Written answers
Wednesday, 30 April 2014
Department of Finance
European Investment Bank Loans
Pearse Doherty (Donegal South West, Sinn Fein)
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77. To ask the Minister for Finance the impact of Government borrowing from the European Investment Bank on the State's debt-to-GDP ratio and deficit for each year from 2000 to 2013; and the annual cost to the State arising from interest charges on EIB investment loans to the State. [19083/14]
Michael Noonan (Limerick City, Fine Gael)
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The following table outlines the European Investment Bank borrowing from 2000-2013 and the resultant impact on general government debt for this timescale.
Likewise the annual interest costs relating to the loans have also been included in addition to the consequent effect on the general government balance figures for the same period.
| - | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013* |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EIB Loans outstand-ing €m | 541 | 454 | 274 | 178 | 120 | 118 | 120 | 112 | 29 | 0 | 0 | 0 | 100 | 100 |
| Cash interest paid to EIB €m | 48 | 37 | 24 | 18 | 12 | 9 | 9 | 9 | 8 | 2 | 0 | 0 | 0 | 4 |
| GG Debt | 39,094 | 40,525 | 41,540 | 43,556 | 44,056 | 44,329 | 43,689 | 47,147 | 79,600 | 104,540 | 144,163 | 169,222 | 192,467 | 202,920 |
| GDP | 105,644 | 117,524 | 130,717 | 140,635 | 150,025 | 162,897 | 177,574 | 189,655 | 180,250 | 162,284 | 158,097 | 162,600 | 163,939 | 164,050 |
| Impact on Debt | 0.51% | 0.39% | 0.21% | 0.13% | 0.08% | 0.07% | 0.07% | 0.06% | 0.02% | 0.00% | 0.00% | 0.00% | 0.06% | 0.06% |
| Impact on GGB | -48 | -37 | -24 | -18 | -12 | -9 | -9 | -9 | -8 | -2 | 0 | 0 | 0 | -4 |
| Impact on GGB % GDP | -0.05% | -0.03% | -0.02% | -0.01% | -0.01% | -0.01% | -0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Source: NTMA, Eurostat |
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