National debt to hit record €204bn by 2015
Ireland's national debt is set to a hit a record €204bn within four years, official figures from the NTMA showed yesterday.
This will represent 114pc of everything the country produces and also doesn't include NAMA, which is regarded as an off-balance sheet item.
The NTMA latest figures show that 82pc of Ireland's debt is held by overseas investors, with the remainder held in Ireland. At present Ireland's debt stands at €148bn, or 96pc of everything the country produces. Ireland is expected to borrow €18.2bn this year, including interest payments.
The debts of semi-state companies are not on the balance sheet either and there is also an exception for banks that are nationalised.
The NTMA pointed out that NAMA had assets to offset against the bonds it gave banks when they transferred their loans to the agency.