Michael McGrath (Cork South Central, Fianna Fail)
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The debt is falling relative to the size of the economy. That is generally how the debts of countries are measured. We are making progress in that regard. Table 1 on page 5 shows the debt in nominal terms - gross and net figures - and the debt ratio relative to GNI*. As the Deputy can see, in the current year we can expect the closing position of the debt to be 79% of GNI*, and falling to 65% by 2026. That is going in the right direction but, of course, the nominal level of debt does matter when it comes to refinancing at higher interest rates, which will cost the country more cash in servicing that debt. The debt falling relative to the economy puts us in a safer position gradually over time but it is still a large stock of debt.