Investor Presentaiton
Household balance sheets improving
Debt levels much lower coming into pandemic + new Covid savings
Savings as % of Disposable Income (4Q MA)
Gross HH saving rates have jumped in Ireland more than in
most countries due to forced savings/income supports
30
25
20
22
15
10
5
2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
-Ireland
EA-19
UK
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
Source: Eurostat, ONS, CSO; CBI
National Treasury Management Agency
Legacy of 2008-12 financial crisis is on Government not
private balance sheets
157%
180%
160%
140%
135%29%
120%
109%
105%
100%
71%
80%
68%
64%
60%
44%
40%
20%
0%
Household debt
(% of GNI*)
SME debt (% of Public debt (% of
GNI*)
GNI*)
2003 2008 2013
2020
51%
35%
18%
Note: Gross Savings as calculated by the CSO has tended to be a volatile series, some caution is warranted when interpreting
this data
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