153/2011 - 21 October 2011

Provision of deficit and debt data for 2010 - second notification

Euro area and EU27 government deficit at 6.2% and 6.6% of GDP respectively
Government debt at 85.4% and 80.2%
In 2010, the government deficit1 of the euro area2 (EA17) increased and that of the EU27 decreased in absolute terms compared with 2009, while the government debt1 and GDP rose in both zones. In the euro area the government deficit to GDP ratio decreased slightly from 6.4% in 20093 to 6.2% in 2010, and in the EU27 from 6.9% to 6.6%. In the euro area the government debt to GDP ratio increased from 79.8% at the end of 2009 to 85.4% at the end of 2010, and in the EU27 from 74.7% to 80.2%.
2007 Euro area (EA17) GDP market prices (mp) Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt EU27 GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt (million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) 9 030 198 -62 044 -0.7 45.9 45.2 5 989 195 66.3 12 397 519 -110 314 -0.9 45.6 44.7 7 315 316 59.0 2008 9 244 306 -196 966 -2.1 47.1 44.9 6 481 274 70.1 12 465 271 -302 420 -2.4 47.1 44.7 7 791 183 62.5 2009 8 930 927 -571 457 -6.4 51.1 44.7 7 125 902 79.8 11 750 700 -810 475 -6.9 51.0 44.1 8 779 402 74.7 2010 9 161 696 -572 526 -6.2 50.9 44.6 7 822 443 85.4 12 246 904 -805 008 -6.6 50.6 44.1 9 816 372 80.2

In 2010 the largest government deficits in percentage of GDP were recorded in Ireland (-31.3%), Greece (-10.6%), the United Kingdom (-10.3%), Portugal (-9.8%), Spain (-9.3%), Latvia (-8.3%), Poland (-7.8%), Slovakia (-7.7%), France (-7.1%), Lithuania (-7.0%) and Romania (-6.9%). The lowest deficits were recorded in Luxembourg (-1.1%), Finland (-2.5%) and Denmark (-2.6%). Estonia and Sweden (both 0.2%) registered a slight government surplus in 2010. In all, 21 Member States recorded an improvement in their government balance relative to GDP in 2010 compared with 2009, five a worsening and one remained unchanged. At the end of 2010, the lowest ratios of government debt to GDP were recorded in Estonia (6.7%), Bulgaria (16.3%), Luxembourg (19.1%), Romania (31.0%), the Czech Republic (37.6%), Lithuania (38.0%), Slovenia (38.8%) and Sweden (39.7%). Fourteen Member States had government debt ratios higher than 60% of GDP in 2010: Greece (144.9%), Italy (118.4%), Belgium (96.2%), Ireland (94.9%), Portugal (93.3%), Germany (83.2%), France (82.3%), Hungary (81.3%), the United Kingdom (79.9%), Austria (71.8%), Malta (69.0%), the Netherlands (62.9%), Cyprus (61.5%) and Spain (61.0%). In 2010, government expenditure4 in the euro area was equivalent to 50.9% of GDP and government revenue4 to 44.6%. The figures for the EU27 were 50.6% and 44.1% respectively. In both zones, the government expenditure ratio decreased slightly between 2009 and 2010, while the government revenue ratio remained almost unchanged.

Reservations on reported data5

Romania: Eurostat has withdrawn the reservation expressed on the data reported by Romania in the April 2011 notification due to uncertainties on the impact of some public corporations on the government deficit, on the reporting of ESA95 categories "other accounts receivable and payable", on the nature and impact of some financial transactions and on the consolidation of intra-governmental flows. Eurostat has confirmed that in the October 2011 notification the above mentioned items have been recorded according to ESA95 methodology and the related manuals. United Kingdom: Eurostat has withdrawn the reservation expressed on the data reported by the United Kingdom in the April 2011 notification due to uncertainties on the time of recording of military expenditure. Eurostat has confirmed that in the October 2011 notification the United Kingdom included the necessary adjustment and is now recording military equipment expenditure on a delivery basis, as required by the relevant Eurostat decision of 9 March 2006.

Amendment by Eurostat to reported data6

United Kingdom: In the October 2011 notification the United Kingdom has recorded the proceeds from the sale of UMTS licences of 2000 according to the relevant Eurostat decision of 14 July 2000. Therefore Eurostat has not amended the deficit and debt data notified by the United Kingdom in this respect. United Kingdom: Eurostat has amended the deficit and debt data notified by the United Kingdom for the years 2008 to 2010 (as well as for financial years 2008/2009 to 2010/2011). This has been done to ensure compliance with the Eurostat guidance note of 16 March 2011 on financial defeasance structures7, with respect to Bradford & Bingley (B&B) and Northern Rock Asset Management (NRAM). The reported deficit figures have been increased by 360 mn GBP (0.03% of GDP) in 2008 (as well as in financial year 2008/2009), by 571 mn GBP (0.04% of GDP) in 2009 (as well as in financial year 2009/2010) and by 1 023 mn GBP (0.07% of GDP) in 2010 (as well as in financial year 2010/2011). The reported debt figures are increased by 32 374 mn GBP (2.26% of GDP) in 2008 (as well as in financial year 2008/2009), by 19 969 mn GBP (1.43% of GDP) in 2009 (as well as in financial year 2009/2010) and by 56 821 mn GBP (3.90% of GDP) in 2010 (as well as in financial year 2010/2011).

