136694
less                  
Net incurrence of liabilitiesΔL21,114-85416,6425,13712,6501,81810,3516475,8914,06011,229-1,3309,342-7591,255-5,315805-6,030-95-6,194
Debt instrumentsF2 + F3 + F420,111-1,37916,6875,50811,4372,07610,4921,5514,7834,42511,561-1,24510,036-651902-4,942306-5,760-224-6,588
Other liabilitiesF5 + F6 + F7 + F8 1,003525-45-3711,213-258-141-9041,108-365-332-85-694-108353-373499-270129394
                    
  Memo: Net derivative flows on debt interest swap contracts 3333-33-33-33-33-49-54-55-63-80-58-58-77-69-68-74-53
                       
 General Government Surplus/Deficit (% of quarterly GDP) -40.1-15.0-32.4-43.1-10.2-7.9-25.3-7.4-10.4-8.8-7.3-6.3-7.2-4.4-6.4-5.3-6.0-3.0-4.5-3.1
Table 2 General Government Net Worth, Gross and Net Debt               
                          €million
Description ESA2010 code2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q4
General Government net worth                     
Net worth at market value, excluding pension liabilitiesNW29,21424,33913,6566,0358,9828,574-17,819-19,543-30,062-37,012-44,189-50,192-53,292-55,742-59,603-57,562-60,170-65,105-68,544-65,328
equals                    
Non-financial assets at market valueNFA87,16985,83484,46384,41284,21684,00183,98785,04385,54186,14786,00187,05887,03087,19987,26788,57588,77488,87388,68789,227
plus                    
Financial net worth at market value, excluding pension liabilitiesFNW-57,955-61,495-70,807-78,377-75,234-75,427-101,806-104,586-115,603-123,159-130,190-137,250-140,322-142,941-146,870-146,137-148,944-153,978-157,231-154,555
equals                    
Financial assets at market valueFA79,71471,01273,93862,23173,27470,54193,22688,28189,41488,21296,64292,29298,99295,83494,19293,54994,36686,70085,36483,043
EDP debt instrumentsF2 + F3 + F447,53138,24340,57633,51643,53241,88258,69655,16855,91354,86663,46158,70664,10861,25960,88354,26553,76346,44743,85136,626
Equity and Investment Fund SharesF523,39424,20725,02020,13020,10620,01024,68922,97523,46523,71323,90424,59626,57126,83425,11430,09131,75931,97433,63437,921
Other financial assetsF6 + F7 + F8 8,7898,5628,3428,5859,6368,6499,84110,13810,0369,6339,2778,9908,3137,7418,1959,1938,8448,2797,8798,496
less                    
Liabilities at market valueL137,669132,507144,745140,608148,508145,968195,032192,867205,017211,371226,832229,542239,314238,775241,062239,686243,310240,678242,595237,598
EDP debt instrumentsF2 + F3 + F4130,193124,510136,705132,998139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,868229,168
Other liabilitiesF5 + F6 + F7 + F87,4767,9978,0407,6108,8418,58511,49210,59511,21210,64110,51010,6748,6758,1748,6078,1268,8168,7819,7278,430
                    
Memo: Estimated pension liabilities of government116,000116,000116,000116,000116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                    
Memo: Net worth, including pension liabilities-86,786-91,661-102,344-109,965-107,018-107,426-133,819-135,543-128,062-135,012-142,189-148,192-151,292-153,742-157,603-155,562-158,170-163,105-166,544-163,328
                    
Contingent liabilities148,386148,386148,386148,386148,493148,493148,493148,493120,604120,604120,604120,60461,06961,06961,06961,06930,52130,52130,52130,521
                    
 Memo: Net worth, including pension liabilities and contingent liabilities -235,172-240,046-250,729-258,351-255,511-255,919-282,312-284,035-248,666-255,616-262,793-268,796-212,362-214,811-218,672-216,631-188,691-193,626-197,065-193,849
General Government: changes in net worth                     
Opening net worth46,83229,21424,33913,6566,0358,9828,574-17,819-19,543-30,062-37,012-44,189-50,192-53,292-55,742-59,603-57,562-60,170-65,105-68,544
                    
Change in net worth due to transactions-16,096-6,011-13,387-15,777-4,264-3,543-10,843-2,048-4,228-3,531-3,736-2,263-3,611-2,244-3,327-1,581-2,428-1,303-2,319-927
Net acquisition of non-financial assets P5 + NP - P51c3872582221,541-77-961041,17571179-573630-560-363-46477619999-186540
Net lending/net borrowingB9-16,482-6,269-13,608-17,318-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,893-3,051-1,881-2,863-2,358-2,627-1,402-2,133-1,466
                    
Change in net worth due to other economic flowsKx-1,5221,1362,7048,1557,2113,135-15,550324-6,291-3,419-3,441-3,741511-206-5343,622-180-3,632-1,1204,142
Other changes in non-financial assets-1,592-1,592-1,592-1,592-119-119-119-1194274274274275325325325320000
Other changes in financial assets1,687-1,579-1084742,580-1,10523,282-2,370-459-1,552364-127409-518-347,0302,639-2348925,339
Other changes in liabilities-1,6174,3084,4049,2744,7504,358-38,7132,812-6,259-2,294-4,232-4,040-430-220-1,032-3,939-2,819-3,398-2,012-1,197
                           
