Rose Conway-Walsh (Mayo, Sinn Fein)
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206. To ask the Minister for Finance if Exchequer notes held in the National Reserve Fund are counted by the NTMA as cash and other financial assets when calculating gross national debt; and if he will make a statement on the matter. [25628/23]

Michael McGrath (Cork South Central, Fianna Fail)
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I am advised that the National Treasury Management Agency (NTMA) uses two measures of National Debt.

The first is Gross National Debt which is the debt incurred by the Exchequer before the deduction of cash and other financial assets.

The second is Net National Debt which is the net debt incurred by the Exchequer after the deduction of cash and other financial assets.

Exchequer Notes, including those held by the National Reserve Fund (NRF), are a liability of the Exchequer and are classified as a form of short-term paper debt. They are part of Gross National Debt.