Other issues
i. Financial defeasance structures A number of governments have been confronted in 2010 with the consequences of the banking crisis, and the necessity of dealing with impaired assets. In some cases this has led to the establishment of specific public financial defeasance structures, with significant support of government. This was particularly the case for Denmark, Germany, Ireland, Latvia, Austria, Portugal, and the United Kingdom8. ii. Intergovernmental lending For the purpose of proper consolidation of general government debt in European aggregates and to provide users with information, Eurostat is now collecting and publishing data on government loans to other EU governments. For 2010 the intergovernmental lending figures relate mainly to lending to Greece. iii. Supplementary tables for the financial crisis Annex 2 contains supplementary tables for the financial crisis for the EU and the euro area. Eurostat publishes supplementary tables by Member State on its website: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supple mentary_tables_financial_turmoil. These tables contain data on the "net revenue/cost for general government (impact on ESA95 government deficit)" and "outstanding amounts of assets, actual liabilities and contingent liabilities of government" in relation to government interventions in the context of the financial crisis for the years 2007 to 2010. See also the Eurostat decision on the statistical recording of public interventions to support financial institutions and financial markets during the financial crisis (Eurostat News Release 103/2009 of 15 July 2009).

Background
In this News Release, Eurostat, the statistical office of the European Union, is providing9 government deficit and debt data based on figures reported in the second 2011 notification by EU Member States for the years 2007-2010, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue and an annex with the main revisions since the April 2011 News Release. Eurostat will also be releasing information on the underlying government sector accounts, as well as on the contribution of deficit/surplus and other relevant factors to the variation in the debt level (stock-flow adjustment), on the government finance statistics section on its website: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/introduction

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7. 8.

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According to the Protocol on the excessive deficit procedure annexed to the EC Treaty, government deficit (surplus) means the net borrowing (net lending) of the whole general government sector (central government, state government, local government and social security funds). It is calculated according to national accounts concepts (European System of Accounts, ESA95). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (at nominal value). Table of euro area and EU27 aggregates: the data are in euro. For those countries not belonging to the euro area, the rate of conversion into euro is as follows: - for deficit / surplus and GDP data, the annual average exchange rate; - for the stock of government debt, the end of year exchange rate. Table of national data: these are in national currencies. For Cyprus, Malta, Slovenia, Slovakia and Estonia, data for the years prior to the adoption of the euro have been converted into euro according to the irrevocable conversion rate. Euro area (EA17): Belgium, Germany, Greece, Spain, Estonia, France, Ireland, Italy, Cyprus, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. In the attached table, the euro area is defined as including Cyprus, Estonia, Malta and Slovakia for the full period, although Cyprus and Malta joined the euro area on 1 January 2008, Slovakia on 1 January 2009 and Estonia on 1 January 2011. In the previous provision of data for the excessive deficit procedure, the 2010 government deficits for the EA17 and the EU27 were 6.0% and 6.4% of GDP respectively. The government debt of the EA17 was 85.1% of GDP and of the EU27 80.0% of GDP. See News Release 60/2011 of 26 April 2011. Government expenditure and revenue are reported to Eurostat under the ESA95 transmission programme. They are the sum of non-financial transactions by general government, and include both current and capital transactions. For definitions, see Council Regulation No. 2223/96, as amended. It should be noted that the government balance (i.e. the difference between total government revenue and expenditure) is not exactly the same under ESA95 as that for the purpose of the excessive deficit procedure (see Regulation (EC) No 2558/2001 on the reclassification of settlements under swaps agreements and forward rate agreements). The term reservations is defined in article 15 (1) of Council Regulation 479/2009, as amended. The Commission (Eurostat) expresses reservations when it has doubts on the quality of the reported data. According to Article 15 (2) of Council Regulation 479/2009, as amended, the Commission (Eurostat) may amend actual data reported by Member States and provide the amended data and a justification of the amendment where there is evidence that actual data reported by Member States do not comply with the quality requirements (compliance with accounting rules, completeness, reliability, timeliness and consistency of statistical data). The Guidance note on financial defeasance structures can be found on Eurostat's website at: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/methodology/guidance_accounting_rules A separate note is provided on the statistical treatment of government involvement in the banking crisis in 2010, see section 2 of the Eurostat summary note (October 2011) on supplementary tables for the financial crisis at: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary_tables_fi nancial_turmoil According to Article 14 (1) of Council Regulation 479/2009, as amended, Eurostat provides the actual government deficit and debt data for the application of the Protocol on the excessive deficit procedure, within three weeks after the reporting deadlines. This provision of data shall be effected through publication.

