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Charts: Here's how the government's liabilities have increased to €208bn in five years

The government’s liabilities last year were a whopping €208 billion.

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WE ALL KNOW that the State’s liabilities have increased massively in recent years with the onset of the financial crisis and economic downturn but by just how much and in what way?

A new report from the Fiscal Advisory Council – which assess the government’s budgetary objectives and determines if they are being met – claims to provide a comprehensive assessment of the State’s balance sheet after the financial crisis i.e. what are its assets and its liabilities.

As the above charts show the government’s liabilities have increased four-fold since 2007 increasing to €208 billion or 127 per cent of GDP last year.

While in 2007 our liabilities were made up primarily of short-term debt and bonds, that type of liability is much less of the overall pie now as we can’t access funding from the normal lending markets in the way we used to.

As the second chart shows our loans from the Troika make up 30 per cent of our liabilities while the €25 billion in promissory notes – abolished and replaced with longer-term debt earleir this year – made up over 10 per cent of our liabilities last year.

Genrally, the FAC report points out that Ireland is the third most indebted state in the euro area and has experienced the fastest deterioration in net worth of any EU state.

The liquidation of IBRC could lead to substantial financial gains for the State, the report also says.

The Council wants the government to perform a €3.1 billion adjustment in the Budget next month but as we know that is the subject of much wrangling among the coalition partners.

Tánaiste: Budget cut of €3.1 billion not necessary to meet deficit targets

Read: Fiscal council finds ‘wiggle room’ on Budget targets – but wants full cuts

Read: Ireland still has 39% chance of defaulting, says Government’s budget adviser

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31 Comments
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    Mute Trevor Mac
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    Feb 16th 2013, 2:54 PM

    Shocking news ….. I know corney but i couldn’t resist :)

    109
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    Mute Little Jim
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    Feb 16th 2013, 4:00 PM

    Why does a stun gun look like a kids toy?

    107
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    Mute Mark Dennehy
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    Feb 16th 2013, 5:15 PM

    So it’s not mistaken for a pistol and the user isn’t shot by armed police, usually…

    48
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    Mute Keith Wizzy
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    Feb 16th 2013, 3:00 PM

    Hope someone is CHARGED for this.

    89
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    Mute Edwin Mc Partling
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    Feb 16th 2013, 3:19 PM

    In my day it was dart guns ,ah how times have moved on

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    Mute damien foley
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    Feb 16th 2013, 3:54 PM

    jasus id love one of them.then i could b stunner to

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    Mute damien foley
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    Feb 16th 2013, 5:06 PM

    ask ur mother!!!!

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    Mute FlopFlipU
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    Feb 16th 2013, 3:04 PM

    Down south we were stunned ,not by a gun ,but by a government

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    Mute TheHeathen
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    Feb 16th 2013, 3:39 PM

    If you delete that you have to delete this ^

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    Mute sluazcanal
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    Feb 16th 2013, 4:02 PM

    My blank message is just a test to see if a blank comment gets more thumbs up than one that mentions governments.

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    Mute TheHeathen
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    Feb 16th 2013, 4:10 PM

    Free speech has a few things to answer for.

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    Mute Ian Aston
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    Feb 16th 2013, 8:24 PM

    Your post is the equivalent of tumbleweed and was actually genius. Thumbs up from me

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    Mute Stephen McManus
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    Feb 16th 2013, 4:30 PM

    That ‘toy’ costs up to $1,000. http://www.stungunmall.com/taser-x26c-26009.html

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    Mute Keith Wizzy
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    Feb 16th 2013, 5:00 PM

    Then there’s rip off import custom duties.

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    Mute Green Burqa
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    Feb 16th 2013, 4:06 PM

    Bender

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    Mute TheHeathen
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    Feb 16th 2013, 4:14 PM

    That centipede has as much right to be here as a comment about the feckin government!

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    Mute Dónal O'Flynn
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    Feb 16th 2013, 5:09 PM

    Are the public allowed to own these or was this lost/disposed of by a police officer?

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    Mute Mark Dennehy
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    Feb 16th 2013, 5:16 PM

    Not in the Republic; I think you are in Northern Ireland though.

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    Mute Dónal O'Flynn
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    Feb 16th 2013, 5:28 PM

    I see. Sorry I forgot to differentiate between the two jurisdictions, pressed submit before I remembered.

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    Mute Stephen Hughes
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    Feb 16th 2013, 4:12 PM

    Sap

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    Mute Hugo Sanchez
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    Feb 16th 2013, 4:47 PM

    We have a problem, That freak centipede has 238 legs!!

    I also have some sort of problem that I counted them

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