Written answers
Thursday, 30 September 2010
Department of Finance
National Debt
10:30 am
Kieran O'Donnell (Limerick East, Fine Gael)
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Question 144: To ask the Minister for Finance the make up of the national debt in terms of total value, specific repayment periods and rate of interest payable; the expected national debt figures at the end of 2011, 2012, 2013, and 2014; the amount of interest payable on our national debt for 2010, 2011, 2012, 2013, and 2014; the average rate of interest paid on this national debt for each year and these interest figures as a percentage of GDP; and if he will make a statement on the matter. [34310/10]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The National Treasury Management Agency (NTMA) advise that the national debt was €75.2 billion at end-2009 and was €87.2 billion at end-August 2010. The weighted average cost of bonds raised in 2010 to date is 4.7% which is the same as the average cost achieved in 2009. The weighted average maturity of the debt is 7.6 years.
Based on the Budget 2010 estimates, Table 1 below outlines the national debt forecast, the maturity profile of the debt, and the debt servicing interest costs for the period to end-2014. These projections are currently being revised by my Department and the NTMA in the context of the publication of the Pre-Budget Outlook.
Table 1*
2010 | 2011 | 2012 | 2013 | 2014 | |
Projected Level of National Debt €bn | 94 | 112 | 127 | 139 | 148 |
Bond Maturities €bn | 1.2 | 4.5 | 5.6 | 6.0 | 11.4 |
Debt Servicing Interest Costs €bn | 41⁄2 | 53⁄4 | 61⁄2 | 71⁄2 | 73⁄4 |
Debt Servicing Interest Costs as % GDP | 2.8% | 3.4% | 3.6% | 3.9% | 3.8% |
*Figures in table based on forecasts contained in Budget 2010
Question No. 145 answered with Question No. 74.
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