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E-mail: gfs@cso.ie Máire O'Mahony (+353) 1 498 4308 Elaine O'Sullivan (+353) 1 498 4203 Derek Stynes (+353) 1 498 4303
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CSO statistical release, , 11am

Government Finance Statistics Quarterly Results

Quarter 4 2015

 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
2014 Q1-2,863-6.5 214,997118.8 160,99788.9
2014 Q2-1,482-3.2 209,472114.4 163,16289.1
2014 Q3-2,112-4.3 208,251112.7 164,55189.0
2014 Q4-738-1.5 203,295107.5 166,55688.1
2015 Q1-2,346-4.7 203,719104.6 167,22085.9
2015 Q2680.1 204,412101.6 166,19982.6
2015 Q3-909-1.6 203,87598.3 165,33779.7
2015 Q4-1,749-3.1 201,26693.8 171,36579.8

Government generated over €20.5 billion in revenues in the final quarter of 2015

Figure 1 General Government Deficit
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The Government increased its revenues by €4 billion in quarter 4 2015, the largest quarterly increase since quarterly estimates were published. Government revenue exceeded €20.5 billion in the final quarter of 2015 for the first time. This large increase is due to additional revenues from direct taxes and social contributions and was partially offset by reductions in indirect taxes -  principally value added taxes.  (Tables 1 & 3)

The government sector recorded a deficit of -€1.7 billion in the fourth quarter of 2015.  This resulted in the government running a deficit for 2015 of some €4.9 billion which was a 31% fall on the previous year. Further details are available in the annual government finance statistics release which is also published today. 

Government expenditure for Q4 2015 was €22.3 billion, reflecting an increase of €2.9 billion on the same period last year. The growth in expenditure (Tables 1 & 4) is mainly due to a once off capital injection which arose when preference shares held by general government in AIB were redeemed at the end of the year. Further details on this transaction are available in the background notes to this release.

Government Debt at 93.8% of GDP at end Q4 2015 

General Government Gross Debt (GG Debt) at €201.2 billion fell to 93.8% of GDP by the end of Q4 2015. This compares to a debt level of 98.3% of GDP three months earlier. This fall in the ratio is due to a combination of the repayment of short term bonds and increased GDP.

General Government Net Debt was €171 billion (79.8% of GDP) at the end of December 2015. This is a worsening on the net debt level of a year earlier which stood at €166.6 billion. This is mainly due to a reduction in assets arising from the sale of equities held in a number of financial corporations during 2015 (Tables 2 & 7). 

Note: Net debt is obtained by deducting the value of the financial assets corresponding to those categories of financial liabilities which comprise General Government Debt from the gross debt figure.

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.

 

GG Gross DebtGG Net Debt
Q1 2013124.21250320120687.738667728993
Q2 2013125.15644340530990.1732911566497
Q3 2013122.80768798471488.6377430594582
Q4 2013119.97793232579989.5529624180821
Q1 2014 118.76712480113188.9368260562135
Q2 2014114.39056356487589.1011358671909
Q3 2014112.65945361103689.0186637814444
Q4 2014107.5367501203488.1029585235418
Q1 2015104.60431728557385.8630463358528
Q2 2015101.57774166778582.5886889587899
Q3 201598.268640313881279.6931560199935
Q4 201593.776092142537679.8442858207843
Table 1 General Government transactions: revenue, expenditure, financing and deficit
                       €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q4
   
General Government transactions                     
    
RevenueTR13,14013,54114,17716,46113,53814,49614,59216,45714,01115,25414,75717,02814,95216,38515,74418,62815,95517,39016,58820,560
Taxes and social contributionsD2 + D5 + D91 + D6111,51111,02712,30313,99411,86611,64212,62414,44912,32112,26813,22614,98613,22613,31914,15116,68614,25014,34314,89618,687
TaxesD2 + D5 + D918,8768,5909,93211,4669,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34311,58012,16615,660
Social contributions D612,6352,4372,3722,5292,2932,3992,3272,6322,5422,5142,4852,7612,7612,6232,6122,9352,9072,7632,7303,028
Sales of goods and servicesP1O1,1361,2601,2521,5151,0501,1411,2371,4971,1211,1401,0241,2881,0631,2621,0831,2821,1541,2551,2741,476
Investment incomeD42631,1344895594611,5875943794511,7403995264961,6783933153921,663300260
Current transfer revenue (excluding taxes)D77963576969585474676157779185819566595573
Capital transfer revenue (excluding taxes)D9N15158763249167835751455115177423625192706363
              
ExpenditureTE17,32716,98825,12419,72218,24618,14017,69619,01517,46617,10217,56619,10817,81617,86717,85619,36618,30117,32217,49722,309
ExpenseExpense17,39416,99324,94318,84917,82017,69518,27719,01017,61317,48818,09918,78817,61417,65018,00719,09817,82317,55818,02621,586
Compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8434,7584,5714,6355,0324,9444,7504,816
Use of goods and services plus taxes payableP2 + D5 + D291,9032,2132,1752,2921,8081,9992,1402,2971,6951,9862,1232,3821,8522,2372,3182,3782,0902,2462,3892,600
Depreciation (Consumption of fixed capital)P51c792792842842839839839839852852852852882882882882882882882882
Interest (excluding FISIM)D411,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8621,8951,8841,8441,6601,6781,7001,710
SubsidiesD3398393420513411430453627391409432582398417439604395411431604
Social benefitsD62 + D6326,9356,9647,2437,6666,9927,1307,3787,9366,7996,8297,1647,7576,5916,6657,1947,6726,4816,5057,1887,815
Other current transfersD7795445590703907309615548792576772677883565471744858628337687
Capital transfersD95042367,1033572986173231673002052711173032322493404252653502,472
              
 Net operating balanceNOB-4,254-3,452-10,767-2,388-4,284-3,199-3,685-2,554-3,603-2,234-3,342-1,760-2,662-1,265-2,264-470-1,868-168-1,438-1,026
              
Net acquisition of non-financial assetsP5 + NP - P51c-67-5181873426445-5814-147-386-533320201217-152268478-236-530723
                         
