General Government Debt
The tables below contain data on the general government debt in accordance with the so-called Maastricht debt methodology. The Maastricht debt is defined as a debt determined for the purposes of the excessive deficit procedure (EDP). Its ratio to GDP represents one of the Maastricht criteria (up to 60%) applied to evaluate the quality of public finance in EU Member States. According to ESA 2010 manual on government deficit and debt, the Maastricht debt is defined as follows:
The Maastricht debt means total gross debt at nominal value outstanding at the end of the year or end of the quarter, and consolidated between and within the sectors of general government based on deposits, securities other than shares (excluding financial derivatives) and loans, but definitely excluding liabilities from outstanding interest. Loans also include imputed loans equalling the value of assets acquired under financial leasing.
Nominal value equals the amount agreed upon in contracts, which the general government will have to pay to creditors on the due date. For liabilities denominated in a foreign currency, the value is converted into the Slovak currency using the exchange rate of the European Central Bank (ECB) valid on the date as of which the financial statements are compiled.
The general government sector comprises all public non-market institutional (accounting) units. In the Slovak economy, the following institutional units presently constitute the general government sector: central authorities funded from the national budget, and the purpose-specific state funds, the Slovak Land Fund, Slovak Consolidation Bank (Slovenská konsolidačná a.s.), National Highway Corporation, National Railways of Slovak Republic (Železnice Slovenskej republiky), Passenger railway company, a.s. (Železničná spoločnosť Slovensko, a.s.), Nuclear and Decommissioning Company (Jadrová a vyraďovacia spoločnosť, a.s.), MH Management, Export-Import bank of the Slovak Republic, Emergency Oil Stocks Agency, Radio and television of Slovakia, public universities, Social Insurance Company, health insurance, subsidised organisations included in general government sector, self-governing regions and their organisations funded from their budgets, municipalities and their organisations funded from their budgets, non-profit institutions, transport companies, business entities and hospitals included in general government sector.
Consolidation – for the purposes of the general government debt definition, this term denotes the exclusion of liabilities and reciprocal claims between the units of the general government sector.
The standard presentation of the debt amount also entails the total debt structuring by debt instruments (loans, bonds), time (short-term, long-term), residents (domestic, foreign creditors) and currency (EUR, USD, JPY, CHF, CZK, NOK).