For further information on the methodology of statistics reported under the excessive deficit procedure, please see Council Regulation 479/2009, as amended by Council Regulation 679/2010 (consolidated version available at http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=CONSLEG:2009R0479:20100819:EN:PDF), Council Regulation 2223/96, as amended (consolidated version available at http://eur-lex.europa.eu/LexUriServ/site/en/consleg/1996/R/01996R222320030807-en.pdf) and the Eurostat publication "ESA95 manual on government deficit and debt", third edition, 2010, http://epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-RA-09-017

Issued by: Eurostat Press Office Tim ALLEN Tel: +352-4301-33 444 eurostat-pressoffice@ec.europa.eu Eurostat news releases on the internet: http://ec.europa.eu/eurostat Selected Principal European Economic Indicators: http://ec.europa.eu/eurostat/euroindicators

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007 Belgium GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2008 346 130 -4 328 -1.3 49.9 48.6 309 191 89.3

2009 340 398 -19 637 -5.8 53.8 48.0 326 319 95.9 130 0.0

2010 354 378 -14 390 -4.1 52.9 48.8 340 738 96.2 830 0.2 70 474 -2 208 -3.1 38.1 34.9 11 459 16.3 0 0.0 3 775 237 -182 709 -4.8 44.1 39.3 1 417 727 37.6 0 0.0 1 742 708 -44 873 -2.6 58.5 55.7 761 622 43.7 0 0.0 2 476 800 -105 860 -4.3 47.9 43.6 2 061 795 83.2 6 049 0.2

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

335 610 -926 -0.3 48.3 48.0 282 106 84.1

Bulgaria GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million BGN) (million BGN) (% of GDP) (% of GDP) (% of GDP) (million BGN) (% of GDP) (million BGN) (% of GDP)

60 185 699 1.2 39.8 40.9 10 360 17.2

69 295 1 157 1.7 38.3 40.0 9 484 13.7

68 322 -2 959 -4.3 40.7 36.3 10 000 14.6 0 0.0

Czech Republic GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million CZK) (million CZK) (% of GDP) (% of GDP) (% of GDP) (million CZK) (% of GDP) (million CZK) (% of GDP)

3 662 573 -26 946 -0.7 41.0 40.3 1 023 430 27.9

3 848 411 -85 947 -2.2 41.1 38.9 1 104 338 28.7

3 739 225 -218 617 -5.8 44.9 39.1 1 285 668 34.4 0 0.0

Denmark GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million DKK) (million DKK) (% of GDP) (% of GDP) (% of GDP) (million DKK) (% of GDP) (million DKK) (% of GDP)

1 695 264 81 582 4.8 50.8 55.6 466 897 27.5

1 740 843 56 111 3.2 51.9 55.2 600 070 34.5

1 656 108 -44 964 -2.7 58.4 55.6 691 913 41.8 0 0.0

Germany GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

2 428 500 5 760 0.2 43.5 43.7 1 582 466 65.2

2 473 800 -1 410 -0.1 44.0 44.0 1 649 046 66.7

2 374 500 -76 260 -3.2 48.1 44.9 1 767 744 74.4 784 0.0

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007 Estonia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2008 16 304 -480 -2.9 39.5 36.5 737 4.5

2009 13 840 -280 -2.0 45.2 43.2 991 7.2 0 0.0

2010 14 305 35 0.2 40.6 40.9 957 6.7 0 0.0 155 992 -48 837 -31.3 66.8 35.5 147 988 94.9 347 0.2 227 318 -24 125 -10.6 50.2 39.5 329 351 144.9 0 0.0 1 051 342 -98 166 -9.3 45.6 36.3 641 802 61.0 2 598 0.2 1 932 802 -136 513 -7.1 56.6 49.5 1 591 169 82.3 4 448 0.2

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

16 069 384 2.4 34.0 36.4 592 3.7

Ireland GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

189 933 124 0.1 36.6 36.7 47 342 24.9

179 990 -13 210 -7.3 42.8 35.5 79 819 44.3

160 596 -22 787 -14.2 48.9 34.7 104 731 65.2 0 0.0

Greece GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

222 771 -14 475 -6.5 47.6 40.8 239 300 107.4

232 920 -22 822 -9.8 50.6 40.7 263 131 113.0

231 642 -36 624 -15.8 53.8 38.0 299 537 129.3 0 0.0

Spain GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

1 053 161 20 255 1.9 39.2 41.1 381 401 36.2

1 087 749 -48 897 -4.5 41.5 37.0 435 822 40.1

1 047 831 -117 143 -11.2 46.3 35.1 563 878 53.8 0 0.0

France GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

1 886 792 -51 557 -2.7 52.6 49.9 1 211 563 64.2

1 933 195 -64 299 -3.3 53.3 49.9 1 318 601 68.2

1 889 231 -142 540 -7.5 56.7 49.2 1 492 746 79.0 0 0.0

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007 Italy GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2008 1 575 144 -42 720 -2.7 48.6 45.9 1 666 584 105.8