Closing net worth 29,21424,33913,6566,0358,9828,574-17,819-19,543-30,062-37,012-44,189-50,192-53,292-55,742-59,603-57,562-60,170-65,105-68,544-65,328
                           
General Government Debt (GGDebt)                     
Debt instrument liabilities at market valueF2 + F3 + F4130,193124,510136,705132,998139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,868229,168
+ Difference between EDP face value and market value-5,886-7942,53411,22915,84221,2884,3547,851685-883-5,912-8,630-12,252-11,896-13,886-16,232-19,426-22,198-24,660-25,849
                           
 Gross General Government Debt (EDP face value)GGDebt124,307123,716139,239144,227155,509158,671187,894190,123194,490199,847210,410210,238218,387218,705218,569215,328215,068209,699208,208203,319
                    
less EDP debt instrument assetsF2 + F3 + F4-47,531-38,243-40,576-33,516-43,533-41,882-58,696-55,170-55,912-54,867-63,461-58,707-64,107-61,259-60,883-54,266-53,764-46,447-43,849-36,626
 Net General Government Debt GGNetDebt76,77685,47398,663110,711111,976116,789129,198134,953138,578144,980146,949151,531154,280157,446157,686161,062161,304163,252164,359166,693
    
Closing Net Worth (% of annualised GDP) 17.614.78.23.75.55.1-10.6-11.4-17.5-21.8-26.0-29.1-30.7-31.9-33.9-32.9-34.1-36.3-37.6-35.2
Gross General Government Debt (% of annualised GDP)74.774.984.087.494.495.3112.0111.2113.4117.5123.6121.7125.7125.2124.2123.2121.8116.8114.3109.7
Net General Government Debt (% of annualised GDP) 46.251.759.567.168.070.177.078.980.885.286.387.788.890.189.692.191.490.990.289.9
Table 3 General Government: detailed classification of revenue and output               
                         €million
DescriptionESA2010 code2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q4
                          
Total RevenueTR12,71513,30613,01316,37213,14013,54114,15916,48013,53114,48914,58516,45613,86515,31714,83216,92414,80116,12415,64418,127
 Taxes and social contributions 11,17911,08411,46213,64211,51011,02512,30113,99511,86311,63912,62114,44612,28012,30313,22314,98313,22313,30714,10916,561
  TaxesD2 + D5 + D918,6888,7299,33011,1358,8758,5889,93011,4679,5719,24010,29411,8149,7389,79010,73812,22210,45710,67811,49213,715
   Indirect taxes (taxes on production and imports)D24,6683,7085,2934,0834,7613,6035,0024,0914,8293,7205,3654,1285,0093,9515,5774,4675,4674,5235,6735,107
    Taxes on productsD214,2253,2754,8583,7244,2913,1374,5453,7324,3293,2244,8733,6734,5353,3325,0123,8514,6963,8815,0754,486
    of which Value-Added TaxD2112,9331,8683,1472,1202,9661,7482,9312,1103,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,626
    Other taxes on production D29444434435359470467457359500496491456474619565616772642598621
   Direct taxesD53,9664,9444,0056,9784,0924,9604,8387,2714,7205,4954,8877,4934,7085,8135,1247,5604,9616,1195,7768,360
    Taxes on income, profits and capital gainsD513,7034,6903,7646,7703,8354,7154,1486,8044,7085,2444,1727,2594,4435,5464,3397,2864,6735,8424,8078,080
    Other current direct taxesD5926325524020825724568946712251715234266267785274288277969281
   Capital taxesD9154763274232590105212642193212637195293643248
  Social contributions D612,4912,3562,1322,5072,6352,4372,3722,5282,2932,3992,3272,6322,5422,5142,4852,7612,7662,6282,6172,847
   Actual social contributionsD611 + D6131,8901,7551,5321,9062,0551,8571,7921,9481,6761,7831,7112,0161,8881,8601,8312,1072,1121,9751,9642,193
   Employers' imputed social contributionsD612600600600600580580580580616616616616654654654654654654654654
 Sales of goods and servicesP1O1,0979361,0612,1901,1361,2601,2521,5151,0511,1411,2371,4971,0161,1711,1051,1859461,0451,0551,107
  Sales of market establishments (= market output)P11219219219219226226226226245245245245262262262262284284284284
  Imputed sales related to production of own-use capital assets (= output for own final use)P121414141414141414999988888888
  Incidental sales and fees of non-market establishmentsP1318647038271,9568951,0191,0111,2747978879831,243746901834915653753762815
 Investment incomeD42701,1153373892631,1344895594611,5875943794511,7383975254901,672389309
  Interest (excluding FISIM)D41214193217226250270462378369454408358393311319312298264185186
  DividendsD42569221201621286326180911,13218520581,426762121911,407203122
 Current transfer revenueD39 + D711068676779635868695854746661567665595569
  SubsidiesD3900000000000000000000
  Other current transfersD711068676779635868695854746661567665595569
   Non-life insurance claimsD7266663333222222222222
   Other Domestic - Current D7N_S14848484854545454515151514949494947474747
   From Rest of World - CurrentD7N_S25715141422611116512116106261610620
 Capital transfer revenueD9N59102868415260593438863795951455115477413679
                          
