Gerry Horkan (Fianna Fail) | Oireachtas source

If much or all of it was written off, it is obviously not as impressive as if it was repaid. Perhaps it was repaid. I am just looking for that information.

Deputy Noonan, on his final appearance in the Seanad on the day before he retired from his position as Minister for Finance, referred to the State having the second largest debt level per person in the world after Japan. I ask the Minister to tease out the position in that regard a bit more. The Minister made the point that some people are suggesting we need to spend much more money. At the same time, however, there is all this debt. Sometimes people forget just how much debt we have and sometimes the debt-to-GDP ratio is only falling because the GDP figures are rising. It is good that GDP is rising, but the debt may not be falling all that rapidly or at all. I ask the Minister to outline his position on debt and debt reduction. How does he envisage it in future?