National debt now equivalent to just 6.5 months tax revenue
Ireland's national debt could be paid off with just six and a half months tax revenue, according to the agency that manages the State's assets and liabilities.
In a report published today, the National Treasury Management Agency says the debt currently stands at around €38bn.
When the agency was established in 1990, the interest alone on the debt was the equivalent of at least three months' tax revenue.
Elsewhere, today's report says Ireland ratio of debt to GDP had fallen to under 28% by the end of last year - one of the lowest rates in the EU.
It also says the State is around €5bn better off than might have been expected at the start of 2005.