Output P17,7717,3997,4688,9927,6047,7207,7988,0347,6097,5287,7057,8357,4297,6107,5607,7577,5177,7007,6527,851
 Market output (sales of market establishments)P11219219219219226226226226245245245245262262262262284284284284
 Output for own final useP121414141414141414999988888888
 Non-market outputP137,5377,1667,2348,7587,3637,4797,5577,7947,3557,2747,4517,5817,1587,3407,2907,4877,2247,4087,3607,558
  = Non-market compensation of employeesD1_nonmarket4,8154,6214,7495,0494,8614,6674,7344,8544,9114,6384,6744,6474,8404,7394,5514,4904,8254,7254,5384,477
   = Total compensation of employeesD14,8294,6364,7645,0644,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,485
   - Compensation of employees of market establishmentsD1_market                     
   - Compensation related to production of own-use capital assetsD1_own-use-14-14-14-14-14-14-14-14-9-9-9-9-8-8-8-8-8-8-8-8
  + Non-market intermediate consumptionP2_nonmarket2,0501,8711,8113,0351,8462,1562,1182,2351,7541,9462,0862,2441,6501,9332,0702,3291,7692,0532,1922,451
   = Total intermediate consumptionP22,1061,9271,8673,0911,9032,2132,1752,2921,8071,9992,1392,2971,7031,9862,1232,3821,8222,1062,2452,504
   - Intermediate consumption of market establishmentsP2_market-56-56-56-56-57-57-57-57-53-53-53-53-53-53-53-53-53-53-53-53
   - Intermediate consumption related to production of own-use capital assetsP2_own-use                    
  + Non-market consumption of fixed capitalP51c_nonmarket673673673673656656704704690690690690668668668668630630630630
   = Total consumption of fixed capitalP51c_nonmarket769769769769752752801801788788788788768768768768729729729729
   - Consumption of fixed capital by market establishmentsP51c_market-96-96-96-96-96-96-96-96-97-97-97-97-99-99-99-99-99-99-99-99
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use                    
  + Other taxes on production, payable D29_pay00000000000000000000
  - Other subsidies on production, receivable D39_rec00000000000000000000
Table 4 General Government: detailed classification of expenditure and consumption               
                         €million
DescriptionESA2010 code2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q4
                          
Total ExpenditureTE29,19719,57526,62133,68917,32716,98825,10619,70217,83018,19917,74819,34916,91617,19817,69519,28117,42817,52717,77719,593
                          
 Expense 28,81119,31726,40032,14917,40417,08425,00218,52817,76018,02018,32118,71917,47617,56118,15918,50517,22817,42717,96319,053
  Compensation of employeesD14,8294,6364,7645,0644,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8334,7334,5464,485
   Of which: Related to production of own-use capital assets 1414141414141414999988888888
  Use of goods and services plus taxes payableP2 + D5 + D292,1061,9271,8673,0911,9032,2132,1752,2921,8081,9992,1402,2971,7031,9862,1232,3821,8222,1062,2452,504
   Use of goods and services [Intermediate consumption]P22,1061,9271,8673,0911,9032,2132,1752,2921,8071,9992,1392,2971,7031,9862,1232,3821,8222,1062,2452,504
    Of which: Intermediate consumption of market establishments 5656565657575757535353535353535353535353
   Taxes, payableD500000000000000000000
  Depreciation (Consumption of fixed capital)P51c769769769769752752801801788788788788768768768768729729729729
    Of which: Depreciation by market establishments 9696969696969696979797979999999999999999
  Interest (excluding FISIM)D411,1631,0901,5881,0791,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8681,9001,8891,845
  SubsidiesD3441396430562398393420513352372394532359377398525375392413561
   Product subsidiesD31270220285308239246274301219240261315218237258247212230250260
   Other subsidies on productionD39171176145254159148146212133132133217141140141278163162163301
  Social benefitsD62 + D6316,9327,2537,2297,3596,9797,0937,3417,3827,0497,2867,5437,5426,8027,0147,3317,4426,5426,7967,3807,788
   Social benefits in cashD626,1096,1265,7356,3446,1525,9745,8446,3556,1626,0795,8966,5466,0055,8245,7486,4175,8855,7085,6336,288
   Social benefits in kind (via market producers)D6318241,1271,4941,0158261,1191,4971,0278871,2071,6479967971,1891,5831,0256581,0881,7471,500
  Other current transfersD7862579614608801447591707897587604538792576804679800559515692
   Net non-life insurance premiumsD712121212112121212191919191414141414141414
   Current international cooperationD74158144144101135701222201021371871208811716010385113205150
   Miscellaneous current transfersD7521822315327120217618723729319416316115514532914115511510994
   VAT and GNI based EU budget contributionD76465191296215453190269238482237234237535300301421546317186434
    VAT-based EU own resourcesD7617629474271304844813940327847472382472846
    GNI-based EU own resourcesD762389163249173381160221194402198194205457253254398465269158388
  Capital transfersD911,7082,6669,13813,6175052377,103357300617323426270210250289258211245448
   Investment grantsD9249199558154498124102357300337323426265205246284253206229261
   Other capital transfersD9911,2172,5678,58013,46371137,001002800055555516187
                          