2009 1 526 790 -82 957 -5.4 51.6 46.3 1 763 629 115.5 0 0.0

2010 1 556 029 -71 999 -4.6 50.3 45.8 1 842 826 118.4 3 909 0.3 17 334 -923 -5.3 46.4 41.0 10 653 61.5 43 0.2 12 739 -1 060 -8.3 44.4 36.1 5 695 44.7 0 0.0 95 074 -6 702 -7.0 40.9 33.8 36 114 38.0 0 0.0 40 267 -427 -1.1 42.5 41.4 7 672 19.1 55 0.1

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

1 554 199 -25 273 -1.6 47.6 46.0 1 602 107 103.1

Cyprus GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

15 830 554 3.5 41.3 44.8 9 307 58.8

17 157 158 0.9 42.1 43.1 8 388 48.9

16 854 -1 030 -6.1 46.2 40.1 9 865 58.5 0 0.0

Latvia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million LVL) (million LVL) (% of GDP) (% of GDP) (% of GDP) (million LVL) (% of GDP) (million LVL) (% of GDP)

14 721 -53 -0.4 35.9 35.6 1 331 9.0

16 085 -683 -4.2 39.1 34.9 3 182 19.8

13 070 -1 263 -9.7 44.2 34.6 4 803 36.7 0 0.0

Lithuania GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million LTL) (million LTL) (% of GDP) (% of GDP) (% of GDP) (million LTL) (% of GDP) (million LTL) (% of GDP)

99 229 -1 001 -1.0 34.6 33.6 16 698 16.8

112 084 -3 664 -3.3 37.2 33.9 17 375 15.5

91 914 -8 727 -9.5 43.8 34.3 26 983 29.4 0 0.0

Luxembourg GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

37 491 1 380 3.7 36.3 39.9 2 502 6.7

39 436 1 193 3.0 37.1 40.1 5 395 13.7

37 393 -337 -0.9 43.0 42.1 5 527 14.8 0 0.0

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007 Hungary GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2008 26 545 649 -985 940 -3.7 49.2 45.5 19 346 851 72.9

2009 25 622 866 -1 170 682 -4.6 51.4 46.9 20 422 403 79.7 0 0.0

2010 26 747 662 -1 126 623 -4.2 49.5 45.2 21 749 567 81.3 0 0.0 6 164 -222 -3.6 42.9 39.3 4 250 69.0 20 0.3 588 414 -29 983 -5.1 51.2 46.2 369 894 62.9 1 247 0.2 286 197 -12 574 -4.4 52.5 48.1 205 576 71.8 607 0.2 1 415 362 -110 988 -7.8 45.4 37.5 776 816 54.9 0 0.0

(million HUF) (million HUF) (% of GDP) (% of GDP) (% of GDP) (million HUF) (% of GDP) (million HUF) (% of GDP)

24 991 847 -1 274 100 -5.1 50.6 45.6 16 732 814 67.0

Malta GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

5 455 -128 -2.4 42.7 40.3 3 385 62.1

5 840 -268 -4.6 44.0 39.4 3 632 62.2

5 830 -217 -3.7 43.3 39.6 3 954 67.8 0 0.0

Netherlands GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

571 773 1 048 0.2 45.3 45.4 258 982 45.3

594 481 3 073 0.5 46.2 46.7 347 525 58.5

571 145 -31 775 -5.6 51.5 46.0 347 102 60.8 0 0.0

Austria GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

274 020 -2 372 -0.9 48.6 47.6 165 024 60.2

282 746 -2 635 -0.9 49.3 48.3 180 475 63.8

274 818 -11 331 -4.1 52.9 48.7 191 069 69.5 0 0.0

Poland GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million PLN) (million PLN) (% of GDP) (% of GDP) (% of GDP) (million PLN) (% of GDP) (million PLN) (% of GDP)

1 176 737 -22 112 -1.9 42.2 40.3 529 370 45.0

1 275 432 -46 890 -3.7 43.2 39.5 600 829 47.1

1 343 366 -98 721 -7.3 44.5 37.2 684 073 50.9 0 0.0

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007 Portugal GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2008 171 983 -6 256 -3.6 44.8 41.1 123 108 71.6

2009 168 587 -17 107 -10.1 49.9 39.7 139 945 83.0 0 0.0

2010 172 799 -16 863 -9.8 51.3 41.6 161 257 93.3 548 0.3 513 641 -35 675 -6.9 40.9 34.0 159 439 31.0 0 0.0 35 416 -2 071 -5.8 50.1 44.3 13 737 38.8 103 0.3 65 887 -5 054 -7.7 40.0 32.3 26 998 41.0 0 0.0 180 253 -4 553 -2.5 55.3 52.5 86 975 48.3 392 0.2