 General Government Surplus/DeficitB9-4,187-3,446-10,948-3,261-4,709-3,644-3,104-2,558-3,455-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749
equals              
Net acquisition of financial assetsΔFA8,463-1,628-597-2,573498268,435-3,2515,776-2,691-1,598-7,006-2,570-7,441-2,361-6,633-1,220242-17-6,338
Debt instrumentsF2 + F3 + F411,212-1,391-7,140-2,7521,438-3518,349-5,0566,613-2,833-422-7,732-554-8,246-2,389-8,395361,019348-8,347
Equity and Investment Fund SharesF5-3,7917887,441-735-501,390548156477-1,297-543-1,194569282252477-830-176629
Other financial assetsF6 + F7 + F8 1,042-1,025-898914-1,339-213811,324-893-3351211,269-822236-2541,510-1,73353-1891,380
less              
Net incurrence of liabilitiesΔL12,6501,81810,3506884,7584,47011,539-6939,232-8431,212-4,927293-5,959-249-5,8951,126174892-4,589
Debt instrumentsF2 + F3 + F411,6742,09810,5158554,8064,50511,523-1,13310,056-8081,261-4,964202-5,967-195-6,48991119445-3,790
Other liabilitiesF5 + F6 + F7 + F8 976-280-165-167-48-3516440-824-35-4937918-54594215-20847-799
                    
  Memo: Net derivative flows on debt interest swap contracts -33-33-33-33-49-54-55-63-80-58-58-77-69-68-74-53-22-74-73-71
                   
 General Government Surplus/Deficit (% of quarterly GDP) -10.0-7.8-25.0-7.4-11.2-8.0-7.1-5.9-8.1-4.2-5.9-4.6-6.5-3.2-4.3-1.5-4.70.1-1.6-3.1
                         
 Quarterly GDP at current market prices 41,67644,18443,84344,23641,94145,44843,91343,54442,81044,23747,34945,05244,38646,33349,07949,24950,09152,81855,30956,406
Table 2 General Government Net Worth, Gross and Net Debt
                          €million
Description ESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q4
General Government net worth                     
Net worth at market value, excluding pension liabilitiesNW9,4809,214-17,050-19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825
equals                    
Non-financial assets at market valueNFA84,47684,38284,47385,25786,11987,00086,85587,29587,78288,03088,13189,08490,55692,04393,16294,70095,17994,94394,41395,136
plus                    
Financial net worth at market value, excluding pension liabilitiesFNW-74,996-75,168-101,523-104,625-116,234-123,730-130,831-136,778-140,655-143,136-146,897-145,200-148,625-154,101-157,329-153,081-151,885-150,413-153,049-149,961
equals                    
Financial assets at market valueFA73,27470,54193,22688,28187,87087,14395,94393,06898,83495,71094,08894,81394,55686,56285,34384,44289,79384,99185,97385,117
EDP debt instrumentsF2 + F3 + F443,53241,88258,69655,16855,88754,99263,43858,71864,09261,04760,80254,59753,99946,31143,70136,73836,49938,21338,54029,902
Equity and Investment Fund SharesF520,10620,01024,68922,97523,46523,71323,90425,09826,65427,00325,29330,79532,05131,93333,83138,44544,46138,23639,29845,618
Other financial assetsF6 + F7 + F8 9,6368,6499,84110,1388,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,2598,8338,5428,1359,597
less                    
Liabilities at market valueL148,270145,709194,749192,906204,104210,873226,774229,846239,489238,846240,985240,013243,181240,663242,672237,523241,678235,404239,022235,078
EDP debt instrumentsF2 + F3 + F4139,667137,383183,540181,857193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547
Other liabilitiesF5 + F6 + F7 + F88,6038,32611,20911,04910,58510,34410,56211,2508,9788,5508,5808,5108,7699,0049,7678,6769,7209,53410,3589,531
                    
Memo: Estimated pension liabilities of government116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                    
Memo: Net worth, including pension liabilities-106,520-106,786-133,050-135,368-128,115-134,730-141,976-147,483-150,873-153,106-156,766-154,116-156,069-160,058-162,167-156,381-154,706-153,470-156,636-152,825
                    
Contingent liabilities142,298142,298142,298142,298119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,21916,67816,67816,67816,678
                    
 Memo: Net worth, including pension liabilities and contingent liabilities -248,818-249,085-275,348-277,666-247,246-253,861-261,107-266,613-210,596-212,829-216,489-213,838-185,288-189,277-191,386-185,600-171,384-170,148-173,314-169,503
General Government: changes in net worth                     
Opening net worth6,2559,4809,214-17,050-19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636
                    
Change in net worth due to transactions-4,254-3,452-10,766-2,388-4,284-3,199-3,685-2,554-3,603-2,234-3,342-1,760-2,662-1,265-2,264-470-1,868-168-1,438-1,026
Net acquisition of non-financial assets P5 + NP - P51c-67-5181873426445-5814-147-386-533320201217-152268478-236-530723
Net lending/net borrowingB9-4,187-3,446-10,947-3,261-4,709-3,644-3,104-2,558-3,456-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749
                    
Change in net worth due to other economic flowsKx7,4793,185-15,49770-6,464-3,416-3,561-2,9532131-3184,410709-2,7241546,2563,5421,404-1,7274,837
Other changes in non-financial assets-89-89-89-894364364364366346346346341,2701,2701,2701,2700000
Other changes in financial assets2,580-1,10523,282-2,372-460-1,553365376-10-433-247,7312,313-5531,1425,7326,571-5,0449995,482
Other changes in liabilities4,9884,379-38,6902,531-6,440-2,299-4,362-3,765-411-200-927-3,955-2,875-3,441-2,258-746-3,0296,448-2,726-645
                           
Closing net worth 9,4809,214-17,050-19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825
                           
General Government Debt (GGDebt)                     
Debt instrument liabilities at market valueF2 + F3 + F4139,667137,383183,540181,857193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547
+ Difference between EDP face value and market value15,84221,2884,3547,850689-879-5,909-8,610-12,251-11,893-13,881-16,205-19,415-22,187-24,654-25,552-28,239-21,458-24,789-24,281
                           
