Study highlights Ireland’s ‘high’ external debt


"External debt measures are important for assessing financial stability risks," write Conn Creedon, Trevor Fitzpatrick and Edward Gaffney in an Economic Letter published by the Central Bank of Ireland.

However, headline figures for external debt include the Irish internationally traded financial services sector. This leads to a "somewhat misleadingly high" gross external debt to GDP ratio of more than 1,000%.

Excluding these entities, "gross external debt was approximately 300% of GDP in Q2 2012

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