Oireachtas Joint and Select Committees
Thursday, 17 November 2022
Public Accounts Committee
2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
9:30 am
Mr. John McCarthy:
A total of 98% of our debt instruments are at fixed rate and there is only one floating rate note left, namely, the old promissory note. The weighted average maturity of Irish debt is 15 years. Moreover, the NTMA would not have to go to the market if interest rates really ramped up because it has €35 billion of cash reserves that it borrowed during the 0% period that was there for a number of years, so there is a big cash buffer there. In the short term, the increase in interest rates can certainly be absorbed.
The Deputy asked about the general Government balance. There is a €6 billion surplus for next year but if we exclude what we see as transitory corporation tax receipts, it becomes minus €4 billion.
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