Oireachtas Joint and Select Committees

Thursday, 4 July 2019

Public Accounts Committee

2017 Annual Report of the Comptroller and Auditor General
Chapter 21 - Accounts of the National Treasury Management Agency
National Treasury Management Agency Financial Statements 2018

9:00 am

Mr. Conor O'Kelly:

Not really. We are focused on what would be a primary surplus and an actual surplus. The primary surplus is the surplus of the Government's revenue over expenditure, not including interest cost. We have been running a primary surplus for quite some time, which is why debt is stable. When one goes into actual surplus, then one's debt starts to fall. The first time that Ireland went into actual surplus was 2018. That would be the first time when the debt started to fall in nominal terms. The Government could use sales of assets such as bank shares for a once-off payment. They would be the exception rather than the rule. Ultimately, for debt to fall, the Government has to run a budget surplus. There are significant capital expenditure and revenues to consider and that is a matter for the Government.