The total debt (defined as the sum of consolidated stock positions of AF.3 Debt Securities and AF.4 Loans) of the Private Sector1, which peaked in 2012 at €486.3bn, dropped by 3.1% during 2013 to stand at €471.2bn by year-end. The threshold of 133 per cent of GDP, set as part of the Macroeconomic Imbalance Procedure (MIP), was exceeded again in 2013. Figure 8 shows the development of Private Sector debt since 2003. The contribution from households to total private sector debt – composed mainly of mortgage-related debt – has declined steadily since its peak in 2008 of €202.7bn, falling by €35.0bn in the intervening period.
| S.11 Non-Financial Corporations | S.1415 Households and NPISH | MIP Threshold | |
| 2003 | 81.0862394031339 | 60.9216741335367 | 133 |
| 2004 | 79.7248090016124 | 70.4073150946067 | 133 |
| 2005 | 88.0760006559707 | 83.0944138004265 | 133 |
| 2006 | 99.634350431907 | 92.1078653895853 | 133 |
| 2007 | 99.335154077581 | 98.7625093128526 | 133 |
| 2008 | 128.927079767653 | 108.481331632595 | 133 |
| 2009 | 140.91013217456 | 117.603411850553 | 133 |
| 2010 | 149.050373963584 | 112.096352633319 | 133 |
| 2011 | 173.395123741929 | 104.48216430114 | 133 |
| 2012 | 183.320354165033 | 98.1966301538323 | 133 |
| 2013 | 173.591578174209 | 95.9634816034494 | 133 |
The flow of Private Sector credit (defined as the sum of consolidated transactions in AF.3 Debt Securities and AF.4 Loans) was -5.7 per cent of GDP during 2013. As shown in Figure 9, this was within the threshold of +14 per cent set under the Macroeconomic Imbalance Procedure. A positive credit flow equates to a net incurrence of debt during the year whereas a negative sign indicates a net running-down of debt during the same accounting period. The positive credit flows occurring in the Household sector from 2003 up to 2008 correspond to net borrowing relating to the property boom.
| Total Credit Flow | MIP Threshold | |
| 2003 | 8.27272473425871 | 14 |
| 2004 | 23.6913102157663 | 14 |
| 2005 | 33.802223515585 | 14 |
| 2006 | 41.0072280199837 | 14 |
| 2007 | 24.9174626766965 | 14 |
| 2008 | 22.3885203104867 | 14 |
| 2009 | -5.04834865048235 | 14 |
| 2010 | 2.60421080741661 | 14 |
| 2011 | 16.3436332303906 | 14 |
| 2012 | -1.84726251664463 | 14 |
| 2013 | -5.74869564842982 | 14 |
1Defined as the sum of the S.11 Non-financial corporations sector and the S.1415 Households and Non-profit Institutions serving Households sector.
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