 Net acquisition of non-financial assetsP5 + NP - P51c3872582221,541-77-961041,17571179-573630-560-363-46477619999-186540
  = Gross investment in non-financial assetsP5 + NP1,1561,0279912,3106756559051,9758589672151,4182084053041,5449288285431,269
   Gross fixed capital formationP511,1761,0471,0112,3306476288771,9488389461941,3979103842831,5239138135281,254
   Net acquisition of stocksP52-20-20-20-2028282828212121212121212115151515
   Net acquisition of unproduced assetsNP000000000000-7230000000
  - Consumption of fixed capitalP51c-769-769-769-769-752-752-801-801-788-788-788-788-768-768-768-768-729-729-729-729
                          
Net expenditure on current goods and servicesP3 excl. D6316,6746,4636,4076,8026,4686,4606,5466,5206,5596,3876,4686,3376,4126,4406,4566,5726,5716,6556,5976,743
 = OutputP17,7717,3997,4688,9927,6047,7207,7988,0347,6097,5287,7057,8357,4297,6107,5607,7577,5177,7007,6527,851
 - Sales of goods and services P11+P12+P131-1,097-936-1,061-2,190-1,136-1,260-1,252-1,515-1,051-1,141-1,237-1,497-1,016-1,171-1,105-1,185-946-1,045-1,055-1,107
   Market output (sales of market establishments)P11-219-219-219-219-226-226-226-226-245-245-245-245-262-262-262-262-284-284-284-284
   Output for own final useP12-14-14-14-14-14-14-14-14-9-9-9-9-8-8-8-8-8-8-8-8
   Incidental sales and fees of non-market establishmentsP131-864-703-827-1,956-895-1,019-1,011-1,274-797-887-983-1,243-746-901-834-915-653-753-762-815
                          
Final consumption expenditureP37,4987,5907,9017,8177,2947,5798,0437,5477,4467,5938,1157,3337,2107,6298,0397,5977,2297,7448,3448,243
 = Net expenditure on current goods and servicesP3 excl. D6316,6746,4636,4076,8026,4686,4606,5466,5206,5596,3876,4686,3376,4126,4406,4566,5726,5716,6556,5976,743
 + Social transfers in kind via market producers D6318241,1271,4941,0158261,1191,4971,0278871,2071,6479967971,1891,5831,0256581,0881,7471,500
made up of                      
 Individual consumption (= social transfers in kind)P31 (= D63)5,1855,2465,5965,2915,0685,2735,6805,0015,0755,1825,7124,9064,8515,2615,6655,1804,8125,2965,9185,763
  Social transfers in kind (via market producers)D6318241,1271,4941,0158261,1191,4971,0278871,2071,6479967971,1891,5831,0256581,0881,7471,500
  Social transfers in kind (provided directly by government)D6324,3614,1194,1024,2764,2424,1544,1833,9744,1873,9754,0653,9104,0544,0714,0824,1554,1554,2084,1714,263
 Collective consumption (= actual final consumption of government)P322,3122,3442,3052,5262,2262,3062,3632,5462,3712,4122,4032,4272,3582,3682,3742,4172,4162,4472,4262,480
                          
