Éamon Ó Cuív (Galway West, Fianna Fail)
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Question 82: To ask the Minister for Finance the total national debt as of 1 January 2012 defined as debt that will be assessable for debt/GDP if the fiscal compact is agreed and the amount of this that derives from investments in and other supports for banking institutions; and if he will make a statement on the matter. [24494/12]

Michael Noonan (Limerick City, Fine Gael)
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Ireland's National Debt stood at €119.1 billion at end-December 2011. National Debt is the net debt incurred by the Exchequer after taking account of cash balances and other related assets. The debt correction requirement in the Inter-Governmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union relates to General Government Debt, not National Debt.

General Government Debt is the measure of the total debt of the State and is used for comparative purposes across the European Union. National Debt is the principal component of General Government Debt. General Government Debt also includes the debt of central and local government bodies as well as Promissory Notes issued to a number of financial institutions as a means of providing State support to these institutions. Unlike the National Debt, General Government Debt is reported on a gross basis and does not net off outstanding cash balances and other related assets.

General Government Debt stood an estimated €169.3 billion at end-2011. Of this, some €42 billion arises as a result of the impact of State support for the banking sector.

*Net of Exchequer receipts from the sale of the part of the National Pensions Reserve Fund (NPRF) shareholding in Bank of Ireland and of transaction fees from the ILP recapitalisation.

In addition, a further €20.7 billion has been provided to the banking system from the NPRF. Funding provided from the NPRF does not directly affect the General Government Debt.