 Gross General Government Debt (EDP face value)GGDebt155,509158,671187,894189,707194,208199,650210,303209,986218,260218,403218,524215,298214,997209,472208,251203,295203,719204,412203,875201,266
                    
less EDP debt instrument assetsF2 + F3 + F4-43,533-41,882-58,696-55,170-55,887-54,993-63,438-58,718-64,090-61,047-60,802-54,597-54,000-46,310-43,700-36,739-36,499-38,213-38,538-29,901
 Net General Government Debt GGNetDebt111,976116,789129,198134,537138,321144,657146,865151,268154,170157,356157,722160,701160,997163,162164,551166,556167,220166,199165,337171,365
    
Closing Net Worth (% of annualised GDP) 5.75.5-10.0-11.1-17.3-20.9-25.1-28.3-30.1-31.6-33.0-31.3-32.1-33.9-34.7-30.9-29.1-27.6-28.3-25.5
Gross General Government Debt (% of annualised GDP)93.494.0110.3109.1111.5113.8119.8120.1124.2125.2122.8120.0118.8114.4112.7107.5104.6101.698.393.8
Net General Government Debt (% of annualised GDP) 67.269.275.977.379.482.483.786.587.790.288.689.688.989.189.088.185.982.679.779.8
Annualised GDP 166,526168,752170,293173,939174,204175,468175,538174,846175,715174,504177,940179,448181,024183,120184,850189,047194,752201,237207,467214,624
Table 3 General Government: detailed classification of revenue and output
                         €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q4
                          
Total RevenueTR13,14013,54114,17716,46113,53814,49614,59216,45714,01115,25414,75717,02814,95216,38515,74418,62815,95517,39016,58820,560
 Taxes and social contributions 11,51111,02712,30313,99411,86611,64212,62414,44912,32112,26813,22614,98613,22613,31914,15116,68614,25014,34314,89618,687
  TaxesD2 + D5 + D918,8768,5909,93211,4669,5739,24310,29611,8179,7799,75510,74112,22510,46510,69511,53813,75111,34311,58012,16615,660
   Indirect taxes (taxes on production and imports)D24,8443,6865,0814,1694,9013,7975,4404,2075,1263,9795,6474,5335,5394,6105,7865,2615,9434,8636,2725,389
    Taxes on productsD214,2913,1374,5453,7324,3293,2244,8733,6734,5403,3375,0173,8554,7013,8865,0804,5735,0384,1695,5754,660
    of which Value-Added TaxD2112,9661,7482,9312,1103,0501,8603,1492,1613,0251,8123,4342,1013,2002,1653,4812,6753,3252,2593,7582,631
    Other taxes on production D29552549535437572573567534586642630678838724706688904693697729
   Direct taxesD54,0094,8794,7607,1944,6505,4204,8147,4174,6325,7505,0577,4974,8976,0495,7098,2395,3706,6835,8389,990
    Taxes on income, profits and capital gainsD513,7524,6344,0716,9784,3875,1694,0997,1824,3635,4674,2627,2074,5835,7594,7297,9455,0576,4045,4099,735
    Other current direct taxesD59257245689216263251715234269283795289313290980294313279429256
   Capital taxesD91232591103222643194212637195293643250313556280
  Social contributions D612,6352,4372,3722,5292,2932,3992,3272,6322,5422,5142,4852,7612,7612,6232,6122,9352,9072,7632,7303,028
   Actual social contributionsD611 + D6132,3932,1942,1292,2861,9982,1052,0332,3382,2232,1952,1662,4422,4332,2952,2842,6072,5792,4352,4022,700
    PRSI receipts D6111,9591,7611,6961,8531,5801,6861,6141,9191,7911,7631,7342,0102,0151,8771,8662,1892,1592,0151,9822,279
    Government employees' pension contributionsD613433433433433419419419419432432432432418418418418420420420420
   Employers' imputed social contributionsD612243243243243294294294294319319319319328328328328328328328328
 Sales of goods and servicesP1O1,1361,2601,2521,5151,0501,1411,2371,4971,1211,1401,0241,2881,0631,2621,0831,2821,1541,2551,2741,476
  Sales of market establishments (= market output)P11226226226226245245245245262262262262284284284284311311311311
  Imputed sales related to production of own-use capital assets (= output for own final use)P121414141410101010888888885555
  Incidental sales and fees of non-market establishmentsP1318951,0191,0111,2747968879831,2438518707541,0187719707909908389389581,160
 Investment incomeD42631,1344895594611,5875943794511,7403995264961,6783933153921,663300260
  Interest (excluding FISIM)D41250270462378369454408358393312321314304270189192180179160150
  DividendsD421286326180911,13218520581,426762121911,4072031222111,483139109
 Current transfer revenueD39 + D77963576969585474676157779185819566595573
  SubsidiesD3900000000000000000000
  Other current transfersD77963576969585474676157779185819566595573
   Non-life insurance claimsD7233332222222222222222
   Other Domestic - Current D7N_S15454545452525252494949497373737349474750
   From Rest of World - CurrentD7N_S2226012165121161062616106201610621
 Capital transfer revenueD9N15158763249167835751455115177423625192706363
                          
Output P17,6447,7607,8398,0767,6607,5797,7567,8867,5047,6947,6447,8417,7058,0057,8998,0228,1588,2268,1748,452
 Market output (sales of market establishments)P11226226226226245245245245262262262262284284284284311311311311
 Output for own final useP121414141410101010888888885555
 Non-market outputP137,4037,5197,5987,8357,4067,3257,5027,6327,2347,4247,3747,5717,4137,7137,6067,7307,8427,9097,8588,136
  = Non-market compensation of employeesD1_nonmarket4,8614,6674,7344,8544,9104,6384,6744,6464,8404,7394,5514,4904,8354,7504,5634,6275,0274,9394,7454,811
   = Total compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8434,7584,5714,6355,0324,9444,7504,816
   - Compensation of employees of market establishmentsD1_market00000000000000000000
   - Compensation related to production of own-use capital assetsD1_own-use-14-14-14-14-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5
  + Non-market intermediate consumptionP2_nonmarket1,8462,1562,1182,2351,7541,9462,0862,2441,6411,9312,0692,3271,7972,1832,2632,3232,0352,1912,3342,545
   = Total intermediate consumptionP21,9032,2132,1752,2921,8071,9992,1392,2971,6951,9862,1232,3821,8522,2372,3182,3782,0902,2462,3892,600
   - Intermediate consumption of market establishmentsP2_market-57-57-57-57-53-53-53-53-55-55-55-55-55-55-55-55-55-55-55-55
   - Intermediate consumption related to production of own-use capital assetsP2_own-use00000000000000000000
  + Non-market consumption of fixed capitalP51c_nonmarket695695745745742742742742754754754754780780780780779779779779
   = Total consumption of fixed capitalP51c792792842842839839839839852852852852882882882882882882882882
   - Consumption of fixed capital by market establishmentsP51c_market-96-96-96-96-97-97-97-97-98-98-98-98-102-102-102-102-103-103-103-103
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use00000000000000000000
  + 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 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q4
                          
