Sunday 22 January 2017

State's debt costs each worker €3.4k a year in tax

Published 27/05/2016 | 02:30

NTMA Chief Executive Conor O Kelly
NTMA Chief Executive Conor O Kelly

The interest on the national debt is costing each worker in the State €3,400 in tax per year, the head of the National Treasury Management Agency has revealed.

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That compares with €900 in 2007, NTMA chief executive Conor O'Kelly. The debt pile is €207bn, the equivalent of €102,000 per employee.

"That is easily the highest in Europe, by a mile," said Mr O'Kelly. "It's one of the highest ratios in the world."

Ireland's debt is now four times its size in 2007.

Irish Independent

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