Total social transfersD62 + D6311,29411,37211,33111,63511,22011,24711,52411,35511,23611,26111,60911,45210,85611,08511,41311,59710,69711,00411,55112,052
 Social benefits in cashD62 6,1096,1265,7356,3446,1525,9745,8446,3556,1626,0795,8966,5466,0055,8245,7486,4175,8855,7085,6336,288
 Social transfers in kind (= individual consumption)D635,1855,2465,5965,2915,0685,2735,6805,0015,0755,1825,7124,9064,8515,2615,6655,1804,8125,2965,9185,763
Table 5 General Government financial transactions
       €million
 2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q4
DescriptionESA2010 code                    
 Net lending (+) / net borrowing (-)B.9-16,482-6,269-13,608-17,318-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,893-3,051-1,881-2,863-2,358-2,627-1,402-2,133-1,466
equals                      
Net acquisition of financial assets ΔA4,632-7,1233,034-12,1818,463-1,628-597-2,5751,5923508,066-4,2236,291-2,640-1,608-7,673-1,822-7,432-2,228-7,660
EDP debt instruments F2 + F3 + F44,595-9,3542,314-6,53911,212-1,391-7,140-2,7521,462-5028,498-5,0906,642-2,638-552-7,969-383-7,872-2,374-8,606
 Currency and deposits F24,553-7,5872,199-10,45311,6152,126-16,4032,0111,7694569,683-6,0818,559-2,452-458-6,9022,313-877-26-7,540
Debt securities F3-121-1,7851173,646-632-3,6572,819822-1-116-1231,197-860-10813279-21455-686-584
Short-term F31-46-2-9200-1-8-27-9-301,046945111,750-201126-341-957
Long-term F32-75-1,7831263,626-632-3,6562,8278498-113-123151-1,805-109131-1,671-13-71-345373
Loans F416318-22682291406,444-5,585-306-842-1,062-206-1,057-78-226-1,146-2,482-7,050-1,662-482
Short-term loans F4100000158459268231-30414454-44-24834030114533-776-190
Long-term loans F4216318-2268229-185,985-5,853-537-812-1,476-660-1,013170-566-1,447-2,627-7,083-886-292
Equity and Investment Fund Shares F56042,129698-5,819-3,7917887,441-737-501,389548156477-1,297-543-1,194569282252
Other financial assets F6 + F7 + F8 -567102221771,042-1,025-898914180-537-437386-407-479241839-245-129-136694
Insurance, Pensions and Standardised Guarantees F600000000000-100000001
Financial derivatives and Employee Stock Options F7099195-40-40-23201-75000164003217272329
Other accounts receivable/payableF8-5673-1732171,082-793-898913255-537-437387-571-479241807-262-156-159664
less                      
Net incurrence of liabilities ΔL21,114-85416,6425,13712,6501,81810,3516475,8914,06011,229-1,3309,342-7591,255-5,315805-6,030-95-6,194
EDP debt instruments F2 + F3 + F420,111-1,37916,6875,50811,4372,07610,4921,5514,7834,42511,561-1,24510,036-651902-4,942306-5,760-224-6,588
Currency and deposits F27229269708048333745,590-3,9049392,681-534716-30,613575172-841-2,842-6,962-567-107
Debt securities F38,785-4,5977,037-4,971-5,159-2,6081,563-2,853-5,996-3,6656,716-4,47639,397-5,063-1,310-7,3982,3581,3397212,164
Short-term F31-1,981-7,6411,600-5,153-5,243-1,415343,130-3844831,031-2,4092,317637-1,432-1,6821091,023112378
Long-term F3210,7663,0445,43718284-1,1931,529-5,983-5,612-4,1485,685-2,06737,080-5,700122-5,7162,2493166091,786
Loans F410,6042,2928,6809,67515,7634,3103,3398,3089,8405,4095,3792,5151,2523,8372,0403,297790-137-378-8,645
Short-term loans F4169-279-145395-45-177-82131111,258409-349-57-400-24523294-48-63-106
Long-term loans F4210,5352,5718,8259,28015,8084,4873,4218,1779,8294,1514,9702,8641,3094,2372,2853,065696-89-315-8,539
Other liabilities F5 + F6 + F7 + F8 1,003525-45-3711,213-258-141-9041,108-365-332-85-694-108353-373499-270129394
Equity and Investment Fund Shares F500000000000000000000
Insurance, Pensions and Standardised Guarantees F6000000000001000-10000
Financial derivatives and Employee Stock Options F700000003000000000000
    Other accounts receivable/payable F81,003525-45-3711,213-258-141-9071,108-365-332-86-694-108353-372499-270129394
Table 6 General Government: detailed breakdown of net worth              
                           €million
DescriptionESA2010 code2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q4
                     
