Written answers
Thursday, 20 December 2012
Department of Finance
Exchequer Deficit
Michael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he will provide details of the Exchequer borrowing requirement in 2013 and 2014 taking into account cash on hand, projected Exchequer deficits and the maturity of Government bonds; and if he will make a statement on the matter. [57623/12]
Michael Noonan (Limerick City, Fine Gael)
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The data requested by the Deputy, which has been provided by my Department and the National Treasury Management Agency, is provided. The Funding requirement for 2013 and 2014, consisting of the projected Exchequer deficit and Government bonds, is set out in the table.
2013 | 2014 | |
|---|---|---|
€ billion | € billion | |
Exchequer deficit | 15.4 | 11.6 |
5% Bond April 2013 | -5.1 | - |
4% Bond January 2014 | - | -7.6 - Source: Department of Finance and NTMA |
The funding requirement will be financed by borrowings and changes in Exchequer cash balances. The end 2012 projected Exchequer cash balance will be some €20 billion.
Funds in the Exchequer are used for the ongoing payments necessary for running the State. In addition to these day-to-day costs, there are two large debt redemptions that are scheduled for 2013 and 2014 as detailed in the table above.
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