Written answers

Tuesday, 25 March 2014

Photo of Colm KeaveneyColm Keaveney (Galway East, Fianna Fail)
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190. To ask the Minister for Finance in the period from April 2016 to May 2021 the total amount of Government debt that will need to be rolled-over by new borrowing; the estimate of the yearly cost of interest payments will be on Government debt in each year from 2014 to 2021, including details of what assumptions were used in arriving at estimate; and if he will make a statement on the matter. [12798/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The maturity profile of Government bonds and EU/IMF Programme facilities for the period 2016-2021 as at end-February 2014 is set out in the table below.  Total bonds and EU/IMF programme facilities outstanding stood at €179.2 billion at end-February. EFSM loans are subject to a seven year extension that will bring their weighted average maturity from 12.5 years to 19.5 years; the revised maturity dates of individual EFSM loans will only be determined as they approach their original maturity dates.  While the original EFSM maturities are reflected in the table below, it is not expected that Ireland will have to refinance any of its EFSM loans before 2027. EFSF loans have already been extended by seven years and accordingly no EFSF loans fall due for repayment in the period covered by the table below. 

On that basis therefore, some €86.3 billion in bonds and Programme facilities is due to mature over the 6 year period 2016-2021.

Year of MaturityFixed Rate/Amortising BondsIMFBilateralSub-Total excluding EFSMEFSM*Total
€bn€bn€bn€bn€bn€bn
201610.22.512.712.7
20176.43.39.79.7
20189.33.713.03.916.9
201914.53.71.719.919.9
202020.93.72.427.127.1
20213.10.73.93.06.9

Detailed estimates for general government (GG) interest expenditure covering the period 2013-2016 were last articulated in Budget 2014 and are set out below.

 GG Interest Expenditure-€m
20137,645
20148,190
20158,755
20169,230

The next General Government interest forecasts covering the period 2014-2018 will be contained in the Stability Programme Update to be published in mid-April.

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