General Government balance sheet                     
                            
 Net worth at market value, excluding pension liabilitiesNW29,21424,33913,6566,0358,9828,574-17,819-19,543-30,062-37,012-44,189-50,192-53,292-55,742-59,603-57,562-60,170-65,105-68,544-65,328
 equals                     
  Non-financial assets at market valueNFA87,16985,83484,46384,41284,21684,00183,98785,04385,54186,14786,00187,05887,03087,19987,26788,57588,77488,87388,68789,227
 plus                     
  Financial net worth at market value, excluding pension liabilitiesFNW-57,955-61,495-70,807-78,377-75,234-75,427-101,806-104,586-115,603-123,159-130,190-137,250-140,322-142,941-146,870-146,137-148,944-153,978-157,231-154,555
  equals                     
   Financial assets at market valueFA79,71471,01273,93862,23173,27470,54193,22688,28189,41488,21296,64292,29298,99295,83494,19293,54994,36686,70085,36483,043
    EDP debt instrumentsF2 + F3 + F447,53138,24340,57633,51643,53241,88258,69655,16855,91354,86663,46158,70664,10861,25960,88354,26553,76346,44743,85136,626
     Currency and depositsF235,42927,84630,07519,66231,27433,39917,27119,28421,05221,50931,19225,27233,83131,37730,91924,01626,33025,46425,46217,959
     Debt securitiesF38,6466,9237,02910,1148,2894,3747,0857,9198,0698,0217,9269,4708,6108,4878,62010,0879,8949,9849,3049,338
      Short-termF3139382949494840133001,0461,9901,9911,9923,7443,5423,6673,3262,369
      Long-termF328,6076,8857,00010,0658,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,3446,3526,3175,9776,969
     LoansF43,4563,4743,4723,7403,9694,10934,34027,96526,79225,33624,34323,96421,66721,39521,34420,16217,53910,9999,0859,329
      Short-term loansF41000001586178851,1161,0871,5001,9541,9091,6622,0022,2882,4492,4821,7061,516
      Long-term loansF423,4563,4743,4723,7403,9693,95133,72327,08125,67524,25022,84322,01119,75819,73319,34217,87415,0918,5177,3787,813
    Equity and Investment Fund SharesF523,39424,20725,02020,13020,10620,01024,68922,97523,46523,71323,90424,59626,57126,83425,11430,09131,75931,97433,63437,921
    Other financial assetsF6 + F7 + F8 8,7898,5628,3428,5859,6368,6499,84110,13810,0369,6339,2778,9908,3137,7418,1959,1938,8448,2797,8798,496
     Insurance, Pensions and Standardised GuaranteesF611111111111000000001
     Financial derivatives and Employee Stock OptionsF78446165716065753812,2961,6941,3391,4741,5578987947019151,1361,049640399352
     Other accounts receivable/payableF87,9447,9457,7707,9789,0608,2677,5448,4438,6968,1587,7198,0927,5197,0407,2808,0577,7957,6397,4808,143
  less                     
   Liabilities at market valueL137,669132,507144,745140,608148,508145,968195,032192,867205,017211,371226,832229,542239,314238,775241,062239,686243,310240,678242,595237,598
    EDP debt instrumentsF2 + F3 + F4130,193124,510136,705132,998139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,868229,168
     Currency and depositsF211,02911,89612,85013,71114,47214,79162,19258,38859,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,914
     Debt securitiesF3105,18996,35798,91084,11274,77667,63890,88685,19485,91683,13994,79794,287135,269130,614130,045126,293131,283135,416138,066142,608
      Short-termF3118,21710,89112,4977,2312,0897417173,7963,5204,0395,0522,5724,9695,5874,1282,4232,5123,5083,6503,999
      Long-termF3286,97385,46686,41376,88172,68666,89790,16981,39882,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609
     LoansF413,97516,25724,94535,17550,41954,95430,46238,69048,54355,57160,05762,48263,91767,95270,22973,91174,68674,90973,78965,646
      Short-term loansF417604823367316865094265585691,8272,2361,8861,8291,4301,1841,4361,5271,4541,3861,304
      Long-term loansF4213,21415,77624,60834,44449,73354,44630,03538,13347,97453,74557,82260,59662,08866,52269,04572,47573,15973,45672,40364,343
    Other liabilitiesF5 + F6 + F7 + F87,4767,9978,0407,6108,8418,58511,49210,59511,21210,64110,51010,6748,6758,1748,6078,1268,8168,7819,7278,430
     Equity and Investment Fund SharesF500000000000000000000
     Insurance, Pensions and Standardised GuaranteesF600000000000111100000
     Financial derivatives and Employee Stock OptionsF7149973855582,9642,9742,4832,2762,4782,7271,4221,0291,1081,0011,1921,4272,244553
     Other accounts receivable/payableF87,4627,9887,9437,5728,7868,5278,5287,6218,7298,3658,0327,9467,2527,1447,4987,1257,6247,3547,4837,877
                            
                            
  Memo: Estimated pension liabilities of government 116,000116,000116,000116,000116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                            
 Memo: Net worth, including pension liabilities -86,786-91,661-102,344-109,965-107,018-107,426-133,819-135,543-128,062-135,012-142,189-148,192-151,292-153,742-157,603-155,562-158,170-163,105-166,544-163,328
                            
  Contingent liabilities 148,386148,386148,386148,386148,493148,493148,493148,493120,604120,604120,604120,60461,06961,06961,06961,06930,52130,52130,52130,521
   Guarantees 143,444143,444143,444143,444143,444143,444143,444143,444115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,145
   Off-balance sheet PPPs 4,9424,9424,9424,9425,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,0495,3765,3765,3765,376
                            
 Memo: Net worth, including pension liabilities and contingent liabilities -235,172-240,046-250,729-258,351-255,511-255,919-282,312-284,035-248,666-255,616-262,793-268,796-212,362-214,811-218,672-216,631-188,691-193,626-197,065-193,849
                            
Change in net worth of government                     
                            
 Opening net worth 46,83229,21424,33913,6566,0358,9828,574-17,819-19,543-30,062-37,012-44,189-50,192-53,292-55,742-59,603-57,562-60,170-65,105-68,544
                            
 Change in net worth due to transactions -16,096-6,011-13,387-15,777-4,264-3,543-10,843-2,048-4,228-3,531-3,736-2,263-3,611-2,244-3,327-1,581-2,428-1,303-2,319-927
  Net acquisition of non-financial assets P5 + NP - P51c3872582221,541-77-961041,17571179-573630-560-363-46477619999-186540
  Net lending/net borrowingB9-16,482-6,269-13,608-17,318-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,893-3,051-1,881-2,863-2,358-2,627-1,402-2,133-1,466
   = Net acquisition of financial assets 4,632-7,1233,034-12,1818,463-1,628-597-2,5751,5923508,066-4,2236,291-2,640-1,608-7,673-1,822-7,432-2,228-7,660
   - Net incurrence of liabilities -21,114854-16,642-5,137-12,650-1,818-10,351-647-5,891-4,060-11,2291,330-9,342759-1,2555,315-8056,030956,194
                            