Total ExpenditureTE17,32716,98825,12419,72218,24618,14017,69619,01517,46617,10217,56619,10817,81617,86717,85619,36618,30117,32217,49722,309
                          
 Expense 17,39416,99324,94318,84917,82017,69518,27719,01017,61317,48818,09918,78817,61417,65018,00719,09817,82317,55818,02621,586
  Compensation of employeesD14,8764,6824,7494,8684,9204,6474,6834,6564,8484,7484,5604,4984,8434,7584,5714,6355,0324,9444,7504,816
   Of which: Related to production of own-use capital assets 1414141410101010888888885555
  Use of goods and services plus taxes payableP2 + D5 + D291,9032,2132,1752,2921,8081,9992,1402,2971,6951,9862,1232,3821,8522,2372,3182,3782,0902,2462,3892,600
   Use of goods and services [Intermediate consumption]P21,9032,2132,1752,2921,8071,9992,1392,2971,6951,9862,1232,3821,8522,2372,3182,3782,0902,2462,3892,600
    Of which: Intermediate consumption of market establishments 5757575753535353555555555555555555555555
   Taxes, payableD500000000000000000000
  Depreciation (Consumption of fixed capital)P51c792792842842839839839839852852852852882882882882882882882882
    Of which: Depreciation by market establishments 969696969797979798989898102102102102103103103103
  Interest (excluding FISIM)D411,1911,2671,8221,6081,6461,7241,8461,9411,9351,8841,9251,9231,8621,8951,8841,8441,6601,6781,7001,710
   Other domestic interest payableD41_S1149147689554557609659711747736768778707711704673706597596627
   Interest payable to rest of worldD41_S21,0421,1201,1331,0541,0891,1151,1871,2301,1881,1481,1571,1451,1551,1841,1801,1719541,0801,1041,083
  SubsidiesD3398393420513411430453627391409432582398417439604395411431604
   Product subsidiesD31239246274301225246268323227246267256216235256265201218237247
   Other subsidies on productionD39159148146212186184186304165163165326182182183338194192194357
  Social benefitsD62 + D6326,9356,9647,2437,6666,9927,1307,3787,9366,7996,8297,1647,7576,5916,6657,1947,6726,4816,5057,1887,815
   Social benefits in cashD626,0335,8555,7256,2366,0395,9575,7746,4245,8835,7015,6216,3025,7655,5375,5086,1265,6455,3895,5446,299
   Social benefits in kind (via market producers)D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4558261,1281,6861,5468361,1151,6441,516
  Other current transfersD7795445590703907309615548792576772677883565471744858628337687
   Net non-life insurance premiumsD711212121219191919141414141414141414141414
   Current international cooperationD74135701222201021371871207517714513392721391328215870141
   Miscellaneous current transfersD75196174186233303-8317417216885312109230162132163160137146-55
   VAT and GNI based EU budget contributionD76453190269238482237234237535300301421546317186434602318108587
    VAT-based EU own resourcesD7617130484481394032784747238247284683452563
    GNI-based EU own resourcesD76238116022119440219819420545725325439846526915838851927383524
  Capital transfersD95042367,1033572986173231673002052711173032322493404252653502,472
   Investment grantsD92497124102357298337323167262205271117303232238158425265350361
   Other capital transfersD9971137,00100280003800000111820002,111
                          
 Net acquisition of non-financial assetsP5 + NP - P51c-67-5181873426445-5814-147-386-533320201217-152268478-236-530723
  = Gross investment in non-financial assetsP5 + NP7257861,0231,7151,2641,2842588437044663191,1711,0831,0997301,1501,3606463521,605
   Gross fixed capital formationP516977599951,6871,2441,2632378231,4074452991,1511,0681,0847151,1351,3456313371,590
   Net acquisition of stocksP522828282821212121212121211515151515151515
   Net acquisition of unproduced assetsNP00000000-72300000000000
  - Consumption of fixed capitalP51c-792-792-842-842-839-839-839-839-852-852-852-852-882-882-882-882-882-882-882-882
                          
Net expenditure on current goods and servicesP3 excl. D6326,5086,5006,5876,5616,6106,4386,5196,3896,3846,5546,6206,5536,6426,7436,8166,7407,0046,9716,9006,976
 = OutputP17,6447,7607,8398,0767,6607,5797,7567,8867,5047,6947,6447,8417,7058,0057,8998,0228,1588,2268,1748,452
 - Sales of goods and services P11+P12+P131-1,136-1,260-1,252-1,515-1,050-1,141-1,237-1,497-1,121-1,140-1,024-1,288-1,063-1,262-1,083-1,282-1,154-1,255-1,274-1,476
   Market output (sales of market establishments)P11-226-226-226-226-245-245-245-245-262-262-262-262-284-284-284-284-311-311-311-311
   Output for own final useP12-14-14-14-14-10-10-10-10-8-8-8-8-8-8-8-8-5-5-5-5
   Incidental sales and fees of non-market establishmentsP131-895-1,019-1,011-1,274-796-887-983-1,243-851-870-754-1,018-771-970-790-990-838-938-958-1,160
                          
