Written answers

Tuesday, 24 May 2011

Department of Finance

General Government Debt

6:00 pm

Photo of Peter MathewsPeter Mathews (Dublin South, Fine Gael)
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Question 75: To ask the Minister for Finance the most recent figure for the general Government debt as calculated by EUROSTAT; the amount of the debt that is promissory notes which are yet to be paid to the banks; and if he will make a statement on the matter. [12426/11]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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As part of our bi-annual Maastricht returns we submitted our estimate of General Government Debt to Eurostat on March 31st this year. Following the usual consultation process, Eurostat published the details of the government debt and deficit levels for all EU 27 countries on April 26th. Ireland's General Government Debt for 2010 was estimated to have been €148 billion, or 96.2% of GDP. Included in this figure was €30.8 billion issued as promissory notes to certain Irish financial institutions. Despite this, no money was actually borrowed for these promissory notes in 2010. The reason the full amount of these promissory notes was included is because Eurostat rules require that debt be recorded in the year in which the obligation was recognised. The promissory notes will be paid over to the financial institutions in annual tranches. The first tranche of €3.08bn was paid in March this year.

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