 Change in net worth due to other economic flowsKx-1,5221,1362,7048,1557,2113,135-15,550324-6,291-3,419-3,441-3,741511-206-5343,622-180-3,632-1,1204,142
  Other changes in non-financial assets -1,592-1,592-1,592-1,592-119-119-119-1194274274274275325325325320000
  Other changes in financial net worth 702,7294,2969,7487,3303,253-15,431442-6,718-3,846-3,868-4,167-21-738-1,0663,091-180-3,632-1,1204,142
   = Other changes in financial assets 1,687-1,579-1084742,580-1,10523,282-2,370-459-1,552364-127409-518-347,0302,639-2348925,339
     EDP debt instruments 2536619-521-1,196-25923,954-776-717-54597335-1,240-2111761,351-119556-2221,381
     Equity and Investment Fund Shares 1,002-1,3161159293,767-884-2,762-977540-1,1411862111,919-214-4235,5202,862-3541,3784,035
     Other financial assets 432-329-242669382,090-617-28213481-673-270-93213159-104-436-264-77
   - Other changes in liabilities -1,6174,3084,4049,2744,7504,358-38,7132,812-6,259-2,294-4,232-4,040-430-220-1,032-3,939-2,819-3,398-2,012-1,197
     EDP debt instruments -1,6204,3044,4929,2154,7684,360-35,6652,819-6,750-2,500-4,031-3,791-1,735-613-952-4,047-2,628-3,163-1,195-2,888
     Other liabilities 34-8859-18-2-3,048-7491206-201-2491,305393-80108-191-235-8171,691
                            
                            
Closing net worth 29,21424,33913,6566,0358,9828,574-17,819-19,543-30,062-37,012-44,189-50,192-53,292-55,742-59,603-57,562-60,170-65,105-68,544-65,328
Table 7 General Government Gross and Net Debt               
                        €million
DescriptionESA2010 code2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q4
                         
General Government Debt                     
                         
  Debt instrument liabilities at market value 130,193124,510136,705132,998139,667137,383183,540182,272193,805200,730216,322218,868230,639230,601232,455231,560234,494231,897232,868229,168
  + Difference between face value and market value -5,886-7942,53411,22915,84221,2884,3547,851685-883-5,912-8,630-12,252-11,896-13,886-16,232-19,426-22,198-24,660-25,849
                         
Gross General Government Debt (face value)GGDebt124,307123,716139,239144,227155,509158,671187,894190,123194,490199,847210,410210,238218,387218,705218,569215,328215,068209,699208,208203,319
By category:                     
 Currency and deposits F211,02911,89612,85013,70814,47214,79162,19258,38659,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,914
 Debt securitiesF399,80896,055101,92596,38191,50389,74196,25194,01387,67984,94190,47587,297124,601120,462118,306112,665114,475116,113115,546119,006
  Short-termF3118,46610,89512,5147,2032,0617287243,7773,4974,0235,0432,5354,9595,5624,1022,3892,4893,4773,6363,688
  Long-termF3281,34385,16089,41189,17889,44389,01395,52790,23684,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318
 LoansF413,46915,76524,46434,13849,53354,13929,45037,72347,46552,88658,46760,84962,33366,20868,08271,30772,06972,01571,64963,399
  Short-termF417604823367316865094265585691,8272,2361,8861,8291,4301,1841,4361,5271,4541,3861,304
  Long-termF4212,70915,28324,12833,40748,84753,63029,02437,16646,89651,05956,23158,96360,50364,77866,89869,87070,54270,56170,26362,096
                         
less EDP debt instrument assetsF2 + F3 + F447,53138,24340,57633,51643,53341,88258,69655,17055,91254,86763,46158,70764,10761,25960,88354,26653,76446,44743,84936,626
 By category:                     
 Currency and deposits F235,42927,84630,07519,66231,27433,39917,27119,28421,05221,50931,19225,27233,83131,37730,91924,01626,33025,46425,46217,959
 Debt securitiesF38,6466,9237,02910,1148,2904,3747,0857,9208,0698,0217,9269,4708,6098,4878,62010,0889,8949,9849,3039,338
  Short-termF3139382949494840133001,0461,9901,9911,9923,7443,5423,6673,3262,369
  Long-termF328,6076,8857,00010,0658,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,3446,3526,3175,9776,969
 LoansF43,4563,4743,4723,7403,9694,10934,34027,96626,79125,33724,34323,96521,66721,39521,34420,16217,54010,9999,0849,329
  Short-termF41000001586178851,1161,0871,5001,9541,9091,6622,0022,2882,4492,4821,7061,516
  Long-termF423,4563,4743,4723,7403,9693,95133,72327,08125,67524,25022,84322,01119,75819,73319,34217,87415,0918,5177,3787,813
                         
 Net General Government Debt (face value)GGNetDebt76,77685,47398,663110,711111,976116,789129,198134,953138,578144,980146,949151,531154,280157,446157,686161,062161,304163,252164,359166,693
 By category:                     
 Currency and deposits F2-24,400-15,950-17,225-5,954-16,802-18,60844,92139,10238,29440,51130,27636,820-2,3786581,2627,3402,195-3,892-4,4492,955
 Debt securities F391,16289,13294,89686,26783,21385,36789,16686,09379,61076,92082,54977,827115,992111,975109,686102,577104,581106,129106,243109,668
  Short-termF3118,42710,85712,4857,1542,0126806843,7643,4944,0235,0431,4892,9693,5712,110-1,355-1,053-1903101,319
  Long-termF3272,73678,27582,41179,11381,20284,68788,48282,32976,11672,89777,50676,338113,023108,404107,577103,932105,634106,319105,933108,349
 LoansF410,01312,29120,99230,39845,56450,030-4,8909,75720,67427,54934,12436,88440,66644,81346,73851,14554,52961,01662,56554,070
  Short-termF41760482336731686351-191-327-547740736-68-80-232-818-852-922-1,028-320-212
  Long-termF429,25311,80920,65629,66744,87849,679-4,69910,08521,22126,80933,38836,95240,74545,04547,55651,99655,45162,04462,88554,283
Table 8 Reconciliation of Exchequer Balance to General Government Deficit               
                       € million
Description ESA2010 code2010 Q12010 Q22010 Q3 2010 Q42011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q4
                      