Final consumption expenditureP37,4097,6098,1047,9917,5637,6108,1237,9007,3007,6828,1638,0077,4677,8718,5028,2867,8408,0868,5448,492
 = Net expenditure on current goods and servicesP3 excl. D6326,5086,5006,5876,5616,6106,4386,5196,3896,3846,5546,6206,5536,6426,7436,8166,7407,0046,9716,9006,976
 + Social transfers in kind via market producers D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4558261,1281,6861,5468361,1151,6441,516
made up of                      
 Individual consumption (= social transfers in kind)P31 (= D63)5,1875,3925,7995,1205,1975,3045,8345,0285,0135,2985,7945,0195,0165,4016,1135,2345,2355,5056,0945,296
  Social transfers in kind (via market producers)D6329011,1091,5171,4309531,1721,6041,5129171,1281,5431,4558261,1281,6861,5468361,1151,6441,516
  Social transfers in kind (provided directly by government)D6314,2854,2834,2813,6894,2444,1314,2303,5164,0974,1704,2513,5644,1904,2734,4273,6884,3994,3904,4503,780
 Collective consumption (= actual final consumption of government)P322,2222,2172,3062,8712,3662,3062,2892,8722,2872,3842,3692,9892,4512,4702,3883,0522,6052,5812,4513,196
                          
Total social transfersD62 + D6311,22011,24711,52411,35511,23611,26111,60911,45210,89610,99911,41511,32110,78110,93811,62211,36010,88010,89411,63711,595
 Social benefits in cashD62 6,0335,8555,7256,2366,0395,9575,7746,4245,8835,7015,6216,3025,7655,5375,5086,1265,6455,3895,5446,299
 Social transfers in kind (= individual consumption)D635,1875,3925,7995,1205,1975,3045,8345,0285,0135,2985,7945,0195,0165,4016,1135,2345,2355,5056,0945,296
Table 5 General Government financial transactions
           €million
 2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q32015 Q4
DescriptionESA2010 code                    
 Net lending (+) / net borrowing (-)B.9-4,187-3,446-10,947-3,261-4,709-3,644-3,104-2,558-3,456-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749
equals                      
Net acquisition of financial assets ΔA8,463-1,628-597-2,573498268,435-3,2515,776-2,691-1,598-7,006-2,570-7,441-2,361-6,633-1,220242-17-6,338
EDP debt instruments F2 + F3 + F411,212-1,391-7,140-2,7521,438-3518,349-5,0566,613-2,833-422-7,732-554-8,246-2,389-8,395361,019348-8,347
 Currency and deposits F211,6152,126-16,4032,0111,8985989,613-6,2718,682-2,450-645-6,8462,335-1,030-309-7,3251,0021,644795-3,659
Debt securities F3-632-3,6572,819822-1-116-1231,197-860-10813279-21455-686-584-714-522-28-4,570
Short-term F310-1-8-27-9-301,046945111,750-201126-341-957-802133-10-505
Long-term F32-632-3,6562,8278498-113-123151-1,805-109131-1,671-13-71-34537388-655-18-4,065
Loans F42291406,444-5,585-459-833-1,14118-1,209-27591-965-2,675-7,271-1,394-486-252-103-419-118
Short-term loans F410158459268231-30414454-44-24834030114533-776-190-111-103-109-207
Long-term loans F42229-185,985-5,853-690-803-1,555-436-1,165-27-249-1,266-2,820-7,304-618-296-1410-31089
Equity and Investment Fund Shares F5-3,7917887,441-735-501,390548156477-1,297-543-1,194569282252477-830-176629
Other financial assets F6 + F7 + F8 1,042-1,025-898914-1,339-213811,324-893-3351211,269-822236-2541,510-1,73353-1891,380
Insurance, Pensions and Standardised Guarantees F60000000-100000001000-1
Financial derivatives and Employee Stock Options F7-40-23201-7500-1164003217272330-3724-12
Other accounts receivable/payableF81,082-793-898913-1,264-213811,326-1,057-3351211,237-839209-2771,479-1,36149-1881,379
less                      
Net incurrence of liabilities ΔL12,6501,81810,3506884,7584,47011,539-6939,232-8431,212-4,927293-5,959-249-5,8951,126174892-4,589
EDP debt instruments F2 + F3 + F411,6742,09810,5158554,8064,50511,523-1,13310,056-8081,261-4,964202-5,967-195-6,48991119445-3,790
Currency and deposits F28333745,590-3,9049392,681-534716-30,613575172-841-2,842-6,962-567-103-446778627
Debt securities F3-4,922-2,5861,586-3,133-6,103-3,6686,586-4,19339,265-5,043-1,205-7,4002,2651,2884752,22810,166-89-524-3,598
Short-term F31-5,243-1,415343,130-3844831,031-2,4012,309637-1,432-1,6821091,0231121641,897-974-972-2,277
Long-term F32321-1,1711,552-6,263-5,719-4,1515,555-1,79236,956-5,680227-5,7182,1562653632,0648,269885448-1,321
Loans F415,7634,3103,3397,8929,9705,4925,4712,3441,4043,6602,2943,277779-293-103-8,614-8,809206483-219
Short-term loans F41-45-177-82131-711,220424-245-117-395-20723350-48-10-106275-134-301-48
Long-term loans F4215,8084,4873,4217,76110,0414,2725,0472,5891,5214,0552,5013,044729-245-93-8,508-9,084340784-171
Other liabilities F5 + F6 + F7 + F8 976-280-165-167-48-3516440-824-35-4937918-54594215-20847-799
Equity and Investment Fund Shares F500000000000000000000
Insurance, Pensions and Standardised Guarantees F600000001000-100000000
Financial derivatives and Employee Stock Options F700030001000-1000-10000
    Other accounts receivable/payable F8976-280-165-170-48-3516438-824-35-4939918-54595215-20847-799
Table 6 General Government: detailed breakdown of net worth
                           €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q4
                 