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

169 319 -5 333 -3.1 44.4 41.1 115 587 68.3

Romania GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million RON) (million RON) (% of GDP) (% of GDP) (% of GDP) (million RON) (% of GDP) (million RON) (% of GDP)

416 007 -12 116 -2.9 38.2 35.3 53 261 12.8

514 700 -29 238 -5.7 39.3 33.6 69 020 13.4

501 139 -45 139 -9.0 41.1 32.1 118 428 23.6 0 0.0

Slovenia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

34 562 -16 0.0 42.5 42.4 7 981 23.1

37 280 -695 -1.9 44.2 42.4 8 180 21.9

35 311 -2 146 -6.1 49.3 43.2 12 449 35.3 0 0.0

Slovakia GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

61 450 -1 115 -1.8 34.2 32.4 18 198 29.6

66 932 -1 397 -2.1 34.9 32.8 18 624 27.8

62 895 -5 022 -8.0 41.5 33.5 22 331 35.5 0 0.0

Finland GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million euro) (million euro) (% of GDP) (% of GDP) (% of GDP) (million euro) (% of GDP) (million euro) (% of GDP)

179 830 9 524 5.3 47.4 52.7 63 225 35.2

185 651 7 976 4.3 49.3 53.6 63 015 33.9

173 267 -4 265 -2.5 55.9 53.2 74 998 43.3 0 0.0

GDP, government deficit/surplus and debt in the EU (in national currencies)

2007 Sweden GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

2008 3 204 320 71 454 2.2 51.7 53.9 1 243 295 38.8

2009 3 093 843 -20 188 -0.7 55.0 54.1 1 322 285 42.7 0 0.0

2010 3 308 061 7 597 0.2 52.9 52.8 1 313 150 39.7 0 0.0 1 458 452 -150 223 -10.3 50.4 40.3 1 164 834 79.9 0 0.0 2010/2011 1 472 616 -141 856 -9.6 1 186 454 80.6 0 0.0

(million SEK) (million SEK) (% of GDP) (% of GDP) (% of GDP) (million SEK) (% of GDP) (million SEK) (% of GDP)

3 126 018 112 806 3.6 51.0 54.5 1 257 470 40.2

United Kingdom* GDP mp Government deficit (-) / surplus (+) Government expenditure Government revenue Government debt
memo: intergovernmental lending in the context of the financial crisis

(million GBP) (million GBP) (% of GDP) (% of GDP) (% of GDP) (million GBP) (% of GDP) (million GBP) (% of GDP)

1 405 796 -38 248 -2.7 43.9 41.1 624 691 44.4

1 433 870 -71 915 -5.0 47.9 42.9 785 973 54.8

1 393 854 -159 784 -11.5 51.4 40.1 970 818 69.6 0

Financial year (fy) GDP mp Government deficit (-) / surplus (+) Government debt
memo: intergovernmental lending in the context of the financial crisis *

(million GBP) (million GBP) (% of GDP) (million GBP) (% of GDP) (million GBP) (% of GDP)

2007/2008 1 426 494 -38 820 -2.7 620 081 43.5

2008/2009 1 416 892 -98 186 -6.9 832 300 58.7

0.0 2009/2010 1 406 276 -164 135 -11.7 1 021 545 72.6 0 0.0

Data refer to calendar years. Data referring to the financial year (1 April to 31 March), are shown in italics. For the United Kingdom, the relevant data for implementation of the excessive deficit procedure are financial year data.

Annex 1
Main revisions between the April 2011 and October 2011 notifications
Below are shown country specific explanations for the largest revisions in deficit and debt for 2007-2010 between the April 2011 and October 2011 notifications, as well as in GDP. Since the April 2011 notification, there have been revisions of the 2010 government deficit of +0.7% in two Member States, of between +0.3% and -0.3% in thirteen Member States and of between -0.4% and -1.0% in four Member States.

