€985bn owing at end of January

There was €985bn of public and private sector debt outstanding at the end of January, a 3% reduction compared with the same period last year, according to the Central Bank.

Long-term Government debt increased by 6% during the year to €90.4bn at the end of January. Irish resident investors held 28% of Government bonds at the end of January, which is a 5% increase compared with the end of Jan 2012. The banks now hold €22.8bn of sovereign debt.

But just as the Irish Government and private sector are reducing debt levels, the trend is an increase in debt across the rest of the eurozone.