General Government balance sheet                     
                            
 Net worth at market value, excluding pension liabilitiesNW9,4809,214-17,050-19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825
 equals                     
  Non-financial assets at market valueNFA84,47684,38284,47385,25786,11987,00086,85587,29587,78288,03088,13189,08490,55692,04393,16294,70095,17994,94394,41395,136
 plus                     
  Financial net worth at market value, excluding pension liabilitiesFNW-74,996-75,168-101,523-104,625-116,234-123,730-130,831-136,778-140,655-143,136-146,897-145,200-148,625-154,101-157,329-153,081-151,885-150,413-153,049-149,961
  equals                     
   Financial assets at market valueFA73,27470,54193,22688,28187,87087,14395,94393,06898,83495,71094,08894,81394,55686,56285,34384,44289,79384,99185,97385,117
    EDP debt instrumentsF2 + F3 + F443,53241,88258,69655,16855,88754,99263,43858,71864,09261,04760,80254,59753,99946,31143,70136,73836,49938,21338,54029,902
     Currency and depositsF231,27433,39917,27119,28421,18021,77931,39225,28333,96631,51430,86924,02226,35725,33825,05317,76518,80120,43421,23017,768
     Debt securitiesF38,2894,3747,0857,9198,0698,0217,9269,4708,6108,4878,62010,24910,14610,2399,5609,6468,9598,3958,3633,289
      Short-termF31494840133001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,7001,6891,184
      Long-termF328,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,104
     LoansF43,9694,10934,34027,96526,63825,19224,12023,96521,51621,04621,31320,32617,49610,7349,0889,3278,7399,3848,9478,845
      Short-term loansF4101586178851,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,192986
      Long-term loansF423,9693,95133,72327,08125,52224,10622,62022,01119,60619,38419,31118,02315,0478,2527,3827,8127,3348,0837,7547,859
    Equity and Investment Fund SharesF520,10620,01024,68922,97523,46523,71323,90425,09826,65427,00325,29330,79532,05131,93333,83138,44544,46138,23639,29845,618
    Other financial assetsF6 + F7 + F8 9,6368,6499,84110,1388,5188,4388,6019,2528,0887,6607,9939,4218,5068,3187,8119,2598,8338,5428,1359,597
     Insurance, Pensions and Standardised GuaranteesF611111110000000011110
     Financial derivatives and Employee Stock OptionsF75753812,2961,6941,3391,4741,5578977927009141,1351,0486393983521,287947728812
     Other accounts receivable/payableF89,0608,2677,5448,4437,1786,9637,0438,3557,2966,9607,0798,2867,4587,6797,4138,9067,5457,5947,4068,785
  less                     
   Liabilities at market valueL148,270145,709194,749192,906204,104210,873226,774229,846239,489238,846240,985240,013243,181240,663242,672237,523241,678235,404239,022235,078
    EDP debt instrumentsF2 + F3 + F4139,667137,383183,540181,857193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547
     Currency and depositsF214,47214,79162,19258,38859,34662,02061,46862,09931,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,704
     Debt securitiesF374,77667,63890,88685,19485,91683,13994,79794,295135,269130,614130,045126,293131,283135,416138,066142,394154,120147,522149,834146,741
      Short-termF312,0897417173,7963,5204,0395,0522,5804,9695,5874,1282,4232,5123,5083,6503,7855,8804,6773,6351,188
      Long-termF3272,68666,89790,16981,39882,39679,10089,74591,715130,300125,027125,917123,870128,771131,909134,416138,609148,241142,845146,200145,552
     LoansF450,41954,95430,46238,27548,25755,37059,94762,20263,78967,64770,17973,85474,60474,67173,82665,53557,36057,78758,17858,102
      Short-term loansF416865094265584861,7072,1301,8851,7691,3741,1661,4341,4651,3921,3771,2951,5441,4011,0901,055
      Long-term loansF4249,73354,44630,03537,71747,77153,66357,81760,31662,02166,27469,01372,42073,13873,27972,44964,24055,81556,38657,08757,046
    Other liabilitiesF5 + F6 + F7 + F88,6038,32611,20911,04910,58510,34410,56211,2508,9788,5508,5808,5108,7699,0049,7678,6769,7209,53410,3589,531
     Equity and Investment Fund SharesF500000000000000000000
     Insurance, Pensions and Standardised GuaranteesF600000001111000000000
     Financial derivatives and Employee Stock OptionsF755582,9642,9742,5582,3512,5532,8021,3549611,0409321,1001,3272,1444571,2861,1201,0961,068
     Other accounts receivable/payableF88,5488,2688,2458,0758,0277,9938,0098,4477,6237,5887,5397,5787,6697,6777,6238,2198,4348,4149,2628,463
                            
                            
  Memo: Estimated pension liabilities of government 116,000116,000116,000116,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,00098,000
                            
 Memo: Net worth, including pension liabilities -106,520-106,786-133,050-135,368-128,115-134,730-141,976-147,483-150,873-153,106-156,766-154,116-156,069-160,058-162,167-156,381-154,706-153,470-156,636-152,825
                            
  Contingent liabilities 142,298142,298142,298142,298119,131119,131119,131119,13159,72359,72359,72359,72329,21929,21929,21929,21916,67816,67816,67816,678
   Guarantees 138,723138,723138,723138,723115,555115,555115,555115,55556,02056,02056,02056,02025,14525,14525,14525,14512,60412,60412,60412,604
   Off-balance sheet PPPs 3,5763,5763,5763,5763,5763,5763,5763,5763,7033,7033,7033,7034,0744,0744,0744,0744,0744,0744,0744,074
                            
 Memo: Net worth, including pension liabilities and contingent liabilities -248,818-249,085-275,348-277,666-247,246-253,861-261,107-266,613-210,596-212,829-216,489-213,838-185,288-189,277-191,386-185,600-171,384-170,148-173,314-169,503
                            
Change in net worth of government                     
                            
 Opening net worth 6,2559,4809,214-17,050-19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636
                            
 Change in net worth due to transactions -4,254-3,452-10,766-2,388-4,284-3,199-3,685-2,554-3,603-2,234-3,342-1,760-2,662-1,265-2,264-470-1,868-168-1,438-1,026
  Net acquisition of non-financial assets P5 + NP - P51c-67-5181873426445-5814-147-386-533320201217-152268478-236-530723
  Net lending/net borrowingB9-4,187-3,446-10,947-3,261-4,709-3,644-3,104-2,558-3,456-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749
   = Net acquisition of financial assets 8,463-1,628-597-2,573498268,435-3,2515,776-2,691-1,598-7,006-2,570-7,441-2,361-6,633-1,220242-17-6,338
   - Net incurrence of liabilities -12,650-1,818-10,350-688-4,758-4,470-11,539693-9,232843-1,2124,927-2935,9592495,895-1,126-174-8924,589
                            
