Michael McGrath (Cork South Central, Fianna Fail)
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131. To ask the Minister for Finance the current composition of the general government debt in terms of exchequer debt borrowings under the European Union and Ireland's European Union-International Monetary Fund programme, retail debt and other forms; and the term to maturity and average interest rate on each component in tabular form; and if he will make a statement on the matter. [9329/17]

Michael Noonan (Limerick City, Fine Gael)
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General Government Debt (GGD) is a measure of the total gross consolidated debt of the State compiled by the Central Statistics Office (CSO) and is the measure used for comparative purposes across the European Union. The National Debt is the net debt incurred by the Exchequer after taking account of cash balances and other financial assets. Gross National Debt is the principal component of GGD. GGD also includes the debt of central and local government bodies. GGD is reported on a gross basis and does not net off outstanding cash balances and other related assets.

The estimated GGD at end-2016, published in Budget 2017, is €200bn (the equivalent of 76.0% of GDP), at an average interest rate of 3.1%.

Details of the provisional and unaudited composition of General Government debt, its residual maturity and average interest rates as at end-2016 are set out in the following table.

General Government Debt as at end December 2016

The 2016 figures are provisional and unaudited. They are therefore subject to revision.

Rounding may affect totals. National Debt figures take account of the effect of currency hedging transactions.

Notes:

* The nominal interest rate is displayed, which differs from the yield at issue.

** EFSM loans are subject to maturity extensions designed to bring the original weighted average maturity to 19.5 years. It is not expected that Ireland will have to refinance any of its EFSM loans before 2027. However as the revised maturity dates of individual EFSM loans will only be determined as they approach their original maturity dates, the weighted average maturity figure above does not fully reflect the maturity extensions. Including certain assumptions for EFSM maturity extensions, the estimated residual weighted average maturity of EU-IMF Programme loans was 13 years at end-2016. The EU-IMF Programme interest rate is an estimated weighted average, euro equivalent interest rate.

*** State Savings Schemes also include moneys invested by depositors in the Post Office Savings Bank (POSB) which does not form part of the National Debt but is part of other General Government Debt in the following table. Taking into account POSB Deposits, total State Savings outstanding were €20.1 billion at end-December 2016. State Savings include products with original maturities ranging from 310 years. These products generally have a very high re-investment rate. Irrespective of the original term, NTMA State Savings products can be encashed on demand at any timerepayment takes 7 days. Prize bonds can be encashed when 90 days have elapsed after the purchase date. The interest rates shown are the maximum interest rates (AER) payable on the fixed term, fixed rate products available for purchase at end 2016.

**** The table shows the weighted average maturity and interest rate for Private Placements, Euro Medium Term Notes, and loans from the European Investment Bank and Council of Europe Development Bank.

***** The table shows the weighted average maturity and euro equivalent interest rate for Treasury Bills, Euro Commercial Paper, Exchequer Notes and Central Treasury Notes. The short-term debt outstanding balance also includes Borrowing from Ministerial Funds.

******The forecast balance of other GGD includes debt of Local Authorities, the Housing Finance Agency, non-commercial semi-state bodies, voluntary hospitals, and the HSE.  This category also includes consolidation adjustments in respect of debt, including bonds, held by General Government entities. The weighted average residual maturity and weighted average interest are not available for this category.