Government on track to beat deficit target

Exchequer figures remain on target even though the cost of servicing the national debt ballooned by more than 13% as the cost of paying IBRC bonds resulted in a €600m bill.

As part of the liquidation of the former Anglo Irish Bank, the Government issued eight long-term floating bonds that are subject to a half-yearly payment in June, which is added to the cost of the national debt.

“The cost of servicing the national debt, at €5,178m to end-July, was €614m (13.4%) higher than the corresponding period last year,” a note attached to the returns stated.