Bloomberg News

Ireland Says Debt Interest to Use 20% of Tax Revenue Mid-Decade

October 10, 2011

Oct. 10 (Bloomberg) -- Ireland’s sovereign debt interest costs will absorb about 20 percent of the country’s tax revenues by the middle of the decade, according to the Finance Ministry.

While the country’s debt is expected to peak at 120 percent of gross domestic product in 2013, a proposed interest rate cut in its bailout program may reduce that ratio, the ministry said in a presentation published on its website, dated Sept. 30 and published Oct. 7.

Sixty four directors in the country’s banks have left over the past three years, with four non-executive and six executive directors remaining, it said. The central bank is carrying out fitness and probity tests on directors in government-supported lenders who wish to remain in their posts from January.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net


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