3. Interest Paid on Gross National Debt
| 2017 €m |
2016 €m |
||
|---|---|---|---|
| Interest Paid on Medium/Long Term Debt | |||
| Irish Government Bonds | 4,422 | 4,874 | |
| EU/IMF Programme Funding | 997 | 1,145 | |
| Derivatives hedging Medium/Long Term Debt | 301 | 345 | |
| European Investment Bank | 15 | 11 | |
| Private Placements | 35 | 35 | |
| Medium/Long Term Notes | 2 | - | |
| Council of Europe Development Bank | 1 | 1 | |
| 5,773 | 6,411 | ||
| Interest Paid/(Received) on Short Term Debt | |||
| Euro Commercial Paper | 15 | 17 | |
| Exchequer Notes2 | (3) | (7) | |
| Irish Treasury Bills2 | (4) | (1) | |
| 8 | 9 | ||
| Interest Paid on State Savings Schemes | |||
| Savings Certificates | 147 | 194 | |
| Savings Bonds | 47 | 104 | |
| 10 Year National Solidarity Bonds | 11 | 10 | |
| 4 Year National Solidarity Bonds | 25 | 29 | |
| Prizes in respect of Prize Bonds | 21 | 27 | |
| Instalment Savings | 14 | 14 | |
| 265 | 378 | ||
| Total Interest Paid on Gross National Debt | 6,046 | 6,798 |
Interest payments on State Savings Schemes include transfers to the Dormant Accounts Fund in respect of accumulated capitalised interest on certain accounts deemed dormant by An Post under the Dormant Accounts Act, 2001. The net interest amounts transferred were as follows:
| 2017 €000 |
2016 €000 |
||
|---|---|---|---|
| Savings Certificates | 450 | 643 | |
| Savings Bonds | 54 | 107 | |
| Instalment Savings | 1,224 | 736 | |
| 1,728 | 1,486 |
- 2During 2016 and 2017 the Agency issued Exchequer Notes and Irish Treasury Bills at negative yields reflecting prevailing negative short-term interest rates in the market.