Investor Presentaiton
Fiscal response to Covid is opposite of 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...
...now revenues are more resilient, spending (incl. inv.)
increases, interest bill unchanged
€bns
10
32242505
15
-5
-10
-15
-20
€bns
GG Capital
expenditure
25
121
20
15
GG Interest
10
Costs
5
GG Expenditure
(underlying)
0
GG Revenue
-5
-10
19
20
21f
22f 23f 24f 25f
07 08 09 10 11 12 13
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
Source: CSO, Department of Finance forecasts. Charts represent the change in billions for selected fiscal variables versus
2007/2019 levels. Underlying GG expenditure numbers used (excludes banking recapitalisations)
27
27View entire presentation