Report: Govt debt €3.6bn less after 'accounting error'

Government debt is some €3.6bn less than was previously thought owing to an "accounting error", it was reported today.

The sum, which would represent some 2% of GDP, was "double counted" by two government agencies, TV3 News reported.

The error was discovered on Friday last during an examination of the classification of the state’s assets and liabilities, the broadcaster said.

"The €3.6bn had been advanced by the National Treasury Management Agency last year to another, unnamed state agency and was debited by both agencies in their financial reconciliations," a TV3 statement said.

"Sources at the Department of Finance have verified and confirmed the TV3 story."

Contacted for comment today a Department of Finance spokesperson declined to confirm the details of story but said "there will be an adjustment" in the medium-term fiscal statement set to be issued on Friday.