Eric Byrne (Dublin South Central, Labour)
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Question 120: To ask the Minister for Finance the underlying or pre-fiscal-consolidation GDP and GNP growth rates used in producing the stability programme update 2011 for each of the years 2011, 2012, 2013, 2014 and 2015. [15143/11]

Michael Noonan (Limerick City, Fine Gael)
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The Department of Finance publishes a White Paper in advance of the budget each year. This outlines the likely budgetary scenario for the following year on a no-policy change basis, and is underpinned by no-policy change economic forecasts. These economic and budgetary projections are updated with the publication of the Budget.

For 2011, White Paper budgetary forecasts were published on December 4th 2010 and I will forward this to the Deputy.

Prior to 2011, the Stability Programme Update (SPU) was published in tandem with the Budget in December. However, as part of the new European Semester, SPUs for all Member States are now submitted to the EU Commission in April. There is no requirement to produce pre-fiscal consolidation macroeconomic projections in the SPU, and Member States typically do not provide this information in their submissions to the Commission.

Eric Byrne (Dublin South Central, Labour)
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Question 121: To ask the Minister for Finance the projected general Government debt and general Government net debt as a percentage of GDP for each of the years 2011, 2012, 2013, 2014 and 2015. [15144/11]

Michael Noonan (Limerick City, Fine Gael)
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General Government debt is the standard measurement of gross indebtedness used for comparative purposes within the EU. General Government debt includes the National Debt as well as Local Government debt and some other minor liabilities of Government. Due to the fact that General Government debt operates on an accruals basis, the €31 billion in Promissory Notes committed to financial institutions in 2010 was also added in full to the stock of General Government debt in 2010.

General Government debt is a gross measure as it does not allow for the netting off of cash balances, which have been built up considerably in recent years and consequently greatly increased our level of General Government debt.

The recently published Stability Programme Update (SPU) forecast that the gross General Government debt to GDP ratio will be 111% at end-2011, increasing to 118% by end-2013 before decreasing to 111% of GDP by the end of the current forecast period. However, net debt will be lower. Taking account of the funds held in the discretionary portfolio of the National Pensions Reserve Fund (NPRF), which are estimated to amount to approximately €5 billion at end-2011, and other liquid assets, it is estimated that net General Government debt will be approximately 98% of GDP at end-2011.

The latest estimates for General Government debt, in both gross and net terms, for the years 2011-2015 are set out in the table below. The gross debt estimates are the forecasts from the SPU. While net General Government debt is not usually an indicator which is forecast, the estimates in the table below have been prepared on the basis of certain assumptions regarding the value of the discretionary portfolio of the NPRF and other liquid assets. One such assumption is that the value of the discretionary portfolio of the NPRF is approximately €5 billion at the end of each of the years in the forecast period. Any changes in the assumed value of the discretionary portfolio of the NPRF and other liquid assets would impact the net debt estimates.