Deficit
Bulgaria: The decrease in the deficit for 2009 is mainly due to more precise recording of EU flows and updated data on other accounts receivable/payable. Czech Republic: The revisions in the deficit for 2008 and 2010 are mainly due to the change in methodology for estimates of final settlements of corporate income tax. In 2009 the revision of fixed capital formation for some units contributed to the increase in deficit. Germany: The increase in the deficit for 2010 is mainly due to new source information on revaluation of assets transferred from Hypo Real Estate to FMS Wertmanagement. Estonia: The increase in the deficit for 2009 is mainly due to the correction of time of recording of the VAT reimbursements. Ireland: The decrease in the deficit for 2010 is due to the updated data sources on other accounts payable and elimination of errors on accrual adjustments. Greece: The revisions in the deficits for 2008 and 2009 are due to updated source data relating to payables and methodological changes relating to an updated register of general government. Spain: The increase in the deficit for 2008 is mainly due to the accrual adjustments for taxes and unemployment benefits. Latvia: The increase in the deficit for 2010 is mainly due to updated data for a government real estate company and inclusion of a capital transfer to Air Baltic. Luxembourg: The decrease in the deficit for 2010 is due to updated source data on expenditure and revenue of government. Netherlands: The decrease in the deficit for 2010 is mainly due to updated source data for social security and central government. Austria: The decrease in the deficit for 2010 is mainly due to updated source data on revenue and expenditure in individual government sub-sectors and change in recording of certain specific transactions. Portugal: The increase in the deficit for 2010 is mainly due to the correction of misreporting in the autonomous region of Madeira. Romania: The increase in the deficit for 2007, 2009 and 2010 is mainly due to the reclassification of some public companies into general government and change in recording of certain specific transactions. Slovakia: The decrease in the deficit for 2010 is mainly due to the change of time of recording from 2010 to 2011 of other accounts payable against Slovak railways and debt assumption of hospitals. Sweden: The increase in the surplus for 2010 is mainly due to updated source data on tax revenue.

Debt
Germany: The revision in the debt for 2010 is mainly due to the correction of the cash collaterals recording for FMS Wertmanagement and the reclassification of some units into the general government sector. Greece: The increase in the debt for 2008, 2009 and 2010 is mainly due to methodological changes in government register, especially for the social security funds sub-sector.

GDP
The GDP for 2010 notified in October 2011 for EDP purposes was revised by a number of Member States compared to that notified in April 2011 by small amounts, and by larger amounts (more than 1% of GDP) for the Czech Republic and Ireland (increase) and Estonia, Greece, Spain, Luxembourg, Hungary, Malta and Slovenia (decrease). Changes in GDP affect deficit and debt ratios due to the denominator effect.

Revisions in government deficit/surplus and government debt ratios

from the April 2011 to the October 2011 notification
Deficit/surplus* Revision in deficit/surplus and debt ratios Belgium - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Bulgaria - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Czech - due to revision of deficit/surplus or debt Republic - due to revision of GDP Revision in deficit/surplus and debt ratios Denmark - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Germany - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Estonia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Ireland - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Greece - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Spain - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios France - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Italy - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Cyprus - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Latvia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Lithuania - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Luxembourg - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Hungary - due to revision of deficit/surplus or debt - due to revision of GDP 2007 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 -0.1 0.0 0.0 0.0 0.0 -0.1 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 -0.1 2008 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.4 0.1 0.0 0.0 0.0 -0.2 -0.2 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.1 -0.2 -0.3 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 2009 0.1 0.1 0.0 0.3 0.3 0.0 0.0 -0.2 0.2 0.0 0.0 0.0 -0.2 -0.1 0.0 -0.3 -0.3 0.0 0.1 0.0 0.1 -0.4 -0.1 -0.2 0.0 0.0 -0.1 -0.1 0.0 -0.1 -0.1 -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 2010 0.0 0.0 0.0 0.1 0.1 0.0 -0.1 -0.3 0.1 0.1 0.1 0.0 -1.0 -1.0 0.0 0.1 0.1 0.0 1.1 0.7 0.4 -0.1 0.0 -0.1 -0.1 0.0 -0.1 -0.1 0.0 -0.1 0.0 -0.1 0.0 0.0 0.0 0.0 -0.6 -0.6 0.0 0.0 0.0 0.0 0.6 0.7 -0.1 0.0 0.0 -0.1 2007 -0.1 0.0 -0.1 0.0 0.0 0.0 -1.0 0.0 -1.0 0.0 0.0 0.0 0.3 0.2 0.1 -0.1 0.0 -0.1 -0.1 0.0 -0.1 2.0 0.0 2.0 0.1 0.1 0.0 0.3 0.0 0.3 -0.5 0.0 -0.5 0.5 0.3 0.2 0.0 0.0 0.0 -0.1 0.0 -0.1 0.0 0.0 0.0 0.9 0.0 0.9 Debt 2008 -0.3 0.0 -0.3 0.0 0.0 0.0 -1.3 0.0 -1.2 0.0 0.0 0.0 0.4 0.2 0.2 -0.1 0.0 -0.1 0.0 0.0 0.0 2.2 0.3 1.9 0.2 0.2 0.0 0.5 0.0 0.5 -0.5 0.0 -0.5 0.6 0.2 0.4 0.1 0.0 0.1 -0.1 0.0 -0.1 0.1 0.0 0.1 0.6 0.0 0.6 2009 -0.4 0.0 -0.3 0.0 0.0 0.0 -0.9 0.2 -1.1 0.0 0.0 0.0 1.0 0.3 0.7 0.0 0.0 0.0 -0.4 0.0 -0.4 2.2 0.4 1.9 0.6 0.2 0.3 0.7 0.0 0.7 -0.6 0.0 -0.5 0.5 0.2 0.3 0.0 0.0 0.0 -0.1 0.0 -0.1 0.2 0.0 0.3 1.3 0.0 1.3 2010 -0.6 -0.1 -0.6 0.0 0.0 0.0 -1.0 0.1 -1.1 0.1 0.1 0.1 0.0 -0.7 0.7 0.1 0.0 0.1 -1.3 -0.1 -1.3 2.1 0.3 1.8 0.9 0.3 0.6 0.6 0.0 0.6 -0.6 0.0 -0.6 0.7 0.2 0.5 0.0 0.0 0.0 -0.2 0.0 -0.2 0.6 0.0 0.6 1.1 0.0 1.1

* Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.

Revisions in government deficit/surplus and government debt ratios

from the April 2011 to the October 2011 notification
Deficit/surplus* Revision in deficit/surplus and debt ratios Malta - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Netherlands - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Austria - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Poland - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Portugal - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Romania - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Slovenia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Slovakia - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Finland - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios Sweden - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios United - due to revision of deficit/surplus or debt Kingdom - due to revision of GDP Revision in deficit/surplus and debt ratios EU27 - due to revision of deficit/surplus or debt - due to revision of GDP Revision in deficit/surplus and debt ratios EA17 - due to revision of deficit/surplus or debt - due to revision of GDP 2007 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.3 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2008 -0.1 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.1 0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.0 -0.1 -0.1 0.0 -0.1 -0.1 0.0 2009 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 -0.5 0.1 -0.1 -0.1 0.0 0.0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 -0.1 -0.1 0.0 -0.1 -0.1 0.0 2010 0.0 0.1 0.0 0.3 0.3 0.0 0.2 0.2 0.0 0.0 0.0 0.0 -0.6 -0.6 0.0 -0.5 -0.5 0.0 -0.2 -0.1 -0.1 0.2 0.2 0.0 -0.1 -0.1 0.0 0.3 0.3 0.0 0.1 0.1 0.0 -0.2 -0.2 0.0 -0.3 -0.2 0.0 2007 0.1 0.0 0.1 0.0 0.0 0.0 -0.4 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 Debt 2008 0.7 0.0 0.7 0.2 0.1 0.2 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 -0.2 0.0 0.0 0.0 0.4 0.0 0.4 0.2 0.1 0.1 0.2 0.1 0.2 2009 0.2 0.0 0.2 0.0 -0.1 0.1 -0.1 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 -0.1 0.1 0.0 0.1 0.1 0.0 0.1 -0.5 0.0 -0.5 0.0 0.0 -0.1 0.1 0.0 0.1 0.3 0.1 0.2 0.5 0.1 0.4 2010 0.9 0.0 0.9 0.1 -0.2 0.3 -0.4 0.1 -0.6 -0.1 -0.1 0.0 0.3 0.5 -0.1 0.3 0.3 0.0 0.8 0.1 0.7 0.0 0.0 0.0 -0.1 -0.1 0.0 -0.1 0.0 -0.1 -0.1 0.2 -0.3 0.1 -0.1 0.2 0.2 -0.2 0.4

* Revisions to deficit/surplus ratios: a positive sign means an improved government balance relative to GDP, and a negative sign a worsening.

Annex 2 Supplementary tables for the financial crisis Activities undertaken by government to support financial institutions1
Table 1: Net revenue/cost for general government recorded in ESA95 government deficit Millions of euro
Euro area (EA17) 2007 A a b c d B e f g h C C Revenue (a+b+c+d) Guarantee fees receivable Interest receivable Dividends receivable Other Expenditure (e+f+g+h) Interest payable
2

EU27 2010 13 752 5 829 6 587 1 227 109 80 301 9 250 35 578 450 35 023 -66 549 -0.73 2007 262 0.00 262 0 0 200 0 0 0 200 61 0.00 2008 30 438 744 2 303 69 27 321 39 445 2 267 4 199 0 32 978 -9 007 -0.07 2009 20 795 6 277 6 289 1 237 6 992 36 485 10 081 23 028 0 3 376 -15 690 -0.13 2010 18 884 8 937 8 023 1 299 627 85 506 13 807 36 018 450 35 231 -66 621 -0.54

2008 0 0 0 0 0 0 0 0 0 0 0 1 821 243 1 131 69 377 5 242 1 528 1 100 0 2 614 -3 422 -0.04

2009 9 321 3 192 4 856 1 237 36 16 943 6 553 10 098 0 293 -7 623 -0.09

Capital injections recorded as deficitincreasing (capital transfer) Calls on guarantees Other Net revenue/cost for general government (A-B) Net revenue/cost for general government (A-B) (% of GDP)

