The CSO have published the end-2013 update of these series:
There isn’t much to surprise in the figures. Gross debt at the end of 2013 was €203 billion (124 per cent of GDP). Once offsetting assets of €42 billion in the same categories are accounted for net debt was €161 billion. The assets were:
- Cash: €23.8 billion
- Bonds: €10.8 billion
- Loans: €7.1 billion
Other assets not used in the net debt calculation are include shares and other equity of €29.8 billion and other financial assets (mainly accounts receivable) of €9.2 billion.
The market value of Ireland’s €203 billion of nominal debt instruments was €219 billion at the end of the year. The estimated pension liabilities of the government are put at €98 billion, while contingent liabilities are “just” €73 billion.
The 2013 general government deficit is provisionally estimated to have been €11.8 billion (7.2 per cent of GDP) from €13.4 billion in 2012.
The ‘operating balance’ of the government sector went from a deficit of €12.5 billion in 2012 to one of €11.8 billion in 2013, an improvement of just €0.7 billion. The improvement in the overall deficit was greater because of changes in the capital budget.
Gross fixed capital formation was further reduced from €3.1 billion in 2012 to €2.7 billion in 2013. With consumption of fixed capital at €2.3 billion the increase in the public capital stock was just €0.4 billion. The main change in the capital account was a €0.7 billion gain in the ‘net acquisition of unproduced assets’ which likely relates to things such as mobile phone and lottery licenses.
Revenue from taxes and social contributions rose from €49.1 billion to €51.6 billion, while investment income was up around €0.5 billion to €2.7 billion. Much of these increases were offset by an increase in interest expenditure of €1.5 billion to €7.4 billion. Social transfers paid decreased from €29.0 billion to €28.6 billion, of which €24.0 billion were in cash.