John Paul Phelan (Carlow-Kilkenny, Fine Gael)
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To ask the Minister for Finance the scale of Ireland's national debt at end 2007, both in real terms and as a percentage of GDP; if he will indicate the net increase of the national debt, in real terms, in each of the years 2008, 2009, 2010, 2011 and 2012; in the case of each year the amount of net debt increase attributable to banking measures and the amount attributable to borrowing to fund current expenditure; the scale of Ireland's national debt both at the end of 2012 and as of today, again both in real terms and as a percentage of GDP; and if he will make a statement on the matter. [13881/13]

Michael Noonan (Limerick City, Fine Gael)
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The data requested by the Deputy relating to National Debt, covering the period 2007 to 2012, is listed in both Table 1 and Table 2. The National Debt, that is the net debt incurred by the Exchequer after taking account of cash balances and other related assets, stood at €163.354 billion at end-February 2013. Current estimates for Nominal GDP for both 2012 and 2013, at €163.2 billion and €167.7 billion respectively, were published as part of Budget 2013. As regards payments for banking recapitalisation which affected the National debt during the period of 2007 to 2012, the following was recorded:

- In 2009, the Exchequer injected €4 billion into Anglo Irish Bank.

- In 2010, the Exchequer provided, by way of Special Investment Shares (SIS), €625 million to EBS and a further €100 million to INBS.

- In 2011, the Exchequer funded the first of the Promissory Notes payments to IBRC (formerly Anglo Irish Bank and INBS) and EBS. These amounted to €3,060 million and €25 million respectively. The Exchequer also provided a gross €7.6 billion towards the recapitalisation of Allied Irish Banks, Bank of Ireland and Irish Life and Permanent (ILP) in July 2011.

- In 2012, the Exchequer funded the second instalment of the EBS Promissory Note of €25 million. It also funded the €1.3 billion acquisition of Irish Life Limited from ILP.

Finally the bond issued to settle the 2012 IBRC Promissory Note also added to National debt in 2012. With regard to the purchase of Irish Life in 2012, the Deputy may be aware that the State recently sold Irish Life. This was a welcome development, representing the first time during the crisis that a company in which we have invested has been returned fully to private ownership.

Table 1. National Debt as % GDP

Source: Department of Finance & NTMA

Data for 2007-2011 GDP figures based on outturn, 2012 GDP based on forecast from Budget 2013

Rounding may affect totals

Table 2. Breakdown of Year-on-Year increase of National Debt

Source: Department of Finance & NTMA

Data for 2007-2011 GDP figures based on outturn, 2012 GDP based on forecast from Budget 2013

Rounding may affect totals

1. Issuance by the Government in 2010 of Promissory Notes to Anglo Irish Bank and INBS (subsequently renamed IBRC) and EBS increased the level of General Government Debt by almost €31 billion in 2010 alone. However, the Promissory Note payments only add incrementally to National Debt as the annual instalments are paid.

2. "Banking related debt” relates to the direct, gross impact on National debt of measures taken to support the Irish banking system through the Exchequer.

No allowance is made for any revenues flowing from the banking sector such as from fees for the Bank Guarantee, interest on contingent capital notes,dividends from the Central Bank to the State as a result of ELA provision or the proceeds from the sale of part of the NPRF Commission shareholding in Bank of Ireland in 2011. Similarly, the figures do not take account of the €20.7 billion gross in support provided directly from the NPRF, the Exchequer support provided to the credit union sector or the debt servicing costs of the associated Exchequer borrowing.