0.00

Source: Eurostat

Table 2: Outstanding amount of assets, actual liabilities4 and contingent liabilities of general government Millions of euro3
Euro area (EA17) 2007 Assets (D=a+b+c) D Closing balance sheet a Loans b Securities other than shares c Shares and other equity E Closing balance sheet recorded in ESA95 government debt
4

EU27 2010 391 548 19 864 257 404 114 280 468 790 250 120 218 670 593 232 486 149 7 939 99 144 4.3 5.1 6.5 2007 150 0 0 150 149 0 149 36 719 36 719 0 0 0.0 0.0 0.3 2008 214 226 69 786 61 911 82 529 245 333 28 580 216 754 2009 304 295 56 293 83 131 164 871 359 013 43 029 315 984 2010 514 097 63 621 263 570 186 906 618 477 251 115 367 362

2008 175 398 49 487 56 662 69 249 179 061 25 725 153 336 509 346 493 156 1 890 14 300 1.9 1.9 5.5

2009 208 750 20 655 76 956 111 140 220 809 41 271 179 538 773 864 690 783 4 617 78 465 2.3 2.5 8.7

150 0 0 150 150 0

4

General government

Liabilities (E=d+e)

d Loans e Securities other than shares F f g

150 0 0 0 0 0.0 0.0 0.0

Contingent liabilities (F=f+g+h)

Outside general government

Closing balance sheet not recorded in ESA 95 debt Liabilities and assets outside general 5 government under guarantee Securities issued under liquidity 6 schemes
7

847 977 1 428 741 1 057 741 638 013 1 114 049 195 664 14 300 1.7 2.0 6.8 236 228 78 465 2.6 3.1 12.2 821 675 135 727 100 338 4.2 5.1 8.6

h Special purpose entities

D Closing balance sheet - assets (% of GDP) E Closing balance sheet - liabilities F Source: Eurostat Closing balance sheet - contingent liabilities

The supplementary tables for the financial crisis aim to give a complete picture of the actual and potential impact on government deficit and debt due to government interventions relating to the financial crisis. These tables are only intended to show government interventions directly related to the support of financial institutions. Support measures for non financial institutions or general economic support measures are not included in the tables.

The first table relates to data on transactions which are recorded in government accounts and have an actual impact on the EDP deficit/surplus. The second table relates to data on stocks of financial assets and liabilities arising from interventions relating to support of financial institutions. It distinguishes between activities which have contributed to government liabilities (included in government debt) and activities which may potentially contribute to government liabilities in the future, but which are currently recorded as contingent on future events (not included for the moment in government debt). In particular, line C in table 1 shows the net impact in terms of government surplus/deficit for government due to direct government interventions in the financial crisis. It can be seen that government interventions in the context of the financial crisis increased the government deficit in the EU27 by 66.62 bn euro (0.54% of GDP) in 2010. For the euro area, the net impact amounted to 66.55 bn (0.73% of GDP) in 2010. Table 2 shows that the impact on government debt in 2010 (closing balance sheet for liabilities) for the EU27 was 618.48 bn euro (5.1% of GDP), while for the euro area the figure was 468.79 bn (5.1% of GDP). As far as contingent liabilities are concerned (with a potential impact on debt and possibly on deficit), they amounted to 1057.74 bn (8.6% of GDP) for the EU27 and to 593.23 bn (6.5% of GDP) for the euro area. Further tables on actual and potential impact on government deficit and debt, by Member State, can be found on Eurostat's website at: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/excessive_deficit/supplementary _tables_financial_turmoil
1. These tables relate to activities undertaken to support financial institutions. They do not include wider economic stimulus packages. 2. Interest payable is estimated, based on the government debt implications of activities and the average government bond rate for the year. 3. The appropriate valuation for all entries in table 2 is nominal value, except for ordinary quoted shares held as assets (which should be recorded at market value). 4. By convention, for the liabilities entry under "general government" (which is the impact on Maastricht Debt from activities to support financial institutions), there is assumed to be a direct impact on government debt from activities which imply a transfer of cash from government (e.g. transfer of cash relating to capital injections, loans granted, purchase of financial assets), except for the impact from direct borrowing. In addition, imputation relating to financing of the financing costs should be included. 5. Guarantees covered are those granted by general government to non-general government units. It does not include guarantees on bank deposits, or guarantees on the liabilities of special purpose entities included in (h). It is only the value of active guarantees, not announced ceilings for schemes. It also includes guarantees on assets, which would imply incurrence of government liability in case of a call. 6. Liquidity schemes included here are those where the government securities used are not recorded in government debt (see the Eurostat Decision and accompanying guidance note for details). By convention in table 2, they are recorded as "contingent liabilities outside the general government", as for guarantees. 7. Special purpose entities included here are those where government has a significant role, including a guarantee, but which are classified outside the general government sector (see the Eurostat Decision and accompanying guidance note for details). Their liabilities are recorded outside the general government sector (as contingent liabilities of general government).