Oireachtas Joint and Select Committees
Thursday, 30 November 2023
Public Accounts Committee
Appropriation Accounts 2022
Vote 7 - Office of the Minister for Finance
Finance Accounts 2022
Report on the Accounts of the Public Services 2022
Chapter 1 – Exchequer Financial Outturn for 2022
Chapter 2 – Reporting Ireland’s EU Transactions
Chapter 24 – Performance of the Ireland Apple Escrow Fund
Chapter 25 – Irish Fiscal Advisory Council
9:30 am
Mr. John McCarthy:
No. There was banking debt, but there was also a considerable increase in debt on foot of the gap between revenue and expenditure from 2008 onwards. The ratio is roughly 2:1. Total debt after the collapse increased by approximately €180 billion. Two thirds of that was due to the fiscal deficit and one third was due to banking. The EFSF and the EFSM are mostly due to the fiscal deficit rather than banking.