 Change in net worth due to other economic flowsKx7,4793,185-15,49770-6,464-3,416-3,561-2,9532131-3184,410709-2,7241546,2563,5421,404-1,7274,837
  Other changes in non-financial assets -89-89-89-894364364364366346346346341,2701,2701,2701,2700000
  Other changes in financial net worth 7,5683,274-15,408159-6,900-3,852-3,997-3,389-421-633-9513,776-562-3,994-1,1164,9863,5421,404-1,7274,837
   = Other changes in financial assets 2,580-1,10523,282-2,372-460-1,553365376-10-433-247,7312,313-5531,1425,7326,571-5,0449995,482
     EDP debt instruments -1,196-25923,954-776-719-54497336-1,239-2121771,527-44558-2211,432-275695-21-291
     Equity and Investment Fund Shares 3,767-884-2,762-979540-1,1421867131,500-128-4136,0452,450-6871,6164,3625,539-5,3951,2385,691
     Other financial assets 9382,090-617-28113382-673-271-93212159-93-424-253-621,307-344-21882
   - Other changes in liabilities 4,9884,379-38,6902,531-6,440-2,299-4,362-3,765-411-200-927-3,955-2,875-3,441-2,258-746-3,0296,448-2,726-645
     EDP debt instruments 5,0054,382-35,6422,538-6,856-2,505-4,160-3,517-1,859-593-848-4,062-2,707-3,214-1,441-2,431-2,2006,282-2,749-673
     Other liabilities -17-3-3,048-7416206-202-2481,448393-79107-168-227-8171,685-8291662328
                            
                            
Closing net worth 9,4809,214-17,050-19,368-30,115-36,730-43,976-49,483-52,873-55,106-58,766-56,116-58,069-62,058-64,167-58,381-56,706-55,470-58,636-54,825
Table 7 General Government Gross and Net Debt
                        €million
DescriptionESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q32014 Q42015 Q12015 Q22015 Q32015 Q4
                         
General Government Debt                     
                         
  Debt instrument liabilities at market value 139,667137,383183,540181,857193,519200,529216,212218,596230,511230,296232,405231,503234,412231,659232,905228,847231,958225,870228,664225,547
  + Difference between face value and market value 15,84221,2884,3547,850689-879-5,909-8,610-12,251-11,893-13,881-16,205-19,415-22,187-24,654-25,552-28,239-21,458-24,789-24,281
                         
Gross General Government Debt (face value)GGDebt155,509158,671187,894189,707194,208199,650210,303209,986218,260218,403218,524215,298214,997209,472208,251203,295203,719204,412203,875201,266
By category:                     
 Currency and deposits F214,47214,79162,19258,38659,34662,02061,46862,09231,45332,03532,18131,35628,52521,57221,01320,91820,47820,56120,65220,704
 Debt securitiesF391,50389,74196,25194,01387,67984,94190,47587,297124,601120,462118,306112,665114,475116,113115,546119,078128,539128,849128,088125,565
  Short-termF312,0617287243,7773,4974,0235,0432,5354,9595,5624,1022,3892,4893,4773,6373,7605,8494,6623,6191,182
  Long-termF3289,44389,01395,52790,23684,18280,91885,43284,762119,642114,900114,205110,276111,986112,636111,910115,318122,690124,187124,469124,383
 LoansF449,53354,13929,45037,30847,18352,68958,36060,59762,20665,90668,03771,27771,99871,78671,69263,30054,70255,00155,13554,996
  Short-termF416865094265584901,7112,1331,8841,7701,3771,1711,4411,4771,4021,3821,2941,5431,4001,0891,054
  Long-termF4248,84753,63029,02436,75046,69350,97756,22658,71360,43664,52966,86669,83670,52170,38570,31062,00653,15953,60254,04653,942
                         
less EDP debt instrument assetsF2 + F3 + F443,53341,88258,69655,17055,88754,99363,43858,71864,09061,04760,80254,59754,00046,31043,70036,73936,49938,21338,53829,901
 By category:                     
 Currency and deposits F231,27433,39917,27119,28421,18021,77931,39225,28333,96631,51430,86924,02226,35725,33825,05317,76518,80120,43421,23017,768
 Debt securitiesF38,2904,3747,0857,9208,0698,0217,9269,4708,6098,4878,62010,24910,14710,2389,5599,6468,9598,3948,3623,288
  Short-termF31494840133001,0461,9901,9911,9923,7443,5423,6673,3262,3691,5671,7001,6891,184
  Long-termF328,2414,3267,0457,9078,0668,0217,9268,4246,6196,4966,6286,5056,6056,5716,2337,2777,3926,6946,6732,104
 LoansF43,9694,10934,34027,96626,63825,19324,12023,96521,51521,04621,31320,32617,49610,7349,0889,3288,7399,3858,9468,845
  Short-termF4101586178851,1161,0871,5001,9541,9091,6622,0022,3032,4492,4821,7061,5161,4051,3021,192986
  Long-termF423,9693,95133,72327,08125,52224,10622,62022,01119,60619,38419,31118,02315,0478,2527,3827,8127,3348,0837,7547,859
                         
 Net General Government Debt (face value)GGNetDebt111,976116,789129,198134,537138,321144,657146,865151,268154,170157,356157,722160,701160,997163,162164,551166,556167,220166,199165,337171,365
 By category:                     
 Currency and deposits F2-16,802-18,60844,92139,10238,16640,24130,07636,809-2,5135211,3127,3342,168-3,766-4,0403,1531,677127-5782,936
 Debt securities F383,21385,36789,16686,09379,61076,92082,54977,827115,992111,975109,686102,416104,328105,875105,987109,432119,580120,455119,726122,277
  Short-termF312,0126806843,7643,4944,0235,0431,4892,9693,5712,110-1,355-1,053-1903111,3914,2822,9621,930-2
  Long-termF3281,20284,68788,48282,32976,11672,89777,50676,338113,023108,404107,577103,771105,381106,065105,677108,041115,298117,493117,796122,279
 LoansF445,56450,030-4,8909,34220,54527,49634,24036,63240,69144,86046,72450,95154,50261,05262,60453,97245,96345,61646,18946,151
  Short-termF41686351-191-327-626624633-70-139-285-831-862-972-1,080-324-22213898-10368
  Long-termF4244,87849,679-4,6999,66921,17126,87133,60636,70240,83045,14547,55551,81355,47462,13362,92854,19445,82545,51946,29246,083
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
                       € million
Description ESA2010 code2011 Q12011 Q22011 Q3 2011 Q42012 Q12012 Q22012 Q3 2012 Q42013 Q12013 Q22013 Q32013 Q42014 Q12014 Q22014 Q3 2014 Q42015 Q12015 Q22015 Q32015 Q4
                      
