Ireland is now € 3,600,000,000 better off due to a data quality error released by the Irish Department of Finance.
TV3 News announced the story, citing that the error accounts for over 2% of Gross Domestic Product (GDP) .
According to TV3, the error appears to have come from a double debit between different departments who accounted for a transfer of funds from the National Treasury Management Agency (NTMA) incorrectly.
The net result is that Ireland’s government debt is to be 2.3% lower following the detection of the double-counting between the state agencies.
In a statement, the NTMA said:
“The Department of Finance is responsible for the calculation of General Government Debt. The NTMA raised the issue (of potential double counting) with the Department of Finance on a number of occasions from as far back as Autumn 2010.”
Since late 2010 the NTMA have loaned directly to the HFA and these loans appear as assets in the NTMA accounts and liabilities in the HFA accounts.