Exchequer balance -3,942-4,946-4,488-5,369-7,066-3,762-9,831-4,259-4,263-5,181-1,691-3,758-3,695-2,898-549-4,361-2,316-2,622-1,023-2,222
                      
Deduct cash inflows which do not increase financial net worth -1-1-1-380-1-1-1-59-2-2-2-8-1,016-82-1,306-293-1,327-1,155-1,007-818
Inflows from sale or redemption of financial assets -1-1-1-380-1-1-1-59-2-2-2-8-1,016-82-1,306-289-1,327-1,155-1,007-805
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 000000000000000-5000-13
                      
Exclude cash outflows which do not reduce financial net worth 0006502,51704,5302882501,50205151,117409287631,1511,3191,0701,072
Acquisition of financial assets 000642004,5302882501,50205151,117396287631,1511,3061,0701,072
Repayment of promissory notes notional loan principal 00002,51700000000130001300
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 00090000000000000000
                      
Impact on financial net worth of Exchequer cash transactions -3,942-4,947-4,489-5,099-4,550-3,763-5,302-4,030-4,014-3,681-1,692-3,250-3,594-2,571-1,827-3,892-2,492-2,458-960-1,968
                      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) -1,010-2870793-439-2781041,339-1,005-125-163654-176-1521041,036-612235-217947
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts -176-3070122234-27851555-309-20070261-121-196251227331754238
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -83520671-67300709-7710-8768-785-100755-6986-74653
Accrual of interest due on contingent capital assets assigned to banks 00000053757575-22575451-150515050-15150
Licence sales 00000000000-4507274444446
Other accrued revenue 00000000000000000000
                      
Adjust for impact of non-cash expenditure (-) -11,725-2,503-9,527-9,469638499-1,244468300664-1,249-3068728-1,3327180566-1,236290
Capital transfers to financial institutions financed by promissory notes -10,900-2,250-8,580-9,120000000000130001300
Difference between interest paid and accrued -177385-1,075-462615463-1,279295308663-1,252-28-13670-1,376790139530-1,259766
Difference between Exchequer cash issues and accrued net spending of departments and offices 85838268-9-9-9129-44-42-40-7181817-57000-53
Other accrued expenditure -734-7224645324544443644436622726-14-1392322-423
                      
Surplus/Deficit of ExchequerB9_exchequer-16,678-7,477-13,946-13,774-4,350-3,543-6,443-2,224-4,720-3,142-3,104-2,626-3,702-1,995-3,055-2,137-3,104-1,657-2,413-731
                      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -44880-7761-205-56-33022113751-46-2828-101-22-5620996194-507
Social Insurance Fund -528-283-11595-104-22-45-2150-29-442278-46-38-20114250-153
Bank & Deposit Guarantee Schemes 12910-621312-223-379183-20-12-25-41-40-118-31-2-14-10-1628
Capital Services Redemption Account 3145578-57753-26-493037-18-5023359-672528-1-52
Small Savings Reserve Fund 00000000000000000000
Other Extra-Budgetary Funds 3518-6-361301028458104796350-352535308553210-331
Health Service Executive 4140394634353650-26-25-23-933330000
                      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-17,126-7,397-14,022-13,713-4,555-3,599-6,772-2,002-4,582-3,090-3,151-2,654-3,674-2,096-3,078-2,194-2,895-1,562-2,219-1,238
                      
Surplus/Deficit of other Central Government bodies 2351,300506-3,453157233-4,231-925-10-50829373132362039470130-1098
National Pensions Reserve Fund 1641,228433-3,527162235-4,042-728180-199153200112181146-8-21181986
Non-market State corporations and agencies 7272727201-188-197-188-307-122-1631934649937212-2912
Voluntary and joint board hospitals -1012-5-3-20-2-2-2099990000
                      
                      
Surplus/Deficit of Central Government B9_S1311-16,891-6,097-13,517-17,166-4,398-3,366-11,003-2,927-4,592-3,599-3,121-2,617-3,361-1,860-2,875-2,100-2,825-1,431-2,229-1,141
                      
Surplus/Deficit of Local Government B9_S1313409-171-92-152211-8156-295293-111-42-275309-2112-2581972996-325
                      
Surplus/Deficit of General Government B9_S13-16,482-6,269-13,608-17,318-4,187-3,446-10,948-3,222-4,299-3,710-3,163-2,892-3,051-1,881-2,863-2,358-2,627-1,403-2,133-1,466

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

 

 

upArrowHide Background Notes

Scan the QR code below to view this release online or go to
http://www.cso.ie/en/releasesandpublications/er/gfsq/governmentfinancestatisticsquarter42014/