Irish Sovereign Green Bonds Update
The fiscal response to Covid is opposite of the GFC -
interest bill won't balloon and investment set to increase
After global financial crisis, Ireland cut capital
spending, paid more interest as taxes fell...
€bns
25
25
20
20
...now revenues are more resilient, spending
(incl. inv.) increases, interest bill unchanged
€bns
25
25
20
15
45
15
10
10
GG Capital
expenditure
10
5
GG Interest
5
Costs
0
GG Expenditure
(underlying)
0
-5
-5
GG Revenue
-10
-10
-15
-20
2007 2008 2009 2010 2011 2012 2013
-15
-20
2019 2020 2021f 2022f 2023f 2024f 2025f
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
Source: CSO, Department of Finance forecasts
25
Charts represent the change in billions for selected fiscal variables versus 2007/2019 levels.
Underlying GG expenditure numbers used (excludes banking recapitalisations)View entire presentation