According to Eurostat, as recently published by the CSO, Ireland’s Gross General Government debt at end-2025 was €210bn, which amounts to 32.9% of Irish GDP. That ratio is the metric preferred by the EU in terms of its Excessive Deficit Procedure (EDP) rules, rather than the net figure, as adopted by the UK, for example. In Ireland’s case the net debt figure is actually much lower anyway, at €138bn, or just 21.6% of GDP. This €72bn of offsetting assets comprises cash held by the NTMA, Irish Government bonds held in the FIF and ICNF funds, and most of the proceeds from the ECJ Apple ruling, which are invested in Exchequer bills.
Debt ratios are a convenient metric to use as a barometer of bond risk but far more important is who actually owns the debt – a country where debt is largely owned externally may find it more difficult to roll over when default risk is seen to have risen ( many Latin American countries defaulted with debt ratios below 50% whereas Japan’s debt ratio is 235%.). In Ireland’s case €24bn of the gross figure is owed to Irish households via State Savings schemes, while the Central Bank, owned by the State of course, holds around €60bn of the €139bn Irish Government bonds outstanding at end-2025. These holding were accumulated over the various QE periods and oddly enough are never mentioned by the Government in any discussion on the debt.
So adding Central Bank holdings, State Savings, and State held cash assets gives a total of €156bn.The State’s cash assets will be spent over time, and the Bonds held by the Central bank will mature, albeit slowly, to be replaced by borrowing from private sector investors, so impacting net debt. The Gross figure is forecast by Finance to rise by 14% to €240bn by 2030. However, the same forecasts assumes GDP will increase by 29% , leaving the debt ratio at 29%. May not materialise as expected of course but the current debt figure is not quite as enormous as often portrayed.