Exchequer balance -7,066-3,762-9,831-4,259-4,263-5,181-1,691-3,758-3,695-2,898-549-4,361-2,316-2,622-1,023-2,228197-48918842
                      
Deduct cash inflows which do not increase financial net worth -1-1-1-59-2-2-2-8-1,016-82-1,306-293-1,327-1,155-1,007-818-2,622-1,909-1,495-3,138
Inflows from sale or redemption of financial assets -1-1-1-59-2-2-2-8-1,016-82-1,306-289-1,327-1,155-1,007-805-2,622-1,909-1,495-3,138
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation 00000000000-5000-130000
                      
Exclude cash outflows which do not reduce financial net worth 2,51704,5302882501,50205151,117409287631,1511,3191,0701,0728021,1991,2511,668
Acquisition of financial assets 004,5302882501,50205151,117396287631,1511,3061,0701,0727991,1851,2511,441
Repayment of promissory notes notional loan principal 2,517000000001300013000140220
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 00000000000000003007
                      
Impact on financial net worth of Exchequer cash transactions -4,550-3,763-5,302-4,030-4,014-3,681-1,692-3,250-3,594-2,571-1,827-3,892-2,492-2,458-960-1,974-1,622-1,199-56-1,427
                      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) -439-2781041,339-1,005-125-163654-176-1521041,036-611236-2161,000-1,060151-1051,164
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 234-27851555-309-20070261-121-196251227321744263-372988515
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -67300709-7710-8768-785-100755-6986-74679-7482-2599
Accrual of interest due on contingent capital assets assigned to banks 0053757575-22575451-150515050-151505040-12140
Licence sales 0000000-450727444555710101010
Other accrued revenue 00000000000000000000
                      
Adjust for impact of non-cash expenditure (-) 638499-1,244468300664-1,249-3068715-1,33271887585-1,168367324446-1,222689
Capital transfers to financial institutions financed by promissory notes 00000000012000120001105
Difference between interest paid and accrued 615463-1,279295308663-1,252-28-13658-1,376790139533-1,259766324482-1,255674
Difference between Exchequer cash issues and accrued net spending of departments and offices -9-9-9129-44-42-40-7181817-5748576825-45-88-45-10
Other accrued expenditure 324544443644436622726-14-99-1722-42345417820
                      
Surplus/Deficit of ExchequerB9_exchequer-4,350-3,543-6,443-2,224-4,720-3,142-3,104-2,626-3,702-2,008-3,056-2,138-3,016-1,637-2,343-607-2,358-602-1,384425
                      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -205-56-33022113751-46-2828-101-22-41238108205-403116303-104-224
Social Insurance Fund -104-22-45-2150-29-442278-46-38-512721-3-6320-23-25-16
Bank & Deposit Guarantee Schemes 312-223-379183-20-12-25-41-40-118-31-2-14-10-1628-14-74-2
Capital Services Redemption Account -57753-26-493037-18-5023359-672528-1-521086-24
Small Savings Reserve Fund 00000000000000000000
Other Extra-Budgetary Funds 1301028458104796350-352535308553210-331101325-89-182
Health Service Executive 34353650-26-25-23-93333151515150000
                      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-4,555-3,599-6,772-2,002-4,582-3,090-3,151-2,654-3,674-2,109-3,078-2,179-2,778-1,530-2,138-1,009-2,242-299-1,488201
                      
Surplus/Deficit of other Central Government bodies 157233-4,231-925-10-50829373132362039470130-1098-53142-46-1,842
National Pensions Reserve Fund 162235-4,042-728180-199153200112181146-8-211819861624217-1,745
Non-market State corporations and agencies 01-188-197-188-307-122-1631934649937011-3011-69-100-63-98
Voluntary and joint board hospitals -5-3-20-2-2-20999911110111
                      
                      
Surplus/Deficit of Central Government B9_S1311-4,398-3,366-11,003-2,927-4,592-3,599-3,121-2,617-3,361-1,872-2,875-2,085-2,709-1,400-2,148-912-2,295-156-1,534-1,641
                      
Surplus/Deficit of Local Government B9_S1313211-8156-334-117-451859-9524655-155-8236174-52224625-108
                      
Surplus/Deficit of General Government B9_S13-4,187-3,446-10,948-3,261-4,709-3,644-3,104-2,558-3,456-1,848-2,810-2,079-2,863-1,482-2,112-738-2,34668-909-1,749

Background Notes

Introduction

This detailed release along with the headline figures published on 20 April 2016 together comprise the official publication by CSO of quarterly Government Finance Statistics results for the period Q1 2011 to Q4 2015.

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

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

Revisions have been made to previously published figures for the quarters Q1 2011 up to Q3 2015 inclusive.  These changes are mainly the result of further data becoming available, with both revenues and expenditures being revised. 

Revisions to General Government Gross Debt (GG Debt)

Revisions have been made to previously published figures for the quarters Q1 2011 up to Q3 2015 inclusive. 

Revisions to GDP

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2014 and the latest Quarterly National Accounts publication (of 10 March 2016). These revisions have also resulted in updated debt and deficit ratios reported since the last release.

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

The following significant transactions took place in 2015. 

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 arrived at 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 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 801   Quarterly Non-financial accounts by sector  

Table 2500 Quarterly Short Term Statistics (Revenue and Expenditure) for 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.

P.1       Total Output of government is equal to market output, own account capital formation, and non-market output (i.e. the sum of D.1+P.2+P51c). The market output referred to in this publication is the imputed market value of social housing rented dwellings. (See Table 3)

P.3        Final consumption expenditure of government is equal to the total of its output (P.1) plus the expenditure on products/services supplied to households via market producers minus the sales of goods and services (at both market and non-market prices). This is made up of individual non-market services plus collective non-market services (P.31 and P.32) (See Table 4).  This data series will be revised as part of the March 2016 EDP transmission.

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 shar

            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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