Bundles of 50 euro notes totally about 60,000 have been found stashed in the former home of Tom McFeely

THE State, Central Bank, companies, banks and house-holds owe a combined €1.64 trillion, the Central Statistics Office said yesterday.

The eye-popping figure excludes the assets also owned by the same organisations. The figures is €37.9bn less than the total debts back in March.

The CSO added that general government foreign borrowing decreased by €1.2bn, from €130.9bn to €129.7bn, at the end of June thanks to the repayment of bonds worth around €5.3bn.

The Central Bank's debts of €57bn are almost all connected to so-called emergency lending, which is given to our banks but underwritten by the Central Bank through various programmes such as the TARGET2 settlement system. That's €3.1bn less than it was at the end of the first quarter.

Debt liabilities of banks and money market funds were €277.3bn at the end of June, a decrease of €21.3bn compared with the end of March.

The liabilities of companies and households decreased by €4.5bn but still stood at €877.7bn, which represented 54pc of the total debt at the end of June 2013. Direct investment liabilities decreased by €7.8bn to €296.3bn in the quarter.

The Fiscal Advisory Council said earlier this week that Ireland has a new worth of minus €77bn.

"We have suffered the fastest deterioration over the euro area in terms of net debt," council economist Dermot Smith said. "The Irish government's financial liabilities have increased by a factor of four."

The council took a comprehensive look at the Government's balance sheet, examining its assets and its liabilities to see how it has evolved since the crash.

Large deficits and the costs of bailing out the banks have left Ireland with a net worth of minus €77bn. Ireland is now the third most indebted state in the euro area, only behind debt-ridden Greece and Italy